Seafield Resources Ltd.

Seafield Resources Ltd.

October 20, 2006 10:40 ET

Seafield Drills 13.68 g/t Gold Over 2 Metres at Elora Property, Ontario

TORONTO, ONTARIO--(CCNMatthews - Oct. 20, 2006) - Seafield Resources Ltd. ("Seafield" or, the "Company") (CNQ:SEAF), reports the results of its recently completed diamond drill program at the Company's Elora gold project near Dryden, Ontario. The drilling mainly targeted the Jubilee Zone which was originally explored by surface drilling and developed by a shaft and drift sampling at the 50 metre level in the 1930s. The Company's previous drill program in 2004 (see results summary in release of September 8, 2006) tested extensions of the Zone to the south and down to a depth of 110 metres. The current program was laid out to test the zone down to a depth of around 200 metres as well as along strike from previous drilling.

The Jubilee Zone comprises a steeply dipping, shear-hosted quartz-carbonate vein system, set in a wider zone of pale green to buff coloured altered and laminated mafic volcanics. Narrow felsic dykes and interflow sediment units also occur in places within the zone. The main mineralized zone is generally a few metres wide but in places extends up to 28 metres (as in recently drilled hole E-06-22) and is characterized by quartz veins and veinlets with lesser carbonate, sulphides and locally visible gold, set in highly altered and sheared mafic volcanics. Closer to the veins, the volcanic wallrocks are sericitized and carbonatized with laminations and disseminations of coarse pyrite, along with lesser amounts of arsenopyrite, pyrrhotite and chalcopyrite. Gold values are most commonly associated with the quartz veins, veinlets and sulphide concentrations.

The program consisted of seven drill holes for a total of 1,574 metres. The most significant assay results are as follows:

From To Length Au
Hole # (m) (m) (m) (g/t) Mineralization
E-06-22 174 175 1 4.26 Quartz carbonate pyrite (py) vein
228 228.5 0.5 4.84 Qtz veinlets py, chalcopyrite (cpy)
230 231 1 3.22 Qtz veinlets py,cpy, arsenopyrite
294 296 2 13.68 Jubilee zone
314.9 316.1 1.2 5.20 Jubilee zone
316.7 318.4 1.7 7.55 Jubilee zone
E-06-23 75.6 76.1 0.5 3.23 Qtz py veinlets
90 91.5 1.5 2.31 Qtz py asp veinlets
342 342.5 0.5 4.58 Qtz carb vein
E-06-24 114.4 116.4 2 1.93 Qtz py veinlets
264.7 266.7 2 2.35 Qtz carb py veinlets in felsic dyke
317.5 318.3 0.8 2.45 Jubilee zone
E-06-25 no significant values
E-06-26 153.1 154.4 1.3 2.70 Qtz carb py veinlets
E-06-27 82.4 83.4 1 2.63 Qtz carb py veinlets
E-06-28 47 48 1 2.24 Qtz carb py asp veinlets in felsic
56.7 58.7 2 2.30 Qtz carb vein in felsic dyke
131.5 135.5 4 1.78 Jubilee zone

The first hole in this program, E-06-22, was targeted to test the inferred plunge of a higher grade shoot outlined in the upper level workings of the Jubilee Zone. This hole, which is the deepest to date on the property, intersected three narrow mineralized vein zones with values up to 4.8 g/t gold at shallower depths to the east of the Jubilee Zone. Hole E-06-22 also has produced the widest intersection to date on the Jubilee Zone from 291 to 319.4 m. (at a vertical depth of approximately 200 m.) containing five separate mineralized quartz vein units. The best intersection is 13.68 g/t gold over 2 m. with additional intersections of 5.20 g/t gold over 1.2 m and 7.55 g/t gold over 1.7 m.

Holes E-06-23, 24, and 28 all intersected narrow mineralized vein zones to the east of the Jubilee Zone, suggesting that further exploration is required to evaluate their potential. Intersections on the Jubilee Zone in holes E-06-24 and 28 returned lower gold values but additional drilling is planned in the near future to test towards the west beyond the initial portion of the Jubilee Zone to check for additional mineralization as seen in hole E-06-22.

Garry Clark, P.Geo., of Clark Exploration Consulting, Thunder Bay, is the qualified person (QP) supervising Seafield's technical work on this project. The diamond drill core was cut with a core saw. Selected sawn core samples were delivered to Accurassay Laboratories in Thunder Bay (an ISO 17025 registered lab) for Standard Fire Assay analysis. Results were reported in ppb gold. With this process, the detection limit is 5 ppb (less than 0.001 oz/t). Rejects and pulps are temporarily stored at Accurassay Laboratories. The remaining half of the core is stored in a compound in Thunder Bay.

This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. The Company relies on litigation protection for forward looking statements.

No Stock Exchange has reviewed nor accepted responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Seafield Resources Ltd.
    Anthony Roodenburg
    (416) 485-1327