Seafield Resources Ltd.

TSX VENTURE : SFF


Seafield Resources Ltd.

March 04, 2013 07:57 ET

Seafield Drills 159.7 m at 1.66 g/t Au and 2.52 g/t Ag, Including 21 m at 4.46 g/t Au and 5.96 g/t Ag

TORONTO, ONTARIO--(Marketwire - March 4, 2013) - Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is pleased to announce assay results from 7 additional drill holes completed as part of the ongoing 6,800-metre infill diamond drilling program at the Company's Miraflores Deposit in the Quinchía District, Department of Risaralda, Colombia.

Highlights:

  • Drill hole QM-DH-54 intersected 159.7 m at 1.66 g/t Au and 2.52 g/t Ag, including 21 m at 4.46 g/t Au and 5.96 g/t Ag, 27.25 m at 3.41 g/t Au and 2.15 g/t Ag, and 12 m at 1.42 g/t Au and 1.79 Ag;
  • Drill hole QM-DH-57 intersected 193.95 m of 0.94 g/t Au and 1.41 g/t Ag, including, 20.15 m of 1.89 g/t Au and 2.12 g/t Ag and 11.4 m at 3.17 g/t Au and 1.63 g/t Ag;
  • Drill hole QM-DH-58 intersected 144.55 m at 0.96 g/t Au and 1.25 g/t Ag, including 42.3 m at 1.42 g/t Au and 2.02 g/t Ag;
  • Drill hole UM-DH-002 intersected 114.3 m at 1.33 g/t Au and 1.25 g/t Ag, including 10.2 m at 4.02 g/t Au and 1.43 g/t Ag and 19.9 at 2.97 g/t Au and 2.5 g/t Ag.

Details:

These results are from seven diamond drill holes totaling 1,779.7 metres. Since November 2012, Seafield has completed 4,925.4 metres of the infill drilling program (See Figure 1). The Miraflores deposit is a cylindrical shaped breccia body measuring 280m by 250m, which contains disseminated mineralization and a set of high grade veins, extending from surface to at least 600m depth. These drill holes confirm the continuity of gold and silver mineralization outlined to date throughout the breccia and in the high grade veins.

Table 1 below summarizes the gold and silver assay results of the seven diamond drill holes.

Table 1 - Drill Results:

Drill Hole From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
QM-DH-54 34.5 101.9 67.4 0.91 0.96
and 107.3 267 159.7 1.66 2.52
including 123.9 144.9 21 4.46 5.96
including 161.85 189.1 27.25 3.41 2.15
including 230.2 242.2 12 1.42 1.79
QM-DH-56 0.0 54.65 54.65 0.7 0.85
and 71.70 102.2 30.5 0.4 0.6
QM-DH-57 25.55 34.4 8.85 0.47 0.69
and 40.1 59.25 19.15 0.35 0.74
and 67.3 100.4 33.1 0.57 1.22
and 106.05 300 193.95 0.94 1.41
including 146.6 162.2 16 1.22 1.27
including 186.15 206.3 20.15 1.89 2.12
including 219.6 231 11.4 3.17 1.63
including 253.6 275.6 22 1.02 1.98
QM-DH-58 43.3 103.8 60.5 0.5 1.11
and 113.7 258.25 144.55 0.96 1.25
including 137.4 142.1 4.7 3.57 3.44
including 155.4 197.7 42.3 1.42 2.02
including 238 251.6 13.6 1.65 1.23
QM-DH-60 136.9 173.7 36.8 0.28 0.73
and 181.7 318.20 136.5 0.53 1.41
including 219.20 245.6 26.4 0.83 1.25
including 255.6 286.15 30.55 0.73 1.99
and 324.80 350.0 25.2 0.49 1.42
UM-DH-002 1.8 19.9 18.1 0.79 1.21
and 35.3 149.6 114.3 1.33 1.25
including 63.1 73.3 10.2 4.02 1.43
including 82.8 102.7 19.9 2.97 2.5
and 155.85 201.8 45.95 0.59 2.03
and 207.8 227.8 20 0.45 1.04
UM-DH-003 11.25 91 79.75 0.73 1.83
including 56 72.1 16.1 1.67 2.75
and 162.75 198.85 36.1 0.94 1.32

Note: Only continual intervals of mineralization above 6 metres with a cut-off grade of 0.2 g/t Au are reported. Gold grades reported are cut to 20 g/t. Hole UM-DH-002 includes a sample of 35.4 g/t Au over 1.1 m, and a sample of 38.7 g/t Au over 2.05m

Table 2 - Drill Hole Coordinates:

Drill Hole Easting
(m)
Northing
(m)
Elevation
(m)
Azimuth (°) Inclination
(°)
Depth
(m)
QM-DH-54 423,093 585,121 1,451 259 -58 267.0
QM-DH-56 423,022 585,079 1,485 260 -49 112.2
QM-DH-57 423,122 585,202 1,453 252 -56 300.0
QM-DH-58 423,063 585,235 1,490 240 -55 300.5
QM-DH-60 423,191 585,177 1,418 266 -58 350.0
UM-DH-002* 423,108 585,059 1,365 257 -45 230.0
UM-DH-003* 423,124 585,098 1,365 259 -26 220.0

* Holes drilled from pads constructed inside the La Cruzada Tunnel in Miraflores.

The azimuth, dip and total length of each drill hole is shown in Table 2. Except drill hole QM-DH-60 that was collared outside of the breccia to the East, all the holes started inside the body of the breccia, including UM-DH-002 and UM-DH-003 that were drilled from stations inside the La Cruzada tunnel. Figure 1 shows the plan view with the location of the seven infill drill holes and the vertical sections for each hole are shown in Figures 2 to 8 (see below).

The ongoing infill drilling program will be completed by the end of Q1 2013. Seafield will update the 3D geological model and NI 43-101 compliant resource estimate during Q2 2013, incorporating the results of this infill drill program.

In March 2013, Seafield will commence an initial drill program of 1,500 metres at the Tesorito prospect, where the company has carried out detailed geological mapping, geochemical soil sampling, rock sampling in outcrops and in trenches, and induced polarization surveys.

"The assays reported in this press release continue to highlight significant intercepts of gold and silver mineralization at Miraflores and we are looking forward to completing the resource update by the end of Q2 2013." commented Cesar Lopez, Seafield's President and CEO. "Having secured the full funding for the Quinchia Project into 2014, there are a lot of positive prospects for the Company as we progress towards feasibility."

Seafield's Miraflores Deposit is situated in the Company's 100%-owned, 6,757-hectare, Quinchía Gold Project. Miraflores is a low sulphidation epithermal deposit located in Colombia's mineral-prolific Mid-Cauca gold belt. The deposit's mineralization is characterized by a hydrothermal breccia pipe with free gold associated with cement materials (the matrix) and high grade structures where gold is associated with zinc, lead, copper and iron. At surface, the breccia pipe has a drill-tested diameter of 250 metres by 280 metres. The breccia pipe widens and remains open at depth with a drill-tested vertical extent of 600 metres.

To view "Figure 1 - Plan View of Miraflores Deposit," please visit the following link: http://media3.marketwire.com/docs/Plan_View_1300m.pdf.

To view "Figure 2 - Vertical Section of Miraflores Deposit - Hole QM-DH-54," please visit the following link: http://media3.marketwire.com/docs/Vert_Section_QM_DH_54.pdf.

To view "Figure 3 - Vertical Section of Miraflores Deposit - Hole QM-DH-56," please visit the following link: http://media3.marketwire.com/docs/Vert_Section_QM_DH_56.pdf.

To view "Figure 4 - Vertical Section of Miraflores Deposit - Hole QM-DH-57," please visit the following link: http://media3.marketwire.com/docs/Vert_Section_QM_DH_57.pdf.

To view "Figure 5 - Vertical Section of Miraflores Deposit - Hole QM-DH-58," please visit the following link: http://media3.marketwire.com/docs/Vert_Section_QM_DH_58.pdf.

To view "Figure 6 - Vertical Section of Miraflores Deposit - Hole QM-DH-60," please visit the following link: http://media3.marketwire.com/docs/Vert_Section_QM_DH_60.pdf.

To view "Figure 7 - Vertical Section of Miraflores Deposit - Hole UM-DH-002," please visit the following link: http://media3.marketwire.com/docs/Vert_Section_UM_DH_002.pdf.

To view "Figure 8 - Vertical Section of Miraflores Deposit - Hole UM-DH-003," please visit the following link: http://media3.marketwire.com/docs/Vert_Section_UM_DH_003.pdf.

Review by Qualified Person, Quality Control and Reports

Giovanny Ortiz, Vice President of Exploration for Seafield Resources Ltd., is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the preparation of the scientific and technical information in this press release with respect to the assay results from the drilling program. Mr. Ortiz is a Fellow of the Australasian Institute of Mining and Metallurgy (Membership # 304612) a professional association and designation recognized by the Canadian regulatory authorities. Mr. Ortiz verified the data disclosed in this release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review and validation of the applicable assay databases and reviews of assay certificates.

The core samples were split by rock saw, and half of the core was sampled. Core samples were prepared by ALS Colombia Ltd., in Medellín and were assayed at the ALS laboratory in Lima, Peru. Gold was analyzed by fire assay on a 30 gram sample with atomic adsorption spectrophotometer (AAS) finish. Samples above 10.0 g/t Au were repeated by fire assay on a 30 gram sample with gravimetric finish. Multi-elements were analyzed by inductively coupled plasma mass spectroscopy (ICP-MS) following multi-acid digestion. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

For additional technical information on the Miraflores Deposit, please refer to the Company's technical report (the "Technical Report") entitled "Technical Report, Seafield Resources Ltd., Quinchía Project, Quinchía District, Republic Colombia" dated January 31, 2012, prepared by Scott E. Wilson, C.P.G., of Scott E. Wilson Consulting, Inc., available on SEDAR at www.sedar.com and on the Company website at www.sffresources.com.

About Seafield Resources Ltd.

Seafield Resources Ltd. (TSX VENTURE:SFF) is a mineral exploration company currently focused on advancing its Miraflores Gold Deposit towards feasibility level. Seafield's 6,757-hectare Quinchía Gold Project is located in the Department of Risaralda of Colombia. SRK Consulting Inc's (Denver) Preliminary Economic Assessment on the Miraflores Deposit indicates robust economics with a pre-tax internal rate of return of 50% and a pre-tax net present value (8%) of $249M (see corporate PEA presentation at http://bit.ly/MFeL7q). Miraflores currently has a NI 43-101 compliant Measured and Indicated resource estimate of 1,925,542 ounces gold at 0.8 g/t Au (77Mt at a cut-off of 0.3 g/t Au) and an Inferred resource estimate of 103,043 ounces gold at 0.6 g/t Au (5.5Mt at a cut-off of 0.3 g/t Au). Additionally, the Company has a NI 43-101 compliant resource estimate for its Dosquebradas Deposit, also part of the Quinchía Gold Project, with an Inferred resource estimate totalling 920,772 ounces gold at 0.5 g/t Au (57Mt at a cut-off of 0.3 g/t Au). Seafield Resources Ltd. trades its shares on the Toronto Venture Exchange (TSX-V) under the symbol SFF and in the United States using CUSIP 81173R101. For more details on the Company, please visit www.sffresources.com.

Forward-Looking Statement

This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. 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. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. 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. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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