Seafield Resources Ltd.
TSX VENTURE : SFF

Seafield Resources Ltd.

February 14, 2011 08:30 ET

Seafield Drills 369 Metres Grading 1.0 g/t Gold at Miraflores, Quinchia Gold Project, Colombia

TORONTO, ONTARIO--(Marketwire - Feb. 14, 2011) - Seafield Resources Ltd. (TSX VENTURE:SFF) ("Seafield" or the "Company") has now received the assay results from the remaining nine drill holes of the recent drill program on the Miraflores property at its Quinchia Gold project, Risaralda, Colombia. The initial three holes were reported in a press release dated December 2, 2010. The Quinchia project contains a number of porphyry and porphyry breccia open pit targets including the breccia pipe style deposit at Miraflores.

Highlights:

  • Hole QM DH-11 was drilled at -55 degrees from a location near the southern contact of the Miraflores porphyry breccia pipe body towards the SW and intersected 369.7 metres grading 1.0 g/t Au, including 93.05 metres grading 2.42 g/t Au from 251.9 metres to 344.95 metres.

  • Hole QM DH-12, drilled at -60 degrees towards the southern contact of the body, intersected 0.54 g/t Au over 242 metres including higher grade sections of 1.18 g/t Au over 71.7 metres and 1.53 g/t Au over 52.3 metres. One sample, containing visible gold, ran 116.34 g/t Au over 2 metres.

The Miraflores deposit contains an inferred mineral resource of 18.6 million tonnes grading 1.3 g/t gold at a cut-off grade of 0.5 g/t Au for a total of 776,000 ounces of gold. Using a cut-off of 0.3 g/t Au, the inferred resources expand to 976,550 ounces gold. The mineral resource estimate is based on 3,624 metres of drilling in ten diamond drill holes carried out in 2006 and 2007 (see map), and 154 underground samples. The current diamond drill program was designed to expand the resources and better delineate the roughly cylindrical porphyry intrusion breccia body which hosts the gold mineralization. The current drill program shows that the breccia body extends further towards the south and southwest at depth and is less extensive near surface at the northwest end. A total of 4,132 metres were drilled in 12 holes during the recently completed program. (See map for current hole locations.)

Drill holes QM DH-04, 05, 06, and 07 were drilled to delineate the northern contact of the breccia body and intersected mainly basalt wall-rock which is generally weakly mineralized. Hole QM DH-04 did intersect two zones of breccia with mineralized wall-rock basalt grading 0.76 g/t Au over 39.7 metres and 0.94 g/t Au over 41 metres.

Hole QM DH-08 drilled to the northeast at an inclination of -50 degrees intersected weak mineralization in the breccia above the basalt contact at 140 metres depth. Hole QM DH-09, drilled from the same platform to the southwest, intersected 0.49 g/t Au over 255 metres including higher grade sections of 0.87 g/t Au over 37.9 metres and 0.72 g/t Au over 58 metres.

Hole QM DH-10, located in the south half of the breccia body, was drilled to the southwest and encountered a number of mineralized basalt wall-rock blocks and screens in the lower half of the hole, and returned 0.47 g/t Au over 243.7 metres, the complete length of the hole.

Hole QM DH-11 tested the south and southwest contact area of the breccia body and remained in the breccia to a depth of 365 metres. The hole returned 1 g/t Au over 369.7 metres including 2.42 g/t Au over 93.05 metres. Hole QM DH-12, drilled due south from the same platform intersected 0.54 g/t Au over 242 metres including higher grade sections of 1.18 g/t Au over 71.7 metres and 1.53 g/t Au over 52.3 metres.

Significant assay results from the nine drill holes are as follows:

Hole No. From (m) To (m)   Interval (m) Au (g/t)
QM-DH-04 27.55 111.70   84.15 0.46
including 66.00 105.70   39.70 0.76
  123.30 201.30   78.00 0.57
including 127.30 168.30   41.00 0.94
QM-DH-05 63.50 73.05   11.55 0.53
QM-DH-06 52.50 71.80   19.30 0.30
QM-DH-07 40.50 66.70   26.20 0.41
QM-DH-08 161.00 163.65   2.65 1.08
QM-DH-09 3.70 258.80   255.00 0.49
including 3.70 49.00   45.30 0.56
and 93.10 131.00   37.90 0.87
including 101.00 118.70   17.70 1.23
and 149.00 207.00   58.00 0.72
QM-DH-10 1.60 245.30   243.70 0.47
including 1.60 144.40   142.80 0.63
and 160.60 184.70   24.10 0.73
QM-DH-11 0.00 369.70   369.70 1.00
including 4.20 71.70   67.50 0.51
and 87.55 107.65   20.10 2.20
and 251.90 344.95   93.05 2.42
QM-DH-12 0.80 243.20   242.40 0.54
including 0.80 72.60   71.80 1.18
including 2.80 55.10   52.30 1.53
Gold grades reported are cut to 20 g/t (this affects only QM-DH-11 and QM-DH-12)
Hole QM-DH-11 includes a sample of 35.25 g/t Au over 2.00 m.
Hole QM-DH-12 includes a sample of 116.34 g/t Au over 2.00 m with visible gold.
Intervals calculated using a cut-off grade of 0.1 g/t Au. Only intervals above 0.3 g/t Au reported.

Geologically the Miraflores breccia body consists of a number of variably mineralized separate intrusive porphyry breccia phases with the better gold mineralization being associated with a later clean breccia phase which is cemented by vuggy quartz, carbonate and epidote associated with pyrite, sphalerite, chalcopyrite and galena with local visible gold.

With the completion of this drill program on the Miraflores breccia body, the assay data will be integrated with all the previous drilling to update the mineral resource estimate mentioned above and identify any additional drilling which may be required.

Seafield President Anthony Roodenburg commented: "We are very pleased with these results. The new holes on the south side of the breccia body show that it is expanding to the south and to depth as well as carrying some impressive gold widths and grades. Surface work continues across the Quinchia property and several areas of gold, copper and molybdenum soil geochemical anomalies have been identified. These are excellent drill targets for gold-rich porphyry mineralization. We expect to have a second drill working at the Santa Sofia target before month end."

The Quinchia Property covers approximately 4,700 hectares. In addition to the known deposit at Miraflores, Seafield has identified three target areas on the property to date: Dosquebradas, Santa Sofia and La Loma.

Drilling continues at Dosquebradas, where two earlier drill holes identified gold mineralized porphyry. Highly anomalous gold, copper and molybdenum in soils suggest that the zone extends significantly to the north.

Drilling is expected to begin later this month at Santa Sofia where the Company has identified a gold target, 1,050 m by 850 m across, with soil values up to 2.3 g/t gold. The gold anomaly has coincident copper and molybdenum anomalies and overlaps the north part of a prominent aeromagnetic high feature.

At La Loma, on the eastern edge of the current soil grid, soil values up to 4.7 g/t gold were identified. Field crews have extended the soil grid to the south and east.

Qualified Person

Stewart D. Redwood, Consulting Geologist to Seafield, 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 Miraflores drill program. Dr. Redwood is a Fellow of the Institute of Materials, Minerals and Mining (Number 47017), a professional association and designation recognized by the Canadian regulatory authorities. Dr. Redwood 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.

Sample Collection, Preparation, Analyses and QA-QC

The core samples were split by rock saw and half of the core was sampled. Core samples were prepared by SGS laboratory in Medellin and were assayed at the SGS laboratory in Lima, Peru. Gold was analyzed by fire assay on a 30 gram sample with atomic adsorption spectrophotometer (AAS) finish. Samples above 5.0 g/t Au were repeated by fire assay on a 30 gram sample with gravimetric finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

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.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/Figure1_sff214.pdf

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