TORONTO, ONTARIO--(Marketwire - Feb. 6, 2013) - Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is pleased to announce assay results from 5 drill holes carried out 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.
- Drill hole QM-DH-47 intersected 57.3 m of 1.29 g/t Au and 1.69 g/t Ag, including 15.5 m of 2.63 g/t Au and 2.61 g/t Ag;
- Drill hole QM-DH-44 intersected 13 m of 1.03 g/t Au and 2.63 g/t Ag.
The assays reported in this press release represent the results of five diamond drill holes, which account for an additional 757.5 metres. To date, 1,923 metres have been drilled since November, 2012 (See Figure 1). The additional drill results confirm the continuity of high grade mineralization in structures and lower grade mineralization in the breccia pipe cement and matrix. The closer spacing in the drilling grid will increase the confidence in the current geological model and resource.
Table 1 below summarizes the gold and silver assay results of the five diamond drill holes.
Table 1 - Drill Results:
Note: Only continual intervals of mineralization above 6 metres with a cut-off grade of 0.2 g/t Au are reported.
Table 2 - Drill Hole Coordinates:
The azimuth, dip and total length of each drill hole is shown in Table 2. Each hole was collared within the breccia pipe and was successful in confirming the vertical and horizontal extension of nearby mineralization. Figure 1 shows the location of each hole and the vertical section for each hole is shown in Figures 2 to 6 (see below).
Seafield expects to finalize its infill drilling program by the end of Q1 2013. This information will be used to update the resource model in Q2 2013 that will be the basis for the Miraflores feasibility study.
"These drill results continue to highlight gold and silver mineralization at Miraflores," commented Cesar Lopez, Seafield's President and CEO. "As we continue to tighten up the drill spacing, we look forward to incorporating these and the remaining assay results in our updated resource model and PEA on the deposit in Q2 2013."
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, please visit the following link: http://media3.marketwire.com/docs/sff0206fig1.pdf.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/sff0206fig2.pdf.
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/sff0206fig3.pdf.
To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/sff0206fig4.pdf.
To view Figure 5, please visit the following link: http://media3.marketwire.com/docs/sff0206fig5.pdf.
To view Figure 6, please visit the following link: http://media3.marketwire.com/docs/sff0206fig6.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 Ltda in Medellin 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.
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.