Seafield Resources Ltd.
TSX VENTURE : SFF

Seafield Resources Ltd.

October 31, 2011 09:33 ET

Seafield Intersects 261.9 Metres of 0.80 g/t Gold Including 43.1 Metres of 1.45 g/t at Miraflores Prospect, Quinchia District, Colombia

TORONTO, ONTARIO--(Marketwire - Oct. 31, 2011) - Seafield Resources Ltd. ("the Company" or "Seafield") (TSX VENTURE:SFF) is pleased to announce assay results from an additional two drill holes at its Miraflores prospect in the multi-million ounce Quinchía District in Colombia.

  • QM-DH-13 intersected 1.71 g/t gold over 17.4 metres, 1.43 g/t gold over 16.3 metres, 0.83 g/t gold over 55.05 metres, 0.85 g/t gold over 20.45 metres and 0.64 g/t gold over 42.7 metres.

  • QM-DH-15 intersected 0.80 g/t gold over 261.9 metres that includes 1.45 g/t gold over 43.1 metres and 1.35 g/t gold over 41.7 metres.

During the period 2005-2007, AngloGold Ashanti Limited and B2Gold Corp. completed 3,624 metres of drilling in ten diamond drill holes at the Miraflores prospect. From 2010 to date, Seafield has completed 9,168 metres in 21 holes. Assay results are pending for QM-DH-14, and QM-DH-16 to QM-DH-21, and the Company expects to report the results from those holes when received. An additional 1,730 metres are planned for the remainder of 2011. The results until November 30th from this year's program will be included in an updated resource estimate and a scoping study being prepared by SRK in its Denver office, targeted for completion by Q1 2012.

The gold mineralization contained in the Miraflores Breccia pipe is characterized by the presence of free gold associated with the cement material of the breccias and to high grade structures where gold is associated with Zn, Pb, Cu and Fe sulphides. At surface, the diameter of the roughly-circular breccia pipe varies from 250 metres to 280 metres. Recently updated geological interpretations indicate that the breccia pipe widens at depth. The mineralization has been tested from surface to 600 m depth and still remains open. The deposit is classified as a low sulphidation epithermal deposit and is part of the prolific Mid Cauca porphyry belt.

The results of the two recent holes (QM-DH-13 and QM-DH-15) at the Miraflores prospect are shown in Table 1. Significant intercepts from drill holes carried out previously by Seafield at Miraflores are shown in table 2.

Table 1 – 2011 Miraflores Drill Results
HOLE FROM TO INTERVAL
(metres)
GOLD (g/t)
QM-DH-13 11.2 20.15 8.95 0.34
and 48.0 60.0 12.0 0.30
and 64.0 101.6 37.6 0.43
and 105.3 122.7 17.4 1.71
including 121.2 122.7 1.5 14.05
and 137.9 154.2 16.3 1.43
and 158.2 164.4 6.2 0.62
and 180.3 200.75 20.45 0.85
and 218.75 273.8 55.05 0.83
and 279.8 322.5 42.7 0.64
and 327.35 337.35 10.0 0.32
and 345.35 371.2 25.85 0.25
QM-DH-15 19.7 39.6 19.9 0.34
and 50.2 312.1 261.9 0.80
including 91.6 99.6 8.0 1.35
including 183 226.1 43.1 1.45
including 232.1 273.8 41.7 1.35
including 277 303.9 26.9 0.73
and 323.55 350 26.45 0.34
and 374 379.1 5.1 0.86
and 394.55 422 27.45 0.35
Note: Grades reported are uncut.
Table 2 – Previous Results from Miraflores
HOLE FROM TO INTERVAL
(metres)
GOLD (g/t)
QM-DH-01 70.9 82.9 12.2 0.66
and 139.8 218 78.2 0.48
QM-DH-02 59.2 93.2 34.0 0.8
QM-DH-03 53.1 502.1 449 1.29
including 231.8 241.8 10.0 2.87
including 282.55 306.5 23.95 9.18
QM-DH-04 27.55 111.7 84.15 0.46
including 66.0 105.7 39.7 0.76
and 123.3 201.3 78.0 0.57
including 127.3 168.3 41.0 0.94
QM-DH-05 63.5 73.05 11.55 0.53
QM-DH-06 52.5 71.8 19.3 0.3
QM-DH-07 40.5 66.7 26.2 0.41
QM-DH-08 161.0 163.65 2.65 1.08
QM-DH-09 3.7 258.8 255.0 0.49
including 3.7 49 45.3 0.56
including 93.1 131 37.9 0.87
including 101.0 118.7 17.7 1.23
including 149.0 207 58.0 0.72
QM-DH-10 1.6 245.3 243.7 0.47
including 1.6 144.4 142.8 0.63
including 160.6 184.7 24.1 0.73
QM-DH-11 0.0 369.7 369.7 1.0
including 4.2 71.7 67.5 0.51
including 87.55 107.65 20.1 2.2
including 251.9 344.95 93.05 2.42
QM-DH-12 0.8 243.2 242.4 0.54
including 0.8 72.6 71.8 1.18
including 2.8 55.1 52.3 1.53
Note: Grades are uncut except for holes QM-DH-11, 12, where one 2 m sample in each hole returned a bonanza grade value which was cut to 20 g/t Au. Intervals are calculated using a cut-off grade of 0.1 g/t Au. Only intervals above 0.3 g/t Au reported.

Encouraging metallurgical test results for gravity concentration have been obtained for Miraflores ore (as previously reported in the company's press release dated September 21, 2011). The Company has engaged Gustavo Meyer, a PhD Metallurgical Engineer from Colombia University with extensive experience in gold ore processing metallurgy. Mr. Meyer is establishing a program that includes the preparation of a geo-metallurgical model of the deposit.

At Miraflores, Seafield has already defined an NI 43-101 compliant resource that includes a Measured and Indicated resource of 1,227,593 ounces gold (44.7 million tonnes grading 0.9 g/t Au at a cut-off grade of 0.3 g/t Au) and an Inferred resource of 354,512 ounces gold (12.2 Million tonnes grading 0.9 g/t Au at a cut-off of 0.3 g/t Au), as previously reported in the company's press release dated May 26, 2011.

The geology and drill locations are presented in Map 1 (see below). A drill plan map and cross sections are available on the Seafield website www.sffresources.com.

To view Map 1 – Geology and Drill Locations, please visit the following link: http://media3.marketwire.com/docs/Map1Drill_Locations.pdf.

Review by Qualified Person, Quality Control and Reports

Tom Henricksen, VP Exploration of 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 drilling program. Dr. Henricksen is a Registered Professional Geologist in the State of Wyoming, USA (Membership # PG-3069) a professional association and designation recognized by the Canadian regulatory authorities. Dr. Henricksen 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 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. 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.

About Seafield

Seafield Resources Ltd. is a mineral exploration company focused on acquiring and advancing precious metals projects in Colombia. Seafield's flagship prospects and deposits are located in the Quinchia District, located in the prolific Mid-Cauca gold belt with a land position spanning 6,757 hectares. For more details, 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.

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