- Published: 07 June 2012
- Written by Editor
Seafield Resources Drills 194.90 m at 1.57 g/t Au, Including 26.0 m at 3.86 g/t Au and 6.0 m at 11.04 g/t Au in its Miraflores Deposit in the Quinchia District, Colombia
Seafield Resources Ltd. ("Seafield" or "the Company") (SFF.V) is pleased to announce further results from the ongoing 5,000-metre diamond drill program at the Company's Miraflores Deposit in the Quinchia District, Department of Risaralda, Colombia.
Highlights:
-- Drill hole QM-DH-32A intersected 194.90 m of 1.57 g/t Au, including
21.15 m of 1.66 g/t Au, 26.00 m of 3.86 g/t Au and 6.00 m of 11.04 g/t
Au;
-- Drill hole QM-DH-31 intersected 107.90 m of 0.61 g/t Au, including 16.50
m of 1.82 g/t Au;
-- QM-DH-31, drilled from east to west and QM-DH-32A, drilled from east to
southwest, were the initial holes drilled in Seafield's infill drilling
program to improve the confidence of Miraflores' current resource. These
drill holes confirm the horizontal extension of high-grade
mineralization in the vein and matrix of the breccia pipe from where it
was previously intersected by QM-DH-20 (114.25 m at 0.97 g/t Au - press
released on January 9, 2012).
Details:
Seafield's Miraflores Deposit is situated in the Company's 100%-owned, 6,757-hectare, Quinchia 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.
The assays reported in this press release represent the results of seven diamond drill holes, which account for a total of 2,692 metres drilled since January 2012 (See Figure 1). Drill holes QM-DH-26 to QM-DH-30 (See Table 1) were drilled to further delineate Miraflores' mineralization to the south and to the west of the breccia pipe.
QM-DH-31 and QM-DH-32A (See Figure 2) represent the initial drill holes in Seafield's infill drilling program at Miraflores. The Company's ongoing 5,000-metre drill program, which includes infill as well as step-out drilling, is aimed to further verify the geometry and continuity of the high-grade structures found within the breccia. All information from the current drill program will be used to develop a more robust geological model for Miraflores' resource.
Table 1 below summarizes the results of diamond drill holes QM-DH-26 to QM-DH-32A:
Table 1 - Drill Results:
Drill Hole From (m) To (m) Interval (m) Au (g/t)
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QM-DH-26 0.1 32.7 32.6 0.53
64.7 74.3 9.6 0.59
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QM-DH-27 0 19.9 19.9 0.4
31.9 48.5 16.6 0.37
134.9 144.9 10.0 0.61
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QM-DH-28 206.9 216.4 9.5 0.31
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QM-DH-29 5.0 26.6 21.6 0.46
274.55 281.45 6.9 0.56
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QM-DH-30 278.7 288.0 9.3 1.12
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QM-DH-31 221.5 329.4 107.9 0.61
including 278.6 295.1 16.5 1.82
352.5 383.6 31.1 0.4
399.1 413.3 14.2 0.3
417.9 425.9 8.0 0.34
433.3 456.4 23.1 0.4
470.0 481.6 11.6 0.44
531.4 539.5 8.1 0.47
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QM-DH-32A 0 13.3 13.3 0.46
105.1 135.8 30.7 0.71
141.8 153.4 11.6 0.57
159.4 354.3 194.9 1.57
including 201.0 222.15 21.15 1.66
including 255.7 281.7 26.0 3.86
including 343.1 349.1 6.0 11.04
368.3 417.0 48.7 0.62
422.7 439.2 16.5 0.40
461.9 471.9 10.0 0.42
501.5 508.6 7.1 0.25
516.5 528.5 12.0 0.40
Note: Gold grades reported are cut to 20 g/t (this affects only QM-DH-32A). Hole QM-DH-32A includes a sample of 32.19 g/t Au over 2.00 m and a
sample of 45.9 g/t Au over 2.00 m. Only continual intervals of
mineralization above 6 metres with a cut-off grade of 0.2 g/t Au are
reported.
QM-DH-26 and QM-DH-27 were drilled to the west of the breccia pipe and tested the deposit's mineralization outside of the breccia in the basalt. Narrow veins were intercepted in the matrix of the breccia, including 32.6 m at 0.53 g/t Au by drill hole QM-DH-26 and 19.9 m at 0.4 g/t Au by drill hole QM-DH-27.
Drill holes QM-DH-28, QM-DH-29 and QM-DH-30 (with collars to the east of the southeastern limit of the breccia) were drilled from the east to the southwest, testing the extension of mineralization and veins outside of the currently defined limits of the deposit. Evident by the mineralization intersected by QM-DH-29 (21.6 m at 0.46 g/t Au) and QM-DH-30 (9.3 m at 1.12 g/t Au), narrow veins and some dissemination with moderate grades of gold exist south of the breccia pipe and within the basalts. Further drilling will be conducted in this area to delineate the extension.
QM-DH-31 was drilled from east to west across the breccia pipe and intersected 107.9 m at 0.61 g/t Au, including 16.5 m at 1.82 g/t Au. This drill hole confirms the horizontal extension of mineralization in the veins and the matrix 25 metres to the north of where it was previously intersected by QM-DH-20 (114.25 m at 0.97 g/t Au - Press Released on January 9, 2012). QM-DH-32A was drilled from east of the breccia pipe to the southwest, intersecting 194.9 m at 1.57 g/t Au, including higher grade veins and matrix intercepts of 21.15 m at 1.66 g/t Au, 26.0 m at 3.86 g/t Au and 6.0 m at 11.04 g/t Au. QM-DH-32A confirms the horizontal continuity of mineralization 50 metres north of where it was previously intersected by QM-DH-20.
"We are excited to have one of the more advance-stage gold projects in Colombia. The current infill drill program continues to provide us with valuable information on the high-grade structures within Miraflores," commented Seafield's President and CEO, Cesar Lopez. "Our goal is to further test the higher grade materials within the breccia pipe with an aim to move the deposit's current Indicated resource into Measured category. We look forward to continue building confidence in the deposit's resource as we move it towards feasibility level."
In addition to ongoing regional exploration in its concession, Seafield plans to extend the existing tunnel at Miraflores to the west by 150 metres in Q4 2012. The proposed tunnel will facilitate a 5,000-metre underground drilling program, scheduled to commence in Q1 2013, to further define the high-grade veins found within the breccia pipe.
Seafield is also pleased to announce the filing of its recently announced Preliminary Economic Assessment ("PEA") technical report ("The PEA Technical Report") on SEDAR at www.sedar.com and on the Company's website. The PEA Technical Report on Miraflores, entitled "NI 43-101 Technical Report, Preliminary Economic Assessment, Miraflores Property, Quinchia District, Colombia", dated April 23, 2012, was completed by SRK Consulting Inc. of Denver, Colorado, with contributions from Scott E. Wilson Consulting Inc. Initial results from the PEA were announced in the Company's press release dated April 23, 2012. A presentation on Miraflores' PEA is available at http://bit.ly/MFeL7q.
To view, "Figure 1 - Plan View of Miraflores Deposit", please visit the following link: http://media3.marketwire.com/docs/sff-0607-fig1.pdf
To view, "Figure 2 - Cross Section of Miraflores Deposit", please visit the following link: http://media3.marketwire.com/docs/sff-0607-fig2.pdf
Review by Qualified Person, Quality Control and Reports
Tom Henricksen, Consulting Geologist of 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. 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.
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., Quinchia Project, Quinchia 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. is a mineral exploration company currently focused on advancing its Miraflores Gold Deposit towards feasibility level. Seafield's 100%-owned 6,757-hectare Quinchia 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 and an Inferred resource estimate of 103,043 ounces gold at 0.6 g/t Au. Additionally, the Company has a NI 43-101 compliant resource estimate for its Dosquebradas Deposit, also part of the Quinchia Gold Project, with an Inferred resource estimate totalling 920,772 ounces gold at 0.5 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.
Contact:
Seafield Resources Ltd.
David MacMillan
Investor Relations
(416) 361-3434 ext. 202
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.sffresources.com
