Seafield Announces the Discovery of a New Porphyry-Style Drill Target at its Quinchia Gold Project in Risaralda, ColombiaThursday, September 27, 2012
Toronto, Ontario, September 27, 2012 - Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is pleased to announce the discovery of a new porphyry-style drill target within its Quinchía Gold Project in Risaralda, Colombia. The new target zone, Tesorito, is situated 800 metres southeast of the Miraflores gold deposit at an elevation of approximately 1,200 metres above sea level (See Figure 1).
Assay results of 565 rock samples taken from the Tesorito target zone include:
- 18.0 m at 1.03 g/t Au and 0.09 % Cu
- 7.0 m at 0.84 g/t Au and 0.02% Cu
- 16.0 m at 1.0 g/t Au and 0.02% Cu
- Porphyry-style target at Tesorito has an anomalous area of 500 m by 700 m
Tesorito Target Zone:
Arce Geofísicos of Perú was commissioned by the Company to conduct induced polarization (IP) study and rock chip channel sampling in the Tesorito target zone. The IP survey:
- covered a rectangular area oriented east to west measuring 1.4 km by 1 km;
- was conducted with a pole-dipole array and a dipole spacing of 50 metres;
- and consisted of 10 survey lines with a 90° azimuth and constant spacing between lines of 100 m. A total of 14 km of IP data was collected.
IP survey in the Tesorito target zone presented anomalies with high values of chargeability (See Figure 2.1), which can be associated with high contents of sulfides and/or the presence of hydrothermal alteration clays. The anomaly covers an area of 500 metres by 700 metres and is stronger 50 metres below the surface to the west of the area indicating anomalous values of gold in rocks.
The chargeability and resistivity pattern observed in this anomaly (See Figures 2.1 and 2.2) suggest the potential extension of porphyry stock observed at surface. At least two intrusive bodies have been mapped in the mineralization observed at surface. An aphyric textured diorite intruded by coarse-grained dacitic porphyry found in Tesorito is similar to one found near Seafield's Miraflores breccia pipe. Both intrusives are emplaced into the massive basalts of the Barroso Formation.
Gold is believed to occur in magnetite, quartz-magnetite and quartz-pyrite and sulfides microveinlets, veinlets and stockworks, sheeted with dissemination of sulfides. Additionally, gold is also related to structural zones defined by brittle rock and fault gouge. Some potassic hydrothermal alteration is observed and locally overprinted by choritic and argillic alterations.
Assay results of 565 rock samples (See Figure 3) taken from the Tesorito target zone included intervals of 18.0 metres averaging of 1 g/t Au and 0.09% Cu (See Table 1), 7.0 metres averaging 0.84 g/t Au and 0.02% Cu (See Table 2) and 16.0 metres averaging 1 g/t Au and 0.02% Cu (See Table 3). All assays came from rock chip channel samples collected along road cuts and creeks. The following tables present details of the intervals outlined above:
TABLE 1: 0.84 g/t Au and 0.024% Cu over 7 m
|Sample||Interval (m)||Au (g/t)||Cu (%)|
TABLE 2: 1.03 g/t Au and 0.09% Cu over 18 m
|Sample||Interval (m)||Au (g/t)||Cu (%)|
TABLE 3: 1 g/t Au and 0.024% Cu over 16 m
|Sample||Interval (m)||Au (g/t)||Cu (%)|
In Q1 2013, an initial 1,500-metre drilling program will be executed in the Tesorito target zone. The drill program will test the continuity of the surface mineralization at depth and examine the chargeability anomaly from the IP survey.
"This is a very exciting time for Seafield. In addition to advancing our Miraflores deposit towards development stage, we now have another potential porphyry-style deposit in our concession," commented Cesar Lopez, CEO of Seafield. "This adds tremendous value to our project and confirms our confidence that there are other mineralized zones within our sizable land package. We will be conducting further regional exploration work and look forward to the possibility of expanding the known mineralized areas within the Quinchía project."
Other Target Zones:
Five additional potential target zones (Santa Sofia, La Loma, Naranjal, Miracielo and Sausagua) have been found along the northwest to southeast trend in Seafield's 6,757-hectare concession. Geochemical sampling, including soil and stream sediment sampling, indicates several anomalies in these zones (See Figure 1). Detailed geological mapping, trenching, surface geophysical surveys, and additional sampling will be performed in the prospective areas over the coming months to evaluate and delineate the anomalous gold values currently observed there.
All related maps and sections related to Tesorito will be made available on the Company's website at www.sffresources.com.
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.
Soil and sediment 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. 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 100%-owned 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.
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