[Marinir] {Disarmed} Seafield (TSX-V: SFF) Drills 161.15 m of 3.23 g/t Gold
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Mon Jul 30 16:35:11 CEST 2012
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Seafield Resources Drills 161.15 m at 3.23 g/t Au, including 60 m at
5.48 g/t Au at its Miraflores Deposit in the Quinchía District, Colombia
Seafield Resources Ltd. (TSX-V: SFF
http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=SFF®ion=C&lookup=symbol&snapshot=default
) is pleased to announce further results from the completed 5,000-metre
diamond drill program at the Company's Miraflores Deposit in the
Quinchía District, Department of Risaralda, Colombia.
Highlights:
Drill hole QM-DH-34 intersected 161.15 m of 3.23 g/t Au , including 60 m
of 5.48 g/t Au;
QM-DH-34 was drilled from southeast of the breccia pipe to the west as
part of Seafield's infill drilling program aimed at improving the
confidence in the current resource at Miraflores. This drill hole
confirms the horizontal extension of mineralization previously
intersected in drill hole QM-DH-32A (194 m at 1.57 g/t Au, press
released June 7, 2012), 30 m north of QM-DH-34. QM-DH-34 also confirms
the vertical continuity of mineralization intersected 65 m above drill
hole QM-DH-25 (161 m at 0.78 g/t Au, press released January 25, 2012).
Details:
Seafield's Miraflores Deposit ("Miraflores" or the "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.
"We are extremely pleased with the results of drill-hole QM-DH-34,"
commented Cesar Lopez, President and CEO of Seafield. "This confirms the
merit of the underground drill program that we are planning to initiate
in Q1 2013. The next phase of drilling will be a key component in the
process of moving Miraflores towards feasibility level."
The assays reported in this press release represent the results from one
diamond drill hole, which accounts for 440 m of a total 3,682 m drilled
since January 2012 (See Figure 1 ).
QM-DH-34 (See Figure 2 ) was completed as part of Seafield's infill
drilling program at Miraflores. The Company's 5,000-metre drill program
was completed in June, which included infill as well as step-out
drilling, is aimed at further verifying the geometry and continuity of
the high-grade structures found within the breccia. All information from
the drill program will be used to develop a more robust geological model
for Miraflores' resource.
Table 1 below summarizes the results of diamond drill hole QM-DH-34:
Table 1 - Drill Results:
Drill Hole From
(m) To
(m) Interval
(m) Au
(g/t)
QM-DH-34 109 122 13 0.38
AND 129.5 145.1 15.6 0.32
AND 149.1 178 28.9 0.95
AND 183 344.15 161.15 3.23
including 225 285 60 5.48
AND 360.9 376.9 16 3.89
AND 383.75 406.6 22.85 2.11
AND 412.6 440 27.4 2.09
Note: Intervals reported are cut to 20 g/t and affect intervals 183 m to
344.15 m, 360.9 m to 376.9 m, 383.75 m to 406.6 m and 412.6 m to 440 m.
Hole QM-DH-34 includes samples of 23.35 g/t Au over 2.00 m, 31.85 g/t Au
over 2.00 m, 21.8 g/t Au over 2.00 m and 56.73 g/t Au over 2.00 m
between 183 m to 344.15 m.
Hole QM-DH-34 also includes samples of 24.16 g/t Au over 2.00 m in the
interval 360.9 m to 376.9 m, 44.69 g/t Au over 2.05 m in the interval
from 383.75 m to 406.6 m, and 58.5 g/t Au over 2.00 m in the interval
from 412.6 m to 440 m.
Only continuous intervals of mineralization greater than 6 metres with a
cut-off grade of 0.2 g/t Au are reported.
QM-DH-34 was drilled to a total depth of 440 m from a collar outside of
the southeastern portion of the breccia pipe and was drilled to the
west, intersecting 161.15 m at 3.23 g/t Au, including 60 m at 5.48 g/t
Au . This drill hole continues to confirm the continuity and geometry of
high grade mineralization in the veins and matrix inside the breccia. A
previous drill hole, QM-DH-32A (press released, June 7, 2012),
intersected 194 m at 1.57 g/t Au 30 m north of QM-DH-34, confirmed
further horizontal continuity of mineralization within the breccia body.
QM-DH-34 also confirmed the vertical continuity of mineralization found
65 m above of QM-DH-25 (press released, January 25, 2012), which
intersected 161 m at 0.78 g/t Au.
In Q4 2012, Seafield plans to commence construction on extending the
existing tunnel at Miraflores by 150 metres, with an aim to execute a
5,000-metre underground drill program in Q1 2013 to further delineate
the high-grade veins found within Miraflores.
The Deposit currently hosts a NI 43-101 compliant Measured and Indicated
resource of 77.8 million tonnes averaging 0.8 g/t Au for contained gold
of 1.9 million ounces and an Inferred resource of 5.5 million tonnes
averaging 0.6 g/t Au for 103,043 ounces of contained gold. A 0.3 g/t Au
cut-off grade was used for the estimate as reported in the Company's
press release on January 31, 2012. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
A Preliminary Economic Assessment ("PEA") on the Deposit was completed
by SRK Consulting in Denver on April 23, 2012. The indicated economics
for the Deposit include a pre-tax IRR of 50%, an NPV (8%) of $249
million and a payback period of 1.8 years. SRK considers that portions
of the Miraflores gold deposit are amenable to open pit mining, while
other portions are amenable to underground mining methods. The proposed
mine development in the PEA was prepared to best fit Seafield's
corporate strategy, focusing on a medium sized operation that results in
solid value accretion (as measured by NPV), moderate capital usage, and
manageable environmental and social programs.
The proposed operation will extract 20.29 million tonnes ("Mt") of
materials over a 14-year mine life. Materials extracted will comprise
6.97 Mt at an average grade of 1.38 g/t Au from open pit mining (years
1-8), 5.0 Mt at an average grade of 2.27 g/t Au from underground mining
(years 1-10) and 8.32 Mt at an average grade of 0.43 g/t Au from
stockpile processing (years 10-14). At an initial throughput rate of
4,000 tonnes per day, an annual production of 71,000 ounces, and at a
below-industry average cost of $524 per ounce of gold, the PEA was
completed using a gold price per ounce of $1,500 and a recovery rate of
90% (See Company's press release dated March 26, 2012). All of the
Company's technical reports are available on SEDAR and the Company's
website.
Figure 1 - Plan View of Miraflores Deposit:
http://sffresources.com/_resources/news/20120730/1.jpg
Figure 2 - Cross Section of Miraflores Deposit:
http://sffresources.com/_resources/news/20120730/2.jpg
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., 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. 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
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 Quinchía 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
http://www.sffresources.com
.
For more information, please contact:
David MacMillan
Investor Relations
Seafield Resources Ltd.
(416) 361-3434 ext. 202
dmacmillan at sffresources.com
www.sffresources.com
http://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
http://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. The Preliminary
Economic Assessment mentioned in this press release is preliminary in
nature and contains mineral resources that are not mineral reserves and
do not have demonstrated economic viability.
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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