Seafield Drills 119.1 Metres of 0.69 g/t Gold and 0.09% Copper at the Dosquebradas Porphyry-Type Gold Prospect in the Quinchia District, Colombia
TORONTO, ONTARIO -- (Marketwire) -- 10/24/11 -- Seafield Resources Ltd. ('Seafield' or the 'Company') (TSX VENTURE: SFF) is pleased to announce drill results from three additional holes at the Dosquebradas prospect in the multi-million ounce Quinchia District located in the Mid-Cauca Porphyry Belt of Colombia.
To date, 7,680 metres in 18 drill holes have been completed at Dosquebradas. Results from three drill holes are being released today, which include:
-- QDQ-DH-14: 1.19 g/t gold over 52.4 metres and 1.59 g/t gold over 15.5
metres
-- QDQ- DH-15: 1.11 g/t gold over 20.9 metres; and 0.51 g/t gold and 0.08%
copper over 67.6 metres
-- QDQ-DH-16: 0.69 g/t gold over 119.1 metres and 0.09%; and 0.59 g/t gold
over 62.1 metres
Two further drill holes are currently undergoing lab analysis. The Phase II drilling program of 5,740 metres of diamond core drilling (of which 2,760 metres are completed) continues to progress according to schedule. The company expects to release its first resource estimate for Dosquebradas within the next three months.
The mineralization at Dosquebradas is associated with an early diorite porphyry with intrusive breccias that are structurally controlled. The grades above 0.2 g/t gold are concentrated in a zone approximately 400 metres wide (E-W) and greater than 300 metres long (N-S). The zone is open at depth and has been tested up to 450-metres; and it is interpreted to plunge to the north. Currently one drill rig is working at Dosquebradas. An additional 4,470 metres are planned to complete the second phase of drilling.
The results of the three recent holes (QDQ-DH-14, QDQ-DH-15 and QDQ-DH-16) at the Dosquebradas prospect are included in Table 1. Table 2 contains the significant intercepts of previous holes drilled by Seafield and AngloGold.
Table 1 - 2011 Dosquebradas Drill Results
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INTERVAL GOLD COPPER
HOLE FROM TO (metres) (g/t) (%)
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QDQ-DH-14 2.0 28.2 26.2 0.91 0.03
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and 41.7 78.6 36.9 0.36 0.02
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and 86.6 126.65 40.05 0.40 0.05
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and 126.65 179.1 52.45 1.19 0.06
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including 126.65 142.2 15.5 1.59 0.07
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and 202.1 210.1 8.0 0.73 0.05
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and 222.1 230.1 8.0 0.24 0.03
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and 243.2 249.2 6.0 0.26 0.03
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and 271 276.35 5.35 0.97 0.09
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and 280.9 296.55 15.65 0.41 0.04
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and 302.55 320 17.45 0.53 0.04
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QDQ-DH-15 0.0 20.9 20.9 1.11 0.05
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and 29.7 74.3 44.6 0.40 0.03
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and 118.3 138.7 20.4 0.43 0.06
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and 144.3 156.7 12.4 0.39 0.03
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and 159.8 176.1 16.3 0.25 0.03
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and 218.6 290.5 71.9 0.41 0.09
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and 296.75 346.35 49.6 0.51 0.10
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and 366.0 433.6 67.6 0.51 0.08
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QDQ-DH-16 22.7 52.0 29.3 0.42 0.03
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including 38.0 52.0 14.0 0.56 0.02
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and 100.4 162.5 62.1 0.59 0.05
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including 108.9 133.1 24.2 0.80 0.05
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and 162.5 174.9 12.4 0.20 0.02
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and 183.8 189.8 6.0 0.42 0.05
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and 225.2 260.1 34.9 0.40 0.08
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including 232.7 242.1 9.4 0.53 0.08
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and 260.1 379.2 119.1 0.69 0.09
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including 280.5 300.0 19.5 1.14 0.11
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including 314.0 330.4 16.4 1.00 0.13
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and 379.2 449.1 69.9 0.33 0.04
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including 392.3 404.2 11.9 0.46 0.05
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including 428.7 437.2 8.5 0.57 0.06
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Grades reported are uncut. (There are no high grades that require cutting.)
Table 2 - Previous Drill Results from Dosquebradas
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INTERVAL GOLD
HOLE FROM TO (metres) (g/t)
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QDQ-DH-01 20.1 31.2 11.1 2.00
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And 52.7 69.2 16.5 1.18
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QDQ-DH-02 122.1 322.0 199.9 0.98
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QDQ-DH-04 84.5 153.1 71.6 0.40
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QDQ-DH-06 64.0 79.0 15.0 0.58
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And 389.4 428.2 48.8 0.50
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QDQ-DH-09 478.4 490.4 12.0 0.90
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QDQ-DH-11 31.5 108.6 77.05 0.38
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QDQ-DH-13 278.0 338.4 60.4 0.63
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DQ-DD-2 (i) 158.0 226.0 68.0 0.62
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And (i) 232.0 268.0 36.0 0.90
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DQ-DD-3 (i) 140.0 230.0 90.0 0.63
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And (i) 230.0 269.5 39.5 1.67
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Grades reported are uncut. (There are no high grades that require cutting.)
(i) Drill holes carried out by AngloGold (AGA) in 2006.
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.
The Dosquebradas porphyry-type gold prospect, which is held by Seafield Resources Ltd and Batero Gold Corp., is only one of a cluster of gold prospects and deposits in the Quinchia district.
Seafield's President and CEO, Cesar Lopez, stated, 'The initial results from our Phase II drill program at Dosquebradas are encouraging and highlight further, the existence of gold mineralization. Our hope is that further results will provide sufficient information to produce, at the minimum, an inferred resource estimate within the next three months.'
Earlier this year, Seafield announced the NI 43-101 compliant resource (previously reported in the company's press release dated May 26, 2011) on the Miraflores breccias pipe deposit, adjacent to the Dosquebradas gold prospect. This includes a Measured and Indicated resource of 1,227,593 ounces of gold grading 0.9 g/t gold contained in 44,717,000 tonnes at a cut off grade of 0.3 g/t Au. Additionally, the resource contains an Inferred resource of 354,512 ounces of gold grading 0.9 g/t gold in 12,252,000 tonnes at a cut off grade of 0.3 g/t Au.
To view 'Map 1. Geology and Drill Locations', please visit the following link: http://media3.marketwire.com/docs/map1-SFF.pdf.
Qualified Person
Dr. Tom Henricksen is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the scientific and technical information contained in this press release with respect to the assay results from the Dosquebradas drill program.
Sample Collection, Preparation, Analyses and QA-QC
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.
Contacts:
Seafield Resources Ltd.
David MacMillan
Investor Relations
416-367-4571 ext. 226
dmacmillan@sffresources.com
www.sffresources.com
