Quick Comparison ...!!Atacama Pacific Gold Corporation – V.ATM
resource estimate from its oxide-associated Cerro Maricunga Gold Project of 92.8 million tonnes grading 0.54 gram per tonne gold ("g/t Au") for 1.616 million ounces of gold in the indicated resource category, at a 0.3 g/t Au cut-off, and a further 116.7 million tonnes grading 0.52 g/t Au giving 1.949 million ounces in the inferred category
Market Cap 181.13 Mil
Seafield Resources Ltd. - V.SFF
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
Market Cap 28.65 Mil
Cash Aughust/September Presentation - 19 Million
49.7 Million Fully Diluted
Tuesday, April 5th, 2011
Seafield Resources Ltd. (“Seafield” or the “Company”) is pleased to report that
exploration drilling has commenced on the Santa Sofia target area. Santa Sofia is a new gold target, 1,050
m by 850 m across, with soil values up to 2.3 grams per tonne gold (g/t Au). The gold anomaly has
coincident copper and molybdenum anomalies and overlaps the north part of a prominent aeromagnetic
high feature…….…….The Santa Sofia anomaly is located one km to the northeast of the Dosquebradas porphyry, where Seafield recently intersected 511.5 m grading 0.58 g/t Au, 0.05% Cu, including 199.9 m grading 0.98 g/tAu, 0.09% Cu……..…….Seafield plans to drill up to 5,000 metres at SantaSofia.…….......The Dosquebradas porphyry-type gold prospect, is only one of a cluster of gold prospects and deposits in the Quinchia district.
To date, 7,680 metres in 18 drill holes have been completed at Dosquebradas. An additional 4,470 metres are planned to complete the second phase of drilling.…….expects to release its first resource estimate for Dosquebradas within the next three months....................
mobilized a third diamond drill rig at its Quinchia Project, Colombia. The drill will be used to further expedite the Phase II drill campaign currently underway at the Company's Miraflores target
The Phase II campaign at Miraflores commenced July 7, 2011 and is expected to be completed by November, 2011 with 6,200 meters planned in 10 holes, with two drill rigs operating on the target. The second phase drill campaign's purpose is to better define the shape of the ore body, increase the resource confidence and extend mineralization.
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The following was issued by Canaccord Genuity on Aug 30, 2011
Atacama Pacific (ATM : TSX-V | SPECULATIVE BUY, target C$10.00)
Maiden Resource estimate better than expected
We reiterate our SPECULATIVE BUY rating on Atacama Pacific following the release of a
larger than expected initial NI 43-101 resource estimate at Cerro Maricunga. We believe
the 2,500 m long structural corridor has the potential to host a global resource in the
range of 6.7 Moz. High oxidation levels extending to over 500 m depths and encouraging
early metallurgical tests suggest the potential for robust economics as a heap leach
operation, increasing the attractiveness of Atacama Pacific as an acquisition target.
Investment highlights
• The global NI-43 101 resource at Cerro Maricunga (based on 33,382m of drilling/90
holes) is estimated at 3.565 Moz grading 0.53 g/t at a 0.3 g/t cut-off, including an
indicated resource of 1.616 Moz @ 0.54 g/t and an inferred resource of 1.949 Moz @
0.52 g/t. The initial resource was 43% higher than our 2.5 Moz estimate.
• At a lower 0.2 g/t cut-off grade the global resource would increase to 4.575 Moz
(+28%) albeit at a lower grade of 0.42 g/t (-20%). While the current resource
estimate and our conceptual potential remains conservatively based on a 0.3 g/t cutoff,
we see the potential for a larger resource at a lower cut-off grade if supported
by potentially higher gold prices, favourably metallurgy and low operating costs.
• Zones that comprise the current resource remain open for expansion: Phoenix Zone
(at depth and along strike east-southeast), Lynx Zone (at depth) and the Crux Zone
(at depth and to the northeast). The Phase III exploration program (42,000 m) is
expected to commence in October 2011 will include in-fill as well as exploration
drilling on new targets.
Valuation
Our target price has increased to C$10.00 (fully diluted) based on a multiple of $100/oz
applied to a potential 5.1 Moz resource (average of reported 3.6 Moz and conceptual 6.7
Moz estimate) plus 40% of fully diluted cash. Our previous C$9.50 target was based on
$100/oz applied to the 4.6 Moz mid-point of our previous targeted range of 2.5 – 6.7
Moz.
Upcoming potential catalysts
• Ongoing exploration results from the Phase III drill program
• Additional metallurgical test results
• Commencement of preliminary engineering studies (early 2012E)
Investment risks
The typical risks associated with any mining investment include commodity and
exchange rate risk, and permitting, technical (exploration/development/operating), and
financing risk.
In particular, investors considering an investment in Atacama Pacific should consider
the Cerro Maricunga project to be at an early stage of exploration. There is potential for
the size and grade of the ultimate NI 43-101 resource estimate to differ materially from
our conceptual target. There is also a risk of future financings to fund ongoing
exploration, metallurgical and technical studies on the project. While our target price
does not factor in additional financings, it conservatively includes only 40% of the $75
million estimated cash balance (fully-diluted basis). ##
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