TORONTO, ONTARIO--(Marketwire - Dec. 13, 2011) - Seafield Resources Ltd. ("Seafield" or the "Company") (TSX VENTURE:SFF) has been drilling the Miraflores Breccia and the Dosquebradas Gold-Copper Porphyry located within 3 kilometers of each other, and contained within its 6,700 hectares in the Quinchia District of Colombia.
Earlier this year, the Company announced a NI 43-101 compliant Measured and Indicated resource for Miraflores of 1,227,593 ounces of gold grading 0.9 g/t gold contained in 44,717,000 tonnes at a cutoff grade of 0.3 g/t Au and an Inferred resource of 354,512 ounces of gold grading 0.9 g/t gold in 12,252,000 tonnes at a cutoff grade of 0.3 g/t Au. (See company press release dated May 26, 2011. Furthermore, in January 2012, an updated resource for Miraflores will be announced.)
Today, the Company announces an initial mineral resource estimate for its Dosquebradas gold-copper prospect in the Quinchia district, Colombia. To date the Dosquebradas prospect contains inferred resources of 57.79 million tonnes grading 0.5 g/t gold and 0.04% copper at a cutoff grade of 0.3 g/t gold for a total of 920,772 ounces of gold. By assigning a gold equivalence to the contained copper using the parameters indicated in the table notes below, the total resource estimate increases to 1,049,790 gold equivalent ounces at a grade of 0.56 g/t gold-equivalent. (see Table 1 below)
| Table 1. Total Inferred Resources ** for the Dosquebradas Prospect |
Cutoff
Grade Au
(g/t) | | Tonnes ('000) | | Au (g/t) | | Cu (%) | | AuEq (g/t) | | Gold Ounces | | Copper lbs. ('000) | | AuEq Ounces |
| 0.3 | | 57,794 | | 0.50 | | 0.04 | | 0.56 | | 920,772 | | 56,768 | | 1,049,790 |
| 0.4 | | 34,593 | | 0.60 | | 0.05 | | 0.68 | | 664,609 | | 38,428 | | 751,947 |
| 0.5 | | 20,206 | | 0.71 | | 0.06 | | 0.79 | | 459,097 | | 24,867 | | 515,614 |
| ** Mineral Resources do not have demonstrated economic viability. An Inferred Mineral Resource is that part of the mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonable assumed, but not verified geological and grade continuity. |
| AuEq Oz = Gold-equivalent ounces. AuEq (g/t) has been calculated using long-term prices for gold ($1,100/oz) and copper ($2.50/lb). Economic parameters have not been used for AuEq calculation. AuEq Formula: AuEq g/t = Au g/t + [(Cu% x 22.0462 x 2.50)/(1100/31.1)] g/t. |
| No adjustment has been made for metallurgical recoveries. All quantities are rounded to the appropriate number of significant figures, consequently numbers may not add up due to rounding. |
This resource estimate has been prepared by Scott E. Wilson Consulting, Inc. ("SEWC") in accordance with the definitions in the Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101"). The full technical report detailing the resource estimate in this release will be filed within 45 days and will be available on the Company's website and SEDAR.
Seafield's President and CEO, Cesar Lopez, stated: "I am very pleased with this significant increase to our global resource. Not only will we continue to drill at Dosquebradas and Miraflores, we have 6,700 hectares on trend with no exploration to date that we will begin to explore in 2012. We are also working on property acquisitions in the Quinchia Project area to add to Seafield's existing resource base."
At Dosquebradas, gold-copper porphyry style mineralization is hosted in diorites, basalts and mixed intrusive breccias. Pyrite, chalcopyrite, molybdenite and magnetite occur with or without quartz in veinlets, stockworks, disseminations and replacements in hydrothermally altered rock. To date, the main zone of mineralization covers an area of 400 m by 300 m and to a depth of about 600 m.
An additional drill program of 10,000 metres is planned over the next twelve months, to define the continuity and limits of the mineralization in all directions and to upgrade the resource categories.
Resource Estimate
The resource estimate is based on an updated 3D geologic and mineralization model that includes all technical information available at November 15, 2011 and using information from 20 holes totaling 8,874 metres of diamond core drilling. This includes 8,286 metres in 18 holes completed by Seafield in 2010 and 2011 and 587 metres in 2 holes completed by AngloGold Ashanti in 2006. There were a total of 4,696 two metre length composites used in the estimation of gold and 4,403 two metre composites used in the estimation of copper. The results were estimated with Vulcan Software and stored in a Vulcan Block model. SEWC used Ordinary Kriging as the preferred estimation technique for the Dosquebradas Project.
Qualified Person
The resource estimate was prepared by Scott Wilson, President of Scott E. Wilson Consulting, Inc. of Highlands Ranch, Colorado. Mr. Wilson is an independent qualified person as defined by National Instrument 43-101 and has prepared or reviewed the preparation of the information which forms the basis of this press release. He is a Certified Professional Geologist and member of the American Institute of Professional Geologists (CPG #10965) and a Registered Member (#4025107) of the Society of Mining and Metallurgy and Exploration, Inc., a professional association and designation recognized by the Canadian regulatory authorities. Mr. Wilson 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.
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, in the prolific Mid-Cauca gold belt with a land position spanning 6,757 hectares. For more details, please visit www.sffresources.com.