SYS-CON MEDIA Authors: Carmen Gonzalez, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

News Feed Item

Seafield Expands High Grade Gold-Copper-Molybdenum Potential at Tesorito

TORONTO, ONTARIO -- (Marketwired) -- 02/11/14 -- Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is pleased to announce the results of its recent evaluation of all exploration data acquired to date in the Tesorito area at its Quinchia Gold Project, Department of Risaralda, Colombia. Although most of the Company's focus over the last two years has been on advancing the Miraflores gold deposit towards a production decision, ongoing exploration elsewhere on the Company's large landholdings within the extensive gold-copper-molybdenum porphyry system at Quinchia, is confirming that the Tesorito area is a significant new gold-copper-molybdenum mineralized zone worthy of its own focused exploration program.

Highlights


--  Hole TS-DH-02, drilled in 2013, intersected significant values of copper
    and molybdenum at the bottom of the hole with 0.22% Cu and 86 ppm Mo
    over 35 m, including 2.63% Cu over 0.7 m associated with chalcopyrite,
    magnetite, pyrite, molybdenite and bornite mineralization. This
    mineralization is in close proximity to an untested high chargeability
    IP anomaly making it an excellent target for further drill testing to
    explore for possible high-grade Cu-Mo mineralization at depth; 
    
--  The highest values in a recent trench sampling program carried out at
    Tesorito returned 3.18 g/t Au over 10 m, including 9.04 g/t Au over 2 m.
    This chip channel sample may have vertical correlation with the
    intersection 150 m below in hole TS-DH-02 with 29.3 m at 1.9 g/t Au, 1.0
    g/t Ag and 0.12 % Cu (From 136.75 m to 166.05 m); 
    
--  Final hole in the 2013 drill program, TS-DH-03, drilled to test the SW
    extension of the target area, intersected similar Au-Cu mineralization
    to the two earlier holes including 0.58 g/t Au and 0.075 % Cu over 104.5
    m. 

Geology and Mineralization

The initial exploration at Tesorito in 2012 and 2013 included systematic geological mapping, rock and soil sampling, followed by trenching within the area of anomalous Au and Cu in soils. In addition, an induced polarization ("IP") geophysical survey was carried out over part of the target area (see press release dated September 27, 2012).

To view 'Figure 1 - Geology of Miraflores, Tesorito and Chuscal areas', please visit the following link: http://media3.marketwire.com/docs/sfig02111.pdf

The Tesorito area is underlain mainly by fine to coarse grained, intrusive porphyritic rocks of granodioritic to dioritic composition, which intrude basaltic rocks of the Barroso Formation of Cretaceous age and Tertiary sandstones and mudstones of the Amaga formation (Figures 1 and 2). The intrusives show variable intensities of hydrothermal alteration, including potassic alteration overprinted by quartz-sericite and sericite-chlorite alteration. NNE, NNW and NW faulting controls the intrusive emplacement and mineralization, including faulting of contacts between the rock units. The depth of sulphide oxidation observed in the first two holes is approximately 20 m.

The porphyry-style mineralization of gold, copper and molybdenite observed in the Tertiary intrusive rocks is found as sulphides and magnetite in disseminations as well as in veinlets and stockworks of quartz. Pyrite, chalcopyrite, molybdenite, and minor bornite are the main sulphides observed. The validation of the Tesorito zone as a significant porphyry target was confirmed by the results of hole TS-DH-02 that intercepted 384 m at 1.01 g/t Au, 0.9 g/t Ag and 0.08 % Cu, including 29.3 m at 1.9 g/t Au, 1.0 g/t Ag and 0.12 % Cu (See the Company's press release dated May 28, 2013).

In addition to drill holes TS-DH-01 and TS-DH-02 at Tesorito (see press release dated May 28, 2013), previously unreported drill hole TS-DH-03 intersected continuous mineralization from 9.3 m to 264 m depth (0.51 g/t Au and 0.05 % Cu over 254.9 m). (For drill hole locations, see Figure 2.) Table 1 provides significant assay results of drill hole TS-DH-03.

Table 1 - Assay Results from Drill Hole TS-DH-03:


                     From        To   Interval        Au        Ag        Cu
Drill Hole            (m)       (m)        (m)     (g/t)     (g/t)       (%)
----------------------------------------------------------------------------
TS-DH-03              9.3    264.20      254.9      0.51       0.7     0.052
including            14.2     55.20         41      0.56       0.5     0.039
including            84.3    120.50       36.2      0.58       0.7     0.044
including           130.6    235.10      104.5      0.58       0.9     0.075
with                197.9    204.85       6.95      1.17       0.9     0.120
and                296.05     319.2      23.15      0.42       0.4     0.035
----------------------------------------------------------------------------

Note: Only continuous intervals of mineralization over 6 metres with a cut-off grade of 0.2 g/t Au are reported.

Table 2 - Drill Hole TS-DH-03 Coordinates:


              Easting  Northing Elevation     Azimuth   Inclination    Depth
Drill Hole        (m)       (m)       (m)   (degrees)     (degrees)      (m)
----------------------------------------------------------------------------
TS-DH-03       423745    584330     1,234         315           -60    440.5
----------------------------------------------------------------------------

To view 'Figure 2 - Geology, hydrothermal alteration and rock sampling in trenches at Tesorito', please visit the following link: http://media3.marketwire.com/docs/sfig02112.pdf

Mineralization Trends

Surface mapping, trenching and sampling indicate that the higher grade mineralization is associated with NNW trending sheeted veins as well as NE trending veinlets and fracture fillings. The drilling to date also confirms these trends but additional drilling is required to systematically test the NNW trend which hosts higher grade gold values in recent channel sampling from one trench which returned 3.18 g/t Au over 10 m, including 9.04 g/t Au over 2 m. This high grade gold mineralization may correlate with the intercept 150 m vertically below in hole TS-DH-02 with 1.9 g/t Au, 1.0 g/t Ag and 0.12 % Cu over 29.3 m (Figure 2).

The first three holes at Tesorito (TS-DH-01, TS-DH-02 and TS-DH-03) were oriented with azimuths from 310 degrees to 320 degrees (Figure 2) and designed to test the extensive gold and copper geochemical anomaly in soils and to crosscut the NNE trend of one of the larger mineralized intrusive porphyry bodies.

To view 'Figure 3 - Vertical section along drill hole TS-DH-02', please visit the following link: http://media3.marketwire.com/docs/sfig02113.pdf

The geological structural setting between Miraflores and Tesorito suggest the potential for an extension of mineralization between the two deposits. Figure 1 highlights lithology, structures and the alignment of other artisanal mining areas which support a general interpretation of this mineralized corridor. Surface mapping also shows hydrothermal sericite-quartz alteration overprint along this trend.

Geophysical Survey

The high chargeability anomaly identified with the IP survey carried out in 2012 did not coincide with the Au and Cu mineralization in trenches and soils and therefore testing of this anomaly was planned for the next phase of drilling in the area. The priority to test this chargeability anomaly is now clearly enhanced by the occurrence towards the bottom of hole TS-DH-02 of increasing values of copper and molybdenum, culminating in an intersection at the base of the hole of 0.22% Cu and 86 ppm Mo over 35 m, including 2.63% Cu and 311 ppm Mo over 0.7 m. Deeper drilling is required to test the extension of this mineralization into the IP anomaly. Figure 4 shows the location of the drill holes in relation to the high chargeability anomaly.

To view 'Figure 4. 3D view of High Chargeability Anomaly and Proximity to Drill Holes Completed at Tesorito (Copper Values)', please visit the following link: http://media3.marketwire.com/docs/sfig02114.pdf

"Tesorito, even at this early stage in exploration, is already showing potential to be an exciting discovery with all the earmarks of a gold-copper-molybdenum porphyry system with an extra overprint of gold mineralization." stated Giovanny Ortiz, Seafield's VP of Exploration. "Along with expanding the Tesorito zone, we expect to continue to identify new targets as our exploration progresses over on our extensive landholdings at Quinchia."

Review by Qualified Person, Quality Control and Reports

Giovanny Ortiz, Vice President of Exploration for 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. Mr. Ortiz is a Fellow of the Australasian Institute of Mining and Metallurgy (Membership # 304612) a professional association and designation recognized by the Canadian regulatory authorities. Mr. Ortiz 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 ALS Colombia Ltda in Medellin and were assayed at the ALS laboratory in Lima, Peru. Gold was analyzed by fire assay on a 30 gram sample with atomic adsorption spectrophotometer (AAS) finish. Samples above 10.0 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 Quinchia Project, please refer to the Company's technical report (the "Technical Report") entitled "Technical Report, Seafield Resources Ltd., Quinchia Project, Quinchia District, Republic Colombia" dated May 17, 2013, prepared by Scott E. Wilson, C.P.G., of Metal Mining Consultants 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 development stage company currently focused on completing a bankable feasibility study on its Miraflores Gold Deposit. Seafield's Quinchia Gold Project is located in the Department of Risaralda, 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 23% and a pre-tax net present value (5%) of $141M. The Company cautions that mineral resources are not mineral reserves and do not have demonstrated economic viability. Miraflores currently has a NI 43-101 compliant Measured and Indicated resource estimate of 1,816,000 ounces gold at 0.78 g/t Au and 3,555,000 ounces silver at 1.5 g/t Ag (72.6 million tonnes at a cut-off of 0.27 g/t Au) and an Inferred resource estimate of 62,000 ounces gold at 0.51 g/t Au and 275,000 ounces silver at 2.3 g/t Ag (3.8 million tonnes at a cut-off of 0.27 g/t Au). Additionally, the Company has a NI 43-101 compliant resource estimate for its Dosquebradas Deposit, also part of the Quinchia Gold Project, with an Inferred resource estimate totaling 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 TSX 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.

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 the Company faces 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 filed 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...