Welcome!

News Feed Item

Seafield Resources Provides Update on Miraflores and Tesorito

TORONTO, ONTARIO -- (Marketwire) -- 11/30/12 -- Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE:SFF) is pleased to provide an update on the progress of the Company's technical work program at its Quinchia Gold Project, located in the Risaralda Department of Colombia.

The Company has commenced activities towards producing a Feasibility Study by Q4 2013 at the Miraflores advanced-stage gold deposit and plan to commence a drill program to test its newly discovered drill target, Tesorito.

HIGHLIGHTS


1.  Milestones to completion of feasibility study for Miraflores 
    
    --  November 30, 2012: The Company will make its final option payment
        and exercise its option to acquire 100% interest in the Miraflores
        Gold Deposit 
    --  Q2 2013: The Company will complete its current 8,000-metre infill
        drilling program at Miraflores consisting of: 
        --  1,500 metres of underground drilling targeting the high-grade
            vein system within the Miraflores breccia pipe to commence in
            December 2012 
        --  6,500 metres of infill drilling from surface commenced in
            November 2012
    --  Q2 2013: PEA will be updated based on the additional 8,000-metre
        drill program plus the 5,000-metres of drilling completed in 2012 
    --  Q4 2013: Environmental Impact Assessment ("EIA") to be delivered to
        the Colombian regulatory authorities 
        
2.  Drilling at new target, Tesorito 
    
    --  A 1,500-metre drill program at the Company's newly discovered
        porphyry-style drill target, Tesorito, is scheduled to commence by
        the end of 2012

DETAILS

Using proceeds from the the recently closed private placement (see Company's press release dated November 2, 2012), Seafield has commenced key critical path items required to complete a feasibility study and submit an EIA to the Colombian authorities for Miraflores.

"Seafield has designed an aggressive work program with the intention to advance and de-risk the Miraflores project by the end of 2013", commented Dave Prins, Seafield's COO. "We are currently advancing critical path items and plan to complete the feasibility by the end of 2013."

MIRAFLORES:

The Company's critical path items with respect to the further exploration and development of the Miraflores deposit are outlined below:

1) Miraflores Option Payment

A final option payment of US$1.67 million (COP $3,000,000,000) will be paid to the Asociacion de Mineros de Miraflores on November 30, 2012, at which point Seafield will exercise its option to earn 100% interest in the deposit along with the existing mining title.

2) Surface and Underground Drill Programs at Miraflores

An 8,000-metre drilling program at Miraflores is scheduled to be completed by Q2 2013. Three diamond drill rigs are drilling at Miraflores and two additional rigs will be mobilized to site by the end of November. A sixth rig is available to the Company should it be required to meet the aggressive drilling schedule. The infill drill program is designed to deliver the drill density required to achieve the confidence level necessary to complete the Miraflores feasibility study.

Seafield is currently constructing lateral extensions to the existing underground access tunnel at Miraflores. Four underground drill stations will be constructed to facilitate a 1,500-metre underground drill program that is scheduled to commence in December 2012. The underground drill program will be aimed at further defining the high-grade vein system that has been identified within the Miraflores breccia pipe.

The combined 8,000-metres of drilling data from Seafield's underground and infill drill program plus the 5,000 metres drilled in 2012 will be incorporated into a new NI 43-101 resource estimate in Q2 2013 and used for the feasibility study.

3) PEA Update and Critical Test Work

SRK Consulting ("SRK") of Denver, Colorado has been commissioned to conduct trade off studies and other activities following the findings and recommendations of the April 2012 PEA (see press release dated April 23, 2012). These work packages also include the development of an integrated project schedule, optimization work for the location of critical infrastructure and the delivery of an updated PEA in Q2 2013, which will be based upon the resource estimate including the additional 13,000-metres of drilling.

Critical test work programs, including metallurgical and acid rock drainage ("ARD") test work, geotechnical and hydrogeological programs, are in the final stages of design. Test work for the tailings geochemical program commenced in November 2012.

The Company would like to highlight that its metallurgical, geotechnical and hydrogeological programs will commence by year's end and will be undertaken to feasibility level standard.

4) Environmental Impact Assessment

Environmental baseline studies have been ongoing since January 2012. Seafield expects that all baseline data required for submitting an EIA to the Colombian authorities will be complete in Q3 2013, allowing for an environmental permit submission in Q4 2013.

5) Feasibility Study

Seafield will soon commence work on the feasibility study engineering and other activities that have not already commenced. Based on the current project schedule, the feasibility study is targeted for completion in Q4 2013, pending the technical review of identified tailings sites. The Company is currently arranging the incremental financing required to complete the feasibility study.

TESORITO:

Seafield recently announced the discovery of a porphyry-style anomaly located 800 metres southeast of Miraflores (see press release dated September 27, 2012). The Tesorito target zone covers an area of 500 metres by 700 metres. Rock sampling in the target zone returned 18.0 metres of 1.03 g/t Au and 0.09% Cu and 16.0 metres of 1.0 g/t Au and 0.02% Cu. The Company plans to commence a 1,500-metre drill program by the end of 2012 to test the anomaly at depth. Seafield expects to receive assay results from the initial drilling at Tesorito in Q1 2013.

About Seafield Resources Ltd.

Seafield Resources Ltd. (TSX VENTURE:SFF) is a mineral exploration company currently focused on advancing its Miraflores Gold Deposit towards feasibility level. Seafield's 6,757-hectare Quinchia 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). 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 (77Mt at a cut-off of 0.3 g/t Au) and an Inferred resource estimate of 103,043 ounces gold at 0.6 g/t Au (5.5Mt at a cut-off of 0.3 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 totalling 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 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.

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. 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
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of D...
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal ...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
"There is a huge interest in Kubernetes. People are now starting to use Kubernetes and implement it," stated Sebastian Scheele, co-founder of Loodse, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Providing secure, mobile access to sensitive data sets is a critical element in realizing the full potential of cloud computing. However, large data caches remain inaccessible to edge devices for reasons of security, size, format or limited viewing capabilities. Medical imaging, computer aided design and seismic interpretation are just a few examples of industries facing this challenge. Rather than fighting for incremental gains by pulling these datasets to edge devices, we need to embrace the i...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walked through how Octob...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.