Click here to close now.




















Welcome!

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
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of ...
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.
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...