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.


--  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

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
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU’s GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
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, walk you through how Oct...
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
DevOps is speeding towards the IT world like a freight train and the hype around it is deafening. There is no reason to be afraid of this change as it is the natural reaction to the agile movement that revolutionized development just a few years ago. By definition, DevOps is the natural alignment of IT performance to business profitability. The relevance of this has yet to be quantified but it has been suggested that the route to the CEO’s chair will come from the IT leaders that successfully ma...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, discussed how the ability to access and analyze the massive volume of streaming data from millio...