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
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, 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.
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
"This is specifically designed to accommodate some of the needs for high availability and failover in a network managed system for the major Korean corporations," stated Thomas Masters, Managing Director at InfranicsUSA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.