|By Marketwired .||
|February 11, 2014 07:30 AM EST||
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 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
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.
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.
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.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
May. 26, 2016 12:00 AM EDT Reads: 1,882
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
May. 25, 2016 11:45 PM EDT Reads: 1,068
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 25, 2016 10:45 PM EDT Reads: 2,605
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
May. 25, 2016 10:00 PM EDT Reads: 1,077
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 25, 2016 10:00 PM EDT Reads: 900
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
May. 25, 2016 09:00 PM EDT Reads: 1,777
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 25, 2016 08:30 PM EDT Reads: 1,226
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
May. 25, 2016 08:00 PM EDT Reads: 1,834
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, 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 y...
May. 25, 2016 06:00 PM EDT Reads: 1,894
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
May. 25, 2016 05:00 PM EDT Reads: 1,725
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 25, 2016 04:45 PM EDT Reads: 958
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 25, 2016 04:00 PM EDT Reads: 1,201
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 25, 2016 03:45 PM EDT Reads: 2,128
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 25, 2016 02:45 PM EDT Reads: 1,447
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
May. 25, 2016 02:15 PM EDT Reads: 2,136