TORONTO, ONTARIO -- (Marketwired) -- 04/02/13 -- Seafield Resources Ltd. ("Seafield" or "the Company") (TSX VENTURE: SFF) is pleased to announce an updated NI 43-101 compliant resource for its Miraflores breccia deposit within the Company's Quinchia Gold and Silver Project. Seafield's 100%-owned, 6,757-hectare Quinchia Gold Project is located in the Department of Risaralda, Colombia. This update incorporates an additional 10,725.3 m of drilling for a total of 25,884.1 m used in the resource estimate (see previous NI 43-101 resource press release dated January 31, 2012). These results will be incorporated into the updated Preliminary Economic Assessment, scheduled for completion by the end of Q2 2013.
-- The updated NI 43-101 report documents a measured and indicated resource of 1,816,000 Troy ounces (oz) of gold (Au) grading 0.78 grams per tonne ("g/t") Au and 3,555,000 oz of silver at 1.5 g/t Ag, contained in 72,624,000 tonnes at a cut-off grade of 0.27 g/t Au;-- The estimate significantly increases the geological confidence in the model by increasing the mineral resources in the measured category from 28.5 Million tonnes to 38.7 Million tonnes and by delineating a greater number of high grade veins at Miraflores. The presence of 21 veins cross cutting the breccia body was confirmed, further improving the definition of the mineralization in the breccia and adjoining basalt. This more accurate geological model of the deposit will be used for advanced mining studies;-- A very robust geostatistical analysis was carried out to define estimation parameters, which resulted in a capping of higher gold grades at 45 g/t Au in the breccia and individual analysis in the veins ranging up to 24 g/t Au;-- The estimate has been delivered on time in accordance with the project schedule and as communicated in the "Miraflores Technical Update" (see press release dated November 30, 2012).
"I am pleased to present the updated compliant resource which has increased the confidence in the geological model while maintaining the vast majority of our resource ounces and increasing the overall grade. This solid resource estimate will stand up to all future reviews as we move the Miraflores project forward," commented Seafield's COO, Dave Prins.
"The Company is focused on adding intrinsic value to its Quinchia Project and every announcement further demonstrates our success," commented Seafield's CEO, Cesar Lopez. "Seafield will stand out amongst other junior mining companies as we continue to announce the completion of milestones over the coming months towards a definitive feasibility study."
The revised NI 43-101 resource incorporated 25,884.1 m of drilling in 73 exploration drill holes and 235.8 m of channel sampling from one underground cross-cut. This is 10,725.3 m more than the drilling metres used in the previously reported NI 43-101 resource study (see press release, January 31, 2012).
The new drill data used for the resource update are mostly from infill holes and provide information to obtain a robust 3D geological model, improving the confidence in the geometry and distribution of the high grade and low grade mineralization of gold and silver in the breccia body.