TORONTO, ONTARIO -- (Marketwire) -- 12/08/10 -- Seafield Resources Ltd. (TSX VENTURE: SFF) ("Seafield" or the "Company") is continuing its exploration program on its 6,757 hectare Quinchia gold project in the Department of Risaralda, Colombia. Following completion of the drill program at the Miraflores gold-bearing breccia body, the diamond drill has now been moved about three kilometres to the northwest, to the Dosquebradas area to extend the gold mineralized porphyry discovered in 2006.
The gold-in-soil anomaly which defines the northern extension of the Dosquebradas porphyry on Seafield's property has an area of about 700 metres by 550 metres as defined by soil samples above 50 ppb Au (0.05 g/t Au). Values in soils are as high as 0.58 g/t Au.
Trenching in one location at the southern end of the anomaly has exposed sheeted quartz veinlets crosscutting quartz diorite porphyry and basalt wall-rock and containing iron-rich weathering products after magnetite or sulfides. Continuous channel samples, each two metres in length, collected from the trench returned the following widths and gold grades:
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From To Length Grade
Trench (metres) (metres) (metres) g/t Au
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DQN-01 0 94 94 1.75
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including 24 92 68 2.31
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including 42 64 22 3.83
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including 42 50 8 5.51
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Maximum sample value was 7.89 g/t Au over 2 metres
This trench extends east-west and is close to the surface trace of a hole drilled into the Dosquebradas porphyry intrusion in 2006 by AngloGold Ashanti, a previous operator. This hole DQ-DD-3 drilled at -60 degrees returned grades of 0.63 g/t Au over 90.0 metres and 1.67 g/t Au over 39.5 metres about 200 metres below the trench.
Plans for the Dosquebradas drill program are to drill up to 3,000 metres in 8 holes and currently a total of 1336 metres have been completed in three holes. These holes exhibit zones consisting of sheeted quartz-magnetite veinlets with minor pyrite in altered quartz diorite porphyry, breccia and basalt, similar to that found in the hole DQ-DD-3 mentioned above.
Qualified Person
Stewart D. Redwood, Consulting Geologist to Seafield, 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 sampling program. Dr. Redwood is a Fellow of the Institute of Materials, Minerals and Mining (Number 47017), a professional association and designation recognized by the Canadian regulatory authorities. Dr. Redwood 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.
Sample Collection, Preparation, Analyses and QA-QC
The trench chip samples were delivered to the SGS laboratory in Medellin for preparation and were assayed at the SGS laboratory in Lima, Peru. Gold was analyzed by fire assay on a 30 gram sample with atomic adsorption spectrophotometer (AAS) finish. Samples above 5.0 g/t Au were repeated by fire assay on a 30 gram sample with gravimetric finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.
Mexico
Seafield currently holds, through its Mexican subsidiary, Minera Tango, S.A. de C.V., a 30% interest in the Picachos silver-gold property located in Durango State, Mexico. The Company is pleased to announce that, subject to TSX Venture Exchange approval, it has acquired the remaining 70% interest in Picachos by issuing 1,500,000 common shares of Seafield. Seafield now holds 100% interest in the Picachos property, subject to a 1.75% net smelter return royalty.
The Picachos property is located in the Sierra Madre Occidental which hosts numerous epithermal gold and silver deposits. The property lies approximately 50 kilometres southeast of Goldcorp's Tayoltita mine, a mine that has production to date upward of 650 million ounces of silver and nine million ounces of gold.
Investor Relations
The Company wishes to correct one part of its September 28, 2010 press release relating to its investor relations agreement dated September 16, 2010 between the Company and Ubika Corporation ("Ubika") pursuant to which Ubika will provide investor relations services to the Company. In consideration for Ubika's services, Seafield will pay no compensation but will grant to Ubika a stock option to acquire 280,000 common shares of the Company at an exercise price of $0.25 per share expiring September 28, 2012.
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 we face 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 we file 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.
Contacts:
Seafield Resources Ltd.
Dean Stuart
Investor Relations
403 517 2270
www.sffresources.com
