Seafield Metallurgical Testwork Upgrades Gold Recoveries at Miraflores, Colombia
January 22 2014 - 6:30AM
Marketwired
Seafield Metallurgical Testwork Upgrades Gold Recoveries at
Miraflores, Colombia
TORONTO, ONTARIO--(Marketwired - Jan 22, 2014) - Seafield
Resources Ltd. ("Seafield" or "the Company") (TSX-VENTURE:SFF) is
pleased to report that the Company has now received the final
reports on the recently completed Metallurgical, Geotechnical and
Hydro-Geological work programs for the current feasibility study on
the Miraflores gold-silver deposit, Quinchía, Colombia.
Metallurgical Highlights:
- The average overall gold recovery is estimated at 91% and is
based on the weighted contribution of each of the rock types in
both the underground and open pit designs;
- The average overall silver recovery is estimated at 54% and is
based on the weighted contribution of each of the rock types in
both the underground and open pit designs;
- The indicated recovery estimates include a 2% gold and silver
recovery reduction to allow for losses due to projected process
plant inefficiencies;
- The final feasibility study metallurgical recoveries for both
gold and silver exceed the results used in the Updated PEA (see
press release dated, August 3, 2013) which were 89% and 50%
respectively.
"We are delighted to confirm the high gold recovery rates for
all major geo-metallurgical units in the Miraflores deposit at a
feasibility study level" commented César López, Seafield's
President and CEO. "These results exceed what was used within the
Updated PEA economic evaluation and combined with the other
technical upside opportunities which evidently exist at Miraflores
and the Quinchía district, leave us confident that we have an
extremely valuable asset that is not being recognized by the
market."
The feasibility study level Metallurgical, Geotechnical and
Hydro-Geological reports were prepared by SRK Consulting ("SRK") in
Denver. The Metallurgical report was principally based upon a
comprehensive work program undertaken by Inspectorate Exploration
and Mining Services Ltd. ("Inspectorate"), located in Richmond, BC,
Canada. The corresponding Inspectorate report has also been
delivered to the Company.
Seafield's Miraflores Deposit is situated in the Company's
100%-owned, 6,757-hectare, Quinchía Gold Project. Miraflores is a
low sulphidation epithermal gold deposit located in Colombia's
mineral-prolific Mid-Cauca gold belt. The mineralization is located
in a hydrothermal breccia pipe with free gold associated with
cement materials (the matrix) and high grade structures where gold
is associated with zinc, lead, copper and iron. At surface, the
breccia pipe has a drill-tested diameter of 250 metres by 280
metres. The breccia pipe widens and remains open at depth with a
drill-tested vertical extent of 600 metres.
Review by Qualified Person
The results of the Company's metallurgical testing program and
the metallurgical results presented in this news release have been
reviewed, verified and compiled by Eric Olin, MSc, MBA, RM-SME,
Principal Process Metallurgist of SRK in Denver, Colorado. Mr. Olin
has over 30 years' experience in the minerals industry with
extensive consulting, plan operations, process development, project
management and research & development experience with base
metals, precious metals, ferrous metals and industrial
minerals.
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 Quinchía 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 Quinchía 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 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.
Seafield Resources Ltd.David MacMillanInvestor Relations(416)
361-3434dmacmillan@sffresources.comwww.sffresources.com
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