Seafield Resources likes what it sees in Colombia

Seafield Resources (SFF-V) is making headway in Colombia with a preliminary economic assessment of its Miraflores deposit “on the horizon” and drill results continuing to flow from its Dosquebradas deposit 3 km to the north.

Highlights from recent drilling at the Dosquebradas gold-copper rich porphyry deposit overlooking the Cauca River valley along the eastern margin of Colombia’s Western Cordillera, included 121.8 metres of 1.06 grams gold per tonne and 0.11% copper, including 42.7 metres of 1.27 grams gold and 0.14% copper and 141.75 metres of 0.58 gram gold and 0.07% copper in hole DH-23. The hole confirms the continuity of mineralization intercepted 50 metres below it by drill hole DH-18, which returned 105.3 metres at 0.76 gram gold and 30 metres to the south by hole DH-02, which cut 199.9 metres of 0.98 gram gold.

A second hole, DH-19, intersected 137.35 metres of 0.58 gram gold and 0.06% copper, including 85.3 metres of 0.74 gram gold and 0.07% copper and tested the continuity of mineralization intercepted 100 metres above drill hole DH-18.

The porphyry type deposit lies in the mid-Cauca belt of Colombia and is hosted in diorites, basalts, and mixed intrusive breccias. Pyrite, chalcopyrite, molybdenite and magnetite occur with or without quartz in veinlets, stockworks, disseminations and replacements in hydrothermally altered rock.

Drilling at Dosquebradas includes 9,939 metres in 23 drill holes by Seafield since October 2010 and 587 metres completed by AngloGold Ashanti (AU-N) in 2006.

Dosquebradas contains inferred resources of 57.79 million tonnes grading 0.5 gram gold per tonne and 0.04% copper at a cutoff grade of 0.3 gram gold per tonne for a total of 920,772 ounces of gold. When measured in gold-equivalent ounces, the deposit contains inferred resources of 1.05 million ounces at a grade of 0.56 gram gold.

Seafield’s Miraflores deposit, a breccia pipe 3 km to the southeast of Dosquebradas, has measured and indicated resources of 49.33 million tonnes grading 0.8 gram gold for 1.93 million ounces of gold at a cut-off grade of 0.3 gram gold per tonne. Inferred resources add 5.53 million tonnes grading 0.6 gram gold for 103,043 ounces of gold.

The Dosquebradas and Miraflores deposits are situated on the company’s 100%-owned, 6,757-hectare Quinchia gold project about 190 km northwest of Colombia’s capital of Bogota and 55 km north of Pereira, the capital of the Department of Risaralda. The closest settlement, Quinchía, is 3.5 km northwest of the exploration area around Dosquebradas and has a population of about 33,500 people.

At presstime in Toronto Seafield was trading at 17¢ within a 52-week trading range of 14¢-37¢ per share. The junior has about 169 million shares, fully diluted.