• E-mail
  • Print
  • Comment
  • Font Size
  • Digg
  • del.icio.us
  • Discuss article

Seafield Begins Drilling at Tango Gold / Silver Property, Mexico, Grants Stock Options

Posted on: Monday, 11 February 2008, 18:00 CST

Seafield Resources Ltd. (TSX VENTURE: SFF) ("Seafield") is pleased to announce that drilling is underway at the Company's 100% owned Tango gold/silver property in the Rosario precious metal mining district, Sinaloa, Mexico. This initial reconnaissance drill program will complete some 2,100 metres of reverse circulation drilling on a number of targets with anomalous gold, silver and base metals in soil and rock samples.

Also in Mexico, assay results are pending at Seafield's Picachos property where NWT Uranium Corp. (NWT) has completed a drill program as part of the requirements of an option agreement in which NWT can earn a 70% interest in the property. Earlier work by NWT included surface sampling which returned some values as high as 145 ounces per ton (4,975 grams per tonne) silver, 0.25 ounce per ton (8.61 g/t) gold.

In Ontario, Seafield is advancing the Elora high grade gold vein system, south of Dryden, where drilling is planned to follow up on encouraging high grade intercepts with visible gold in several of the holes. Visit: www.sffresources.com for past results at Elora.

Also, in Ontario, Seafield and Noront Resources Ltd. have entered into an agreement pursuant to which Seafield has been granted the option to acquire a 50-per-cent legal and beneficial interest in six claim blocks (covering a total of 96 claim units or approximately 3,840 acres) on the Ring of Fire, McFauld's Lake area, Ontario, about 60 kilometres north of Noront's Eagle One high-grade copper-nickel-platinum group element discovery. In addition to the September, 2007, Noront discovery, exploration in the McFauld's Lake and surrounding area in recent years has identified significant base metal massive sulphide deposits, as well as occurrences of diamonds and gold mineralization.

The Seafield property covers an eight-kilometre stretch of the Ring, which is interpreted to be underlain by metavolcanic and mafic to ultramafic intrusive rocks. Initial exploration over the property consists of a state-of-the-art detailed heli-borne magnetic and electromagnetic geophysical survey which has just recently been completed. The data are currently being prepared for interpretation to define potential targets for follow-up drilling.

In addition Seafield announces that a total of 950,000 options to purchase common shares of Seafield have been granted to directors, officers and consultants at an exercise price of $0.25. The options will expire on February 11, 2013. The grant of options is subject to regulatory approval.

For more information, please visit the web site at www.sffresources.com to view corporate presentation material, past news releases and more.

This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. 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. 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. The Company relies on litigation protection for forward looking statements.

No Stock Exchange has reviewed or accepted responsibility for the adequacy or accuracy of this news release.

 Contacts: Seafield Resources Ltd. Anthony Roodenburg CEO (416) 367-4571 x233 Website: www.sffresources.com

SOURCE: Seafield Resources Ltd.


Source: MARKET WIRE

More News in this Category


Related Articles



Rating: 2.5 / 5 (13 votes)
Rate this article:
1/52/53/54/55/5

User Comments (0)

Comment on this article

Your Name
Text from the image
Comment
max 1200 chars
* All fields are required