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Seafield Resources Ltd.: Seafield Resources Announces Private Placement Financing and Provides Exploration Update at Fire Proje

^{Published on 2009-04-14 13:58:28, Last Modified on 2009-04-14 14:00:03 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - April 14, 2009) - Seafield Resources Ltd. ("Seafield" or the "Company") (TSX VENTURE:SFF) announces that the Company plans a non-brokered private placement for proceeds of $225,000. The placement will consist of common shares of Seafield priced at $0.035 per share. No warrants will be issued. All securities issued pursuant to the private placement will be subject to a four-month hold period from the closing date. Finders' fees may be payable on the non-insider portions of the private placement. The private placement is subject to approval from the TSX Venture Exchange.

Proceeds from the placement, along with currently available capital, will be used to advance Seafield's high grade Elora gold project, southwest of Dryden in NW Ontario. Previous drilling by Seafield on the Jubilee zone at the Elora property encountered several high grade intercepts, including intersections of 15.3 g/t gold over 1.3 metres, 14.3 g/t gold over 5.6 m and 13.7 g/t gold over 2 metres, with visible gold in four holes. The best result from the most recent (2008) campaign was 34.9 g/t gold over 2.8 metres within a broader zone of mineralization which returned 15.5 g/t gold over 6.9 metres.

Anthony Roodenburg, CEO made the following comments relating to the Elora property: "Elora is a classic Archean, high grade, narrow vein, gold system with two small past producing mines on the property in the historic Gold Rock mining camp. The camp has been under-explored compared to other Ontario gold camps. We have expended more than $1 million on drilling at Elora over several campaigns and continue to see encouraging results. This past summer's drill program and results lead us to believe that the Jubilee zone is part of a more extensive, gold mineralized system."

In other news, Seafield has recently received the final report on the 2008 exploration program at the Fire property from the operator, Noront Resources Ltd. (Noront). The Fire property, optioned in early 2008 from Noront, is located in the "Ring of Fire", McFauld's Lake area, Ontario, some 60 km north of Noront's Eagle One high grade copper-nickel-PGE discovery and only four km from the massive sulphide discovery made in May 2008 by WSR Gold Inc., Metalex Ventures Ltd. and Arctic Star Diamond Corp.

The initial exploration work on the Fire property was an AeroTEM III time domain electromagnetic and magnetic survey followed by the recently developed fifth-generation VTEM time domain airborne survey system which has been found to detect additional conductors that were invisible to the AeroTEM system.

During the summer 2008, the best conductive features from the airborne surveys were selected and three grids were cut and covered by magnetometer and by electromagnetic (EM) surveys. Based on the interpretation of the airborne and ground geophysical surveys, one drill target was selected on each grid to test the strongest coincident magnetic/EM anomalies.

DDH SE 08 01 was drilled at grid SE1, into the strongest airborne anomaly. The hole intersected highly conductive semi-massive pyrrhotite between 103.65 and 105 m. The host rock is interpreted to be either mafic tuff or silicate iron formation containing pyrrhotite. Traces of chalcopyrite and sphalerite were observed. The Zn content reached 0.77 % over a 0.75 m interval within a wider zone from 103.65 m to 107.3 m that averaged 0.42% but there was not sufficient base metal sulfide mineralization to warrant the drilling of another hole.

The target of DDH SE 08 02 was a combined HLEM and AeroTEM anomaly. A long intersection of interbedded intermediate tuff and silicate iron formation with abundant pyrrhotite and pyrite laminae was encountered between 79 and 169 m, accounting for the moderate calculated conductance. The interval from 116.25 to 118.1 m averaged 0.14% Zn. The presence of visible mineralization over a considerable width of core was taken as encouragement to drill a second hole. DDH SE 08 03 was drilled into the strongest part of the AeroTEM conductive axis, where it encountered interbedded silicate iron formation and mafic to intermediate tuffs and tuff breccias intruded by granitic pegmatites from 27 to 189 m. As in hole SE 08 02, the target is considered to have been explained by the presence of abundant massive stringers of pyrrhotite over a zone exceeding true thickness of 100 m. No significant assay results were reported from hole SE 08 03.

DDH SE 08 04 was drilled into the strike extension of the weakly magnetic, weakly conductive lineament which was also tested almost 2 km to the east by hole SE-08-03. Weakly conductive iron formation was confirmed by the drilling. No significant assay results were reported from this hole.

Following the drill results, no further work was recommended by Noront on the Fire property and Seafield therefore decided to terminate its option agreement with Noront.

The technical disclosure in this release has been reviewed and approved by James Pirie, Ph.D., P. Eng., Vice President of Exploration and a director of the Company and a "Qualified Person" within the meaning of National Instrument 43-101.

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.

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.