Seafield Reviewing Strategic Alternatives
Nov 21 13
Seafield Resources Ltd. (TSXV:SFF) is reviewing strategic alternatives. Seafield has engaged Jacob Securities Inc. to assist it in conducting a strategic review process. The company stated: “As is consistent with the Company objective to at all times maximize shareholder value, the board is announcing a strategic review process (the "Review") to assess the Company's various alternatives with a view to achieving maximum shareholder value. To that end, the Company has engaged the services of Jacob Securities Inc. to assist it with the Review. The Company's focus is on securing the continued development of the Quinchia Gold Project, including taking the Miraflores Deposit toward production and performing further exploration at the Tesorito target and other highly prospective areas. Cesar Lopez, President and Chief Executive Officer of Seafield stated: "We are delighted with the progress that has been achieved to date during the Review and I look forward to providing additional news in the near future. There is real value and opportunity in the Miraflores Deposit as a near term production opportunity; and in the medium term, there is an excellent opportunity with regard to exploration upside at Tesorito target and further potential on our 100% owned land package. We believe that the Quinchia Gold Project is significantly under-valued in the current market environment and we are focused on pursuing initiatives to enhance value."
Seafield Resources Ltd. Elects Cesar Lopez as Director
Jun 25 13
Seafield Resources Ltd. announced that Cesar Lopez was elected as a director of the company in its AGM held on June 25, 2013.
Seafield Resources Ltd. Announces Results of an Independent Updated Preliminary Economic Assessment of its Miraflores Deposit in Quinchía District of the Department of Risaralda, Colombia
Jun 19 13
Seafield Resources Ltd. announced the results of an independent updated Preliminary Economic Assessment ("PEA") for the higher grade zone of its 100%-owned Miraflores Deposit, located in the Quinchía District of the Department of Risaralda, Colombia. The PEA was completed by SRK Consulting ("SRK") of Denver, Colorado. The updated PEA models the mining of the Miraflores breccia pipe deposit using a combination of open pit and underground mining methods. Seafield plans to develop a lower tonnage operation requiring a lower initial capital cost with a focus on processing the higher grade materials of the deposit in the first eleven years of the mine life. The lower tonnage option also carries less construction and start-up risk than the larger throughput alternatives. The Updated PEA represents a low cost, achievable, standalone, near term production scenario for Seafield, occupying a small footprint of the current land position. The Company will review broader development of the Miraflores area going forward. The open pit is defined by two discrete mine phases with the first phase focusing on processing the higher grade materials of the deposit in the first 11 years of production. The open pit model contains measured and indicated resources. The higher grade component contains only materials above 0.6 g/t Au and is estimated to contain 3.01 Mt of mineralized rock with a grade of 1.48 g/t Au and 143,675 oz of contained Au in-situ before recovery and 200,838 oz of contained silver at a grade of 2.08 g/t. The open pit contribution to mill throughput averages approximately 266 t/d, but varies from no process plant feed to full contribution through the use of stockpiles in some years. After year 11, the lower grade stockpiled material will be fed into the mill. The lower grade materials are estimated to contain 1.70 Mt of mineralized rock with a grade of 0.90 g/t Au and 49,073 oz of contained Au in-situ before recovery. The ultimate pit is 480 m from east to west, 400 m north to south with a maximum high-wall height of 350 m and volume of 7.3 Mm. At a cut-off of 0.6 g/t Au, the overall strip ratio (waste:feed) of the pit is estimated at 5.8:1. Within the Miraflores breccia pipe are a series of sub-vertical NNW and NW trending veins and highly fractured breccia zones that contain higher grade gold than the background breccia system. To date, Seafield has identified 21 higher grade structures within the deposit. The underground mining component of production will target the higher grade features below the open pit. The mineralized rock in the updated PEA underground mine plan is estimated to contain 6.06 Mt (diluted) at an average gold grade of 2.32 g/t and average silver grade of 2.17 g/t. Before process recovery, the underground portion of the deposit is estimated to contain 451,216 ozs gold and 422,356 ozs of silver. The underground contribution to mill throughput is approximately 1,484 tpd during the time underground mine operations are in full production (first 11 years). Considerable geotechnical data to date indicates that a sublevel longhole stoping method with 15 m sublevel spacing and backfill is the preferred mining method to recover the economic portion of the deposit. The Company is currently concluding its geotechnical studies for the next level of study, with all field and laboratory programs now completed and geotechnical modelling nearing completion. An upper portal and initial production ramp, located to the west of and under the pit, will access the upper portion of the depositand is 437 meters long at a grade of -15%. A lower portal and ramp is situated on the east side of the deposit. This ramp will access the middle and lower portions of the deposit and is 393 meters long and runs at a -14% grade to the west and then spirals to the lower stope areas. All ramps and sublevel development are designed at 3 metres wide by 5 metres high. Two tailings storage facilities ("TSF") have been located for storing up to 9.16 Mt of mill tailings. The larger 8.72 Mt flotation TSF will be located northeast of the mill location in the valley below the deposit behind a conventional tailings dam constructed using downstream methods. A separate fully lined leached residue impoundment will be incised into the ridgeline to the east of the Mill site and constructed to accommodate 0.44 Mt of fine residual concentrator tailings. A flotation tailings starter dam will be constructed in the pre-production period and will have sufficient capacity to store one year of tailings. The dam embankment construction is anticipated to be an almost continuous operation to keep ahead of tailings deposition. Tailings deposition will be by multi-point discharge along the dam face with the decant pool and pump barge located on the southwest beach of the impoundment. Waste material will be used for the progressive construction of the flotation tailings dam embankment. The geotechnical field and laboratory programs for the tailings impoundment facilities are complete with analysis and modeling in final stages prior to finalizing the design of these facilities. Flotation tailings paste thickening and settlement test work is complete. The geochemical program is nearing completion for the flotation tailings program and will commence this month for the leach residue program. The detailed design for the next level of study for both the flotation tailings dam and the residue leach tailings pond is advancing and is expected to be completed in the third quarter. Mine equipment has been sized to accommodate the relatively low production rate as defined by the production schedule, but also to handle the topography and the heavy rainfall events common in the region. For the open pit mine component, 40t articulated dump trucks combined with suitable loading equipment have been estimated for both capital and operating costs. For the underground mine component, twin-boom drill jumbos will be used to undertake all of the development work. Development mucking will be undertaken by 3 cubic metres LHD's dumping into 22t trucks. Drilling for ground support will be undertaken by the jumbos or hand held drills from a scissor lift. The majority of the primary development will occur in the first four years and secondary development will continue through year 9 of production. During the first year of operation, most of the development waste will be stockpiled on surface. Once stoping operations commence, the waste stockpile will be reclaimed as backfill.