Seafield Resources (SFF, TSX-V)
Seafield hit a low of 29 cents last week before closing Friday at 32 cents (its 200-day SMA) for a loss of 1 penny for the week…volume picked up last week with the first 1 million+ share day in 12 sessions…the rising 300-day SMA at 28 cents is providing excellent support…on March 7, the company reported assays from the first three holes completed at Dos Quebradas with hole #2 intersecting a whopping 511 metres grading 0.58 g/t Au…the hole ended in mineralization…hole #1 delivered 269 metres grading 0.37 g/t Au while hole #3 was drilled to define the eastern limit of mineralization and returned no significant results…a total of nine holes were drilled at Dos Quebradas by early last month…significant intercepts well outside areas of historical drilling would start to get the market excited…a second rig has started drilling at the nearby Santa Sofia Property…the company has identified a promising porphyry target measuring 1,050 metres in length and 850 metres in width at Santa Sofia…a third target, La Loma, also appears very interesting…the geological case for Seafield’s Quinchia land package is compelling and we’re looking forward to more results from Dos Quebradas and elsewhere…the company has already outlined a NI-43-101 inferred resource of nearly 800,000 ounces at its Miraflores Property, a number that’s expected to increase following the 12-hole, 4,000 metre program recently completed there…patient investors have an opportunity to do extremely well with this play given the geological merits of Quinchia and the real potential for 5 million+ ounces from several potential deposits…the company is sitting on approximately $15 million in cash and has a very modest market cap of $48 million…Seafield has gained 433% since we made it the first company in the BMRmodel portfolio in the summer of 2009…it’s encouraging to see that Anglo-Ashanti Ltd., the world’s third largest Gold producer, pans to spend $300 million over the next three years on further exploration in Colombia…
