http://finance.yahoo.com/news/Seafie...

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.

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.