OTTAWA, ONTARIO – Beaufield Resources Inc. (TSX VENTURE:BFD) is pleased to announce the signing of an option to purchase agreement with Amseco Exploration Ltd. (TSX VENTURE:AEL) (“Amseco“) on its Urban-Barry Gold camp.
The agreement covers four hundred and thirty-seven (437) mineral claims in three (3) separate claim blocks covering an area of approximately 6,992 hectares located in sectors NTS 32G04 and 32B13. Part of these claims make up Beaufield’s Lac Rouleau Lac Kent and Macho River gold projects.
Amseco has an Option to earn a fifty percent (50%) property interest and to form a Joint-Venture Agreement with Beaufield. The Agreement covers all the Beaufield-owned claims in the Urban-Barry gold exploration camp of Quebec.
To date Beaufield has identified gold occurrences on each of the three exploration blocks. The most significant of these are:
|Historical Showing||Best grades||Host Rock|
|Kent Lake||5.44 g/t over 0.54m||Quartz-sulphide breccia|
|Macho River Showing||15 g/t Au over 0.33m; 9.6 g/t Au over 0.5m and a grab sample of 29.5 g/t Au||In a chloritized and carbonated shear zone|
|Showing #1 (Rouleau)||3.1 g/t Au over 1.1m ; 2.9 g/t Au over 1.0m||Sheared carbonated zone|
|Showing #2 (Rouleau)||3.89 g/t over 6.7m||Shear zone|
|Showing #3 (Rouleau)||Grab samples of 15.98 g/t Au; 22.29 g/t Au; 45.55 g/t Au and 46.25 g/t Au||Quartz veins with tourmaline, fuschite and iron carbonate|
|Showing #4 (Rouleau)||Grab samples of 10.4 g/t Au; 7.4 g/t Au and 1.8 g/t over 1m||Quartz veins|
|Cominco Showing (Rouleau)||2.25 g/t Au over 5.4 m||Carbonatized and silicified coarse grained gabbro|
|Zone 17 (Rouleau)||Hole 87-17 (16.3 g/t Au over 0.64m; 13.1 g/t Au over 0.84m; 3.6 g/t Au over 1.29m)||Silicified zone in an altered andesitic tuff|
|Zone 14 (Rouleau)||Hole Kub-88-14 1.63 g/t Au over 3.68m; Hole Kub-88-16 3.50 g/t Au over 1.55m||Intense silicification cut by quartz-tourmaline veins|
|Zone 18 (Rouleau)||Hole 87-18 4.80 g/t Au over 3.35m;
Hole 87-33 8.98 g/t Au over 4.36m ;
Hole 87-51 7.64 g/t Au over 7.42 m ;
Hole 87-63 27.53 g/t Au over 3.05 m
Hole BFRL 401 11.63 g/t Au over 3.73m ;
Hole BFRL 402 7.65 g/t Au over 4.05m
|Brecciated, strongly silicified and moderately carbonatized felsic tuff.|
|Quesnel Showing||Grab sample of 12.84 g/t Au ; 6% Cu and 30.6 g/t Ag||In massive sulphide pods associated with a shear zone|
For additional information regarding past exploration work performed on the property, refer to the press release issued by Beaufield on February 26, 2009.
Amseco can acquire a fifty percent (50%) interest by performing a total of $1,980,000 of exploration work on the Option Property within forty-eight (48) months from the date of regulatory approval of the transaction in accordance with the following schedule:
- A minimum of $400,000 within twelve (12) months of obtaining the regulatory approval for this transaction, and
- An additional $500,000 within the following twelve (12) months or a minimum of $900,000 within twenty-four (24) months of obtaining regulatory approval of this transaction, and
- An additional $600,000 within the following twelve (12) months or a minimum of $1,500,000 within thirty-six (36) months of obtaining regulatory approval of the transaction, and
- A final $480,000 within the last twelve (12) months of the Agreement or a minimum of $1,980,000 within forty-eight (48) months of obtaining the regulatory approvals of the transaction.
Amseco will also issue to Beaufield 1,250,000 shares within thirty business days of obtaining said regulatory approval. Of these:
- 500,000 shares will become free trading four (4) months following the approval of the transaction;
- 375,000 shares will become free trading eight (8) months following the approval; and
- the final 375,000 shares will become free trading twelve (12) months following the approval.
The claims are subject to a two percent (2.0%) NSR (“Net Smelter Return”) upon production, payable to Beaufield. Half of said NSR can be bought back by the Amseco for a payment of one million dollars ($1,000,000) at any time.
During the earn-in period Beaufield and Amseco will form a Joint-Venture Management Committee composed of four individuals: two from Beaufield and two from Amseco. Amseco will act as the Operator of the project. Once Amseco has earned its 50% interest the management committee will continue with Beaufield as Operator unless its participation in the project become less than 50% in which case Amseco will resume acting as Operator.
The parties have agreed to sign a formal Joint-Venture Agreement within thirty (30) days from receiving regulatory approvals.
This press release has been reviewed by Jens Hansen, P. Eng, President of Beaufield Resources Inc., the Qualified Person under National Instrument NI-43-101.
This release contains forward-looking statements that are based on beliefs of its management as well as assumptions made by and information currently available to management of the Company. When used in this release, the words “estimate”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “may”, “should”, “will”, and the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this release. The statements contained in this release speak only as of the date hereof. The Company undertakes to inform shareholders and to update forward-looking statements if circumstances or management’s estimates or opinions should change.
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.