Beaufield Resources Inc. (“Beaufield”) (TSX VENTURE:BFD) is pleased to announce its exploration program for the remainder of 2015. Focus will be on its Quebec group of properties with immediate emphasis on Urban township.
Urban Property – Macho Block:
A work program will commence in late May on the Macho block of the Urban property which is located 200 kilometres northeast of Val d’Or and is easily accessible by an all weather road. The area was first recognized for its gold potential in the 1940s, when prospectors would spend the summer season prospecting the property and collecting visible gold from quartz veins at various locations.
Beaufield first acquired an interest in the Macho block in 1986. In 2014, Beaufield collected grab samples on the property which assayed values in precious and base metals. Some of these samples are listed in table 1 below. Prior to this, no other work has been done on Beaufield’s Macho (Urban) property over the previous 15 years which remains underexplored.
Urbana Corporation and Beaufield recently agreed to jointly explore and share all information on their adjacent properties. Each party retains 100% ownership of their respective properties. Beaufield is the operator for the current work program (news release (“NR”) November 14, 2014).
Table 1: Select gold showings on the Urban properties*
|Beaufield||East River||Grab||n/a||n/a||20.0||2.43||n/a||BFD Aug 1st, 2014 NR|
|Beaufield||West||Grab||n/a||n/a||14.8||1.60||n/a||BFD Aug 1st, 2014 NR|
|Beaufield||Mound||Grab||n/a||n/a||6.1||n/a||n/a||BFD Aug 1st, 2014 NR|
|Urbana||North Farchell||Drill Core||14.1||14.7||20.5||n/a||0.60||GM49827|
|Urbana||South Farchell||Drill Core||75.1||75.4||126.3||n/a||0.30||GM49827|
|Urbana||South Roben||Drill Core||48.1||48.4||52.3||n/a||0.30||GM49827|
|Urbana||East Farchell||Drill Core||82.1||83.6||15.0||n/a||1.50||GM49827|
|Urbana||Urbana 2||Drill Core||56.6||57.6||15.0||n/a||1.00||GM49827|
|Urbana||Urbana 1||Drill Core||7.7||10.1||2.4||n/a||2.40||GM58714|
|Urbana||Lake Tico||Drill Core||65.35||67.7||8.7||n/a||2.35||GM49827|
* The data listed in table 1 is taken from historical reports. The Qualified Person has assumed the collection of samples met industry standards of the time and has no reason to doubt the reliability of the data and information, however the Qualified Person has been unable to verify the resultsé
** May not necessarily represent true width
*** Indicates the news release or report number (GM) filed with the Quebec MERN (Ministry of Energy and Natural Resources) in which the gold occurrence is mentioned
In March 2015, Beaufield completed a 103 line-kilometre induced polarization and magnetometer ground survey in partnership with Urbana Corporation which holds the adjacent property. An interpretation of the data is currently underway. To date over 90 distinct anomalies have been identified on the properties, 37 of which are considered high priority targets due to their intensity and depth potential.
The newly acquired sampling and geophysical data are currently being analyzed alongside historical data. A follow-up ground reconnaissance program will commence in late May to verify access for an upcoming drill program. The terrain has limited rock exposure, but historical work and geophysical data suggests that overburden is relatively thin in portions of the area. Examination and re-assaying of select historical drill core will also be undertaken.
Mathieu Stephens, Chief geologist for Beaufield comments: “The presence of numerous gold occurrences associated with porphyry and shear zones is indicative of a wide-spread mineralization system, demonstrating the area’s potential for future discovery. This is emphasised by the recently completed Induced Polarization survey”
A drilling program on selected targets will be undertaken after the completion of the current field program.
Urban Township hosts numerous gold and base metal occurrences and is currently the focus of a significant gold program at Windfall Lake by Eagle Hill Exploration Corporation. The Windfall gold deposit is on strike with the Beaufield-Urbana properties and located 5 kilometres to the northeast of the current work.
Beaufield holds a 100% interest in the Tortigny property located approximately 100 kilometres northwest of the town of Chibougamau, Quebec with year-round road access. In July 21st, 2014, Beaufield announced the results of a National Instrument 43-101 Technical Report on the Zinc-Copper-Silver-Gold Tortigny project which included a resource estimate for the high grade polymetallic deposit. Management is evaluating the next steps for the Tortigny.
New exploration will focus on specific areas identified as important targets based on airborne geophysical surveys. These areas are also known to contain mineralized boulders with a likely local source, including one boulder assaying 20 g/t Au, 8.0 % Cu, 50.0 g/t Ag, 1.37% Zn in 2013 (July 25th, 2013 News Release). The field program is scheduled to begin in July 2015 and will consist of surface verification of high priority airborne geophysical targets.
The 100% owned property is strategically located on key geology between Goldcorp’s new Eleonore mine and Osisko Gold Royalties holdings. Developments on the adjoining property will be monitored in order to define Beaufield’s exploration program for Eleonore.
This news release has been prepared by Jens E. Hansen, Eng., CEO, President and Director, and Mathieu Stephens, P.Geo, Chief Geologist, the Qualified Persons, as defined by National Instrument 43-101.
Beaufield is a mineral exploration company with its exploration activity focused in Quebec. Beaufield is well positioned to advance its portfolio of exploration properties and to identify other potential opportunities at the mineral exploration or development stage. The Corporation is actively exploring, well financed with approximately $3 million in cash, has no debt and has excess work credits on its properties.
The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although Beaufield deems the expectations reflected in these forward-looking statements to be reasonable, the Corporation cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.