Beaufield Resources Inc. (“Beaufield”) (TSX-V: BFD) is pleased to announce that it has executed an earn-in agreement (the “Earn-in Agreement”) with Hinterland Metals Inc. (HMI: TSX-Venture) (“Hinterland”), whereby Hinterland may earn a 50% interest in Beaufield’s 108-claim (5,312-hectare) Troilus Lithium property (the “Property”) located in the Eeyou Istchee/James Bay Region of Quebec, approximately 100 kilometres north of Chibougamau. The all-season “Route de Nord” road starting from Chibougamau passes through the western part of the Property.
The Property completely surrounds the Moblan lithium deposit held by Perilya Ltd. (60%) and Soquem Inc. (40%). A mineral resource estimate was prepared according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) for the Moblan deposit by Roscoe Postle Associates Inc. as of May 1, 2011 (Perilya Press Release, May 31, 2011) as follows:
|Measured + Indicated||9,334,000||1.54||–||–|
*PEG1: Main Pegmatite body, **PEG2: Footwall Pegmatite body
The Main Pegmatite body on the Moblan property extends westward on surface to within 500 metres of the Property boundary. A second north-trending, lithium-bearing pegmatite body occurs in the Southeast corner of the Moblan property directly on the Property boundary (Ministère de l’Énergie et des Ressources naturelles Assessment Work File GM 68291). The Moblan deposit lies approximately 200 kilometres closer to Chibougamau by the Route de Nord than the Whabouchi deposit being developed by Nemaska Lithium.
The Property is adjacent to Beaufield’s Tortigny property, and the Tortigny polymetallic deposit is located two kilometres east of east boundary of the Property. A National Instrument 43-101 mineral resource estimate was prepared for the Tortigny deposit by Micon International Inc. as of June 2, 2014 (Tortigny Technical Report, www.beaufield.com) as follows:
|Tonnes||GradeCopper %||GradeZinc %||GradeSilver g/t||GradeGold g/t|
|Measured + Indicated||1,098,000||1.78||3.65||48.51||0.35|
Very little previous exploration work has been completed on the Property for lithium or precious and base metals. Any mineralization found on the Moblan and Tortigny properties to date is not necessary indicative of the any mineralization that may be found on the Property, and there is no certainty that future exploration on the Property will result in a mineral resource being defined. Hinterland has mobilized a field crew to the Property to begin exploration work. This work will specifically target areas immediately adjacent to the Moblan property boundary to locate and sample potential lithium-bearing pegmatite dykes. A map of the Property can be viewed on Beaufield’s website.
Pursuant to the Earn-in Agreement, Hinterland can earn a 50% interest in the Property by issuing to Beaufield an aggregate of 2,000,000 shares (500,000 shares within five business days of the reception of the TSX-V approval) over a three year period and completing work expenditures of $2,000,000 ($200,000 in the first year) over a four year period. Upon completion of the 50% earn-in, Hinterland and Beaufield will form a joint venture with initial respective participating interests to be 50%. Note that the terms of the agreement contemplated in the Letter of Intent (Hinterland Press Release, July 12, 2016) have been modified such that the Earn-in Agreement now includes the precious and base metal rights, the Property has been expanded to 108 claims from 96 claims, the earn-in period has been extended to four from three years, and the work expenditures have been increased to $2,000,000 from $1,000,000. All other terms remain the same. The Earn-in Agreement is subject to approval of the TSX Venture Exchange.
This news release has been prepared by Mathieu Stephens, P.Geo., Vice President of Exploration and Corporate Development for Beaufield, the Qualified Person, as defined by National Instrument 43-101.
Beaufield is a well financed mineral exploration company with its exploration activity focused in Quebec. Please refer to Beaufield’s website to view the company’s properties in Urban, Eleonore-Opinaca, Troilus and elsewhere. The Corporation is actively exploring, well financed with approximately $2 million in cash, has no debt and has excess work credits on its properties.
|Jens E. Hansen, President and CEO : Tel: 514.842.3443Mathieu Stephens, VP Exploration and Corporate Development: Tel: 613.721.2919
E-mail: [email protected]
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.