OTTAWA, ONTARIO, — Beaufield Resources Inc. is pleased to announce the start of an airborne gradient gravity and magnetic survey of its 100% owned 258 sq km Schefferville Iron-Zinc property in North-Eastern Quebec. The survey will be flown on a cooperation basis with New Millennium Capital Corporation with whom Beaufield has signed a confidentiality agreement to effectively interpret data along the common boundaries.
Beaufield has one of the largest land positions in the prospective Schefferville area with favorable geology and shares boundaries with active iron operators in the area, namely New Millennium Capital Corporation (NML.V), Labrador Iron Mines Holdings Ltd (LIM.T) and Champion Minerals Inc. (CHM.V)
Data from this survey along with other geophysical data will be interpreted by Condor Consulting of Denver Colorado. Gravity data can prove to be very useful for the exploration of Iron Ore and SEDEX deposits as several of these types of deposits are known to produce positive gravity anomalies. Such was the case with the zinc-lead Faro deposit (56 million tons) in the Yukon and others.
The survey will be flown using a Falcon Airborne Gravity Gradiometer (AGG) system offered exclusively from Fugro Airborne Surveys. The Falcon AGG technology is the only gravity gradiometer specifically designed for airborne survey use and as such provides the lowest noise, highest resolution airborne gravity data available. In addition to gravity data, high resolution magnetic data will be collected as well. These datasets will be invaluable in helping Beaufield define and delineate iron oxide and SEDEX zinc targets in the Schefferville region.
Beaufield has approximately $6 million in working capital, no debt and a promising portfolio of gold and base metal properties.
This press release was prepared by Jens E. Hansen P. Eng, President of Beaufield Resources Inc., the Qualified Person under section 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.