Beaufield Resources Inc is pleased to report that the Falcon Airborne Gravity Gradiometer (AGG) survey has been completed at Schefferville Quebec and preliminary data has been received. The AGG data along with previously flown magnetic, electromagnetic and radiometric data are being interpreted by Condor Consulting of Denver Colorado, recognized experts with this data. The AGG survey represents cutting edge mineral exploration technology developed by BHP.
An initial overview of the data indicates several anomalous gravity responses on Beaufield’s 100% owned ground. These are located in a favourable geological context for locating iron oxide deposits in an area where such deposits are being prepared for production by New Millennium Capital Corporation (NML.V) and Labrador Iron Mines Holdings Ltd. (LIM.T). Gravity targets for SEDEX zinc deposits have also been indicated in areas of favourable geology up stream from significant lake sediment zinc anomalies published by the Quebec government. These anomalies have amplitudes of 5089, 4440, 4460 and 5830 ppm zinc are the highest values recorded in north-east Quebec. (Out of +20,000 samples).
The approximate costs of the survey and interpretation is in the order of $350,000. Condor Consulting recommendations will generate ground targets that will be followed up with field work.
The Schefferville and Labrador areas are the premier iron mining districts of Canada. Recent work is demonstrating the presence of other significant mineral occurrences and deposits in the region including zinc, rare earths, gold and base metals (copper-zinc).
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.
For more information please contact:
Jens E. Hansen, P. Eng., President
Tel: 613.721.2919 / Fax: 613.680.1091
E-mail: [email protected]
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.
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