MONTREAL, January 16, 2018 – Beaufield Resources Inc. (“Beaufield”) (TSX VENTURE: BFD) is pleased to acknowledge that Osisko Mining increased their ownership in the Corporation to approximately 27%, by way of a share purchase agreement transaction of 16,923,500 shares (January 10, 2018 Osisko Mining news release). Beaufield considers Osisko’s purchase an indication of their continued support in the future exploration potential of the properties within the portfolio.
Following a review of the exploration results from the 2017 summer program at its Urban district properties, Beaufield has decided to defer the previously announced 7,500 metre drill winter program on its 100% owned Rouleau property (December 8, 2017 news release). The Corporation has identified several targets generated from compilation of historic data and the 2017 VTEM survey that require follow-up surface exploration prior to drill testing.
Additionally, recent results reported by Osisko Mining on the neighboring Windfall Lake property indicates gold mineralization within the Lynx corridor to be within 500 metres from the property boundary but at core depths in excess of 900 metres. Based on Beaufield’s current review of these results, we now believe it is best to await further news confirming that the mineralized trend extends toward Beaufield’s property prior to conducting any drilling on this target.
To the south, near the property margin, Beaufield drill tested a gold-till anomaly along the projected northeast trend of Bonterra Resources’ Gladiator deposit. Beaufield completed fourteen (14) holes over an area measuring approximately 500 by 1500 metres with limited success. The best intercepts included hole BRS-17-06 that returned 7.48 g/t gold over a 2.58 metre core interval and hole BRS-17-10 that intersected 6.3 g/t gold over a core interval of 5.5 metres (December 8, 2017 news release).
Finally, on September 27, 2017, Beaufield engaged Geologica Groupe-Conseil Inc. (“Geologica”) to prepare a National Instrument (“NI”) 43-101 technical report presenting a comprehensive summary of the exploration history on the Rouleau claim block. This work is anticipated to be completed during the first calendar quarter of 2018.
“The decision to defer drilling at Rouleau was not easy, but we believe that it is prudent to reassess the geological merit and exploration potential of our entire portfolio prior to maximize the risk-reward benefit of our work,” stated Ron Stewart President and CEO of Beaufield.
In addition to its 100% held Urban district properties, Beaufield’s portfolio is comprised of four separate properties that justify further consideration. The Corporation has planned a comprehensive technical review of its properties starting with the Launay and Tortigny projects.
At the Launay property, 100% owned and located 90 km northwest of Val D’Or, Quebec, over 40,000 metres of drilling has been completed outlining two main gold zones. Gold mineralization has been defined by historical work over a 3 kilometre trend on the property. In 2013, a drill program on one of these zones identified wide intersections of gold mineralization located near surface:
- 3.92 g/t gold over 13.40 metres in hole LAY-15-2013 (January 13th, 2014 Melkior’s news release)
- 6.20 g/t Gold over 10.50 metres in hole LAY-20-2013 (February 18th, 2014 Melkior’s news release)
- 4.04 g/t gold over 15.52 metres in hole LAY-21-2013 (March 18th, 2014 Melkior’s news release).
The gold zones are coincident with a north-south striking magnetic axis dipping to the west between 65 to 80 degrees. The mineralization consists of auriferous pyrite grains disseminated in an altered granitic intrusive and within quartz-carbonate veins.
The Corporation intends on incorporating a three-dimensional geologic model to identify possible follow-up drill targets along the 3 km system strike length.
At its Tortigny property, little work has been conducted since the 2014 release of a NI 43-101 resource on the Tortigny deposit. Micon International Limited (“Micon”) estimated a measured plus indicated resources of 1,098,000 tonnes grading 1.78% Cu, 3.65% Zn, 48.5 g/t Ag, 0.35 g/t Au along with inferred resources of 99,000 tonnes grading 1.19% Cu, 1.23% Zn, 12.45 g/t Ag and <0.1 g/t Au (July 21, 2014 news release). The resource was based on 135 drill holes totaling 34,581 metres of diamond drill core.
Beaufield believes there is excellent potential for additional volcanogenic massive sulphide discoveries in the district. A full compilation of the historic exploration data will be completed aimed at prioritizing targets for follow-up commencing later this year. The Tortigny property is 100% owned by Beaufield approximately 100 kilometres north of Chibougamau, Quebec.
This news release has been prepared by Ronald Stewart, P.Geo., President and CEO of Beaufield and Mathieu Stephens, P.Geo., Vice President of Exploration and Corporate Development for Beaufield, the Qualified Persons, as defined by National Instrument 43-101.
Beaufield is a mineral exploration company with its exploration activity focused in Quebec and Ontario. Please refer to Beaufield’s website to view the Corporation’s properties in Urban, Eleonore-Opinaca, Tortigny, Hemlo and Launay. The Corporation is actively exploring, is well financed with approximately $5 million in working capital, has no debt and has excess work credits on its properties.
|Ronald Stewart, President and CEO : Tel: 647.409.0293
Mathieu Stephens, VP Exploration and Corporate Development: Tel: 514.842.3443
E-mail: [email protected]
Jason Monaco, Partner at FCCC : Tel: 416.566.8894
E-mail: [email protected]
Web : www.firstcanadiancapital.com
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.