Beaufield Resources Inc. is pleased to report that a ground gravity survey covering 12 targets is underway on its 100% owned Schefferville Iron property in Quebec. The survey follows-up on an interpretation by Condor Consulting and by geophysical consultant Jean Hubert of an airborne FALCON Gravity Gradiometer survey flown in the fall of 2010. The detailed interpretation has indicated more than 20 high gravity anomalies associated with low magnetic values located on ground believed to be underlain by the Sokoman Iron formation (refer to the attached figure). These types of anomalies are considered excellent targets for locating enriched Direct Shipping Ore (“DSO”) iron oxide deposits.
The interpretation has also delineated 8 prospective SEDEX zinc targets located within the vicinity of Leroy Lake where assays from bottom lake sediments returned highly anomalous values in Zinc and are comparable to stream sediments that lead to the discovery of the giant Red Dog deposit in Alaska.
The ground gravity survey will assist in the selection of drill targets for a planned 2011 summer/fall drill program. A geological field exploration program is scheduled to begin in early June.
Beaufield’s 100% owned Schefferville expansive property is situated within the central portion of the Schefferville iron ore district and adjacent New Millenium (NML-V) , Tata Steel Minerals , Labrador Iron Mines (LIM-T) , Champion Minerals (CHM-T) and Century Iron (FER-V). Several of these neighbours have announced imminent iron ore production which will greatly improve to the existing infrastructure. The Beaufield property is accessible by several dirt roads, linking it to the town of Schefferville.
This press release was prepared by Jens E. Hansen P. Eng, President of Beaufield Resources Inc., the Qualified Person under section 43-101.
Beaufield has approximately $8 million in working capital, no debt and a promising portfolio of gold and base metal properties all located in the provinces of Quebec and Ontario.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company’s control. These factors include: results and timing of exploration activities, general market and industry conditions and other risks disclosed in the Company’s filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company 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. Depending on exploration results, the Company may at any point modify the suggested work program in this release.
A map is available at the following address: http://file.marketwire.com/release/BFD_Schefferville_Iron%20map.pdf
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