Montreal, QC – May 31, 2018: Beaufield Resources Inc. (TSX-V: BFD) (the “Corporation” or “Beaufield”) is pleased to announce the start of its summer exploration program for its Urban property located in Quebec. The program is designed to validate a series of targets identified on the Rouleau, Far East, Kobalt and Macho claim blocks and generate additional drill targets with the intent of resuming drilling once the data is evaluated (See figures attached).
On May 23rd 2018, the Corporation announced that it has signed a letter of intent to option a 70% equity stake in 81 mineral claims covering 3,590 hectares over the southern half of the property to Bonterra Resources. Beaufield retained a 100% interest in a total of 79 mineral claims, covering 3,261 hectares in the northern half of the Rouleau property, adjacent to Osisko Mining’s Windfall gold project.
In 2017, the Corporation completed a 720 line-kilometre VTEM+ geophysical survey over the Lac Rouleau property, which generated a series of anomalies that require ground-based follow-up to refine drill targets. Surface exploration will include prospecting, geological mapping and geochemical till sampling to verify and explain the anomalies. The northern portion of Lac Rouleau has seen limited historic exploration and only a few of the anomalies have been previously drilled.
In the western portion of the block, exploration will focus on the possible extension of Osisko’s Lynx gold zones and on a series of geochemical anomalies located near an area of intense tourmaline alteration, a mineral that is commonly found in association with gold mineralization in the district.
Additionally, the Corporation plans to follow-up on till and geophysical targets identified during its 2017 exploration program on its Far East block located approximately 70 kilometres east of the Rouleau block. Last fall, a till sampling program was completed on this block resulted in the identification of several targets that warrant ground follow-up.
In December 2017, a helicopter borne electromagnetic (EM) survey was completed over the largest portion of the Far East block and identified six distinct EM anomalies recommended for ground follow-up. A reconnaissance team will conduct ground truthing over the targets areas using ground EM exploration tools (BEEP-MAT). Access to the area has been determined to be relatively good due to the presence of forestry roads.
Another portion of the Urban property referenced as the Kobalt block will also be investigated with the objective of locating and sampling a historical gold occurrence and other potential targets as well as identifying the source of a regionally strong cobalt, lead, zinc in bottom lake and stream sediments.
On the Macho block, surface exploration will focus on claims acquired in 2017 on which an intersection of 28 g/t gold over 0.8 metres was reported in historical drilling (MERN Report GM55700). No work had been reported since and a preliminary assessment of historical data indicates drilling was very limited and little attention was given to the presence of nearby felsic porphyry, a geological unit of importance on the nearby Windfall project.
Ronald W. Stewart, President and CEO, elaborated on the Corporation’s objectives: “Beaufield is currently well capitalized to complete its outlined exploration program which has been designed to target areas that have potential for world-class discoveries. We are laying the groundwork by establishing targets through geology, geophysics and geochemistry, and we’re looking forward to drill testing as soon as possible.”
This news release has been prepared and approved 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]
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.