Beaufield Resources Inc. is pleased to report that a summer field program has commenced on its 100% owned Schefferville Iron property in Quebec. A budget of approximately $1,500,000 has been allocated to carry out an extensive prospecting, soil sampling and drill program on the property.
An airborne FALCON Gravity Gradiometer (AGG) survey was flown in the fall of 2010 and detected 20 high gravity anomalies associated with low magnetic values located on ground mapped to underlain by the Sokoman Iron formation. A ground gravity survey was completed on selected airborne targets and demonstrated the validity of the airborne gravity anomalies.
The AGG survey has also delineated 8 prospective SEDEX zinc targets located within the vicinity of Leroy Lake where assays from bottom lake sediments from a Quebec government survey returned highly anomalous values in zinc and are comparable to some of the stream sediments that lead to the discovery of the giant Red Dog deposit in Alaska. There is no certainty further exploration will lead to discovery of similar mineralization.
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. It is located 10 kilometres northwest of Schefferville and extends for 40 kilometres in a northeasterly direction.
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. Beaufields 100% owned Opinaca gold property adjoins the Goldcorp Inc. Eleanore mine which is under development with a reported investment of 1.3 billion dollars. Beaufield has completed drilling on its 100% owned Tortigny zinc-copper-silver property. A 43-101 report has been contracted. Beaufield owns 3 other gold properties being explored by optionees.
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.
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.