Beaufield Resources Inc. is pleased to report that it has received assay results for samples from the summer exploration program on its 100% owned Schefferville iron range properties that cover 42,990 hectares. The assayed samples consist of rock samples taken across identified iron formations and across airborne gravity anomalies which were confirmed by ground gravity surveys. These are believed to have a possible DSO (Direct Shipping Ore) and/or taconite iron source.
In total, Beaufield has interpreted 20 gravity anomalies that cover an aggregate (total) strike length of 15 kilometres. Sampled locations are spread over the whole property where outcrop was observed. A few samples were taken in old trenches excavated by the Iron Ore Company of Canada in 1950s and 1960s.
Of a total of 1433 grab and chip samples, 24% (343 samples) were greater than 45% Fe2O3 (Iron oxide) and a total of 27 samples were greater than 75% Fe2O3. The highest value (91.73% Fe2O3) was located in the southern portion of the property near an all weather road, and only 8 kilometres from the town of Schefferville. To cover possible extensions, Beaufield has staked an additional 26 claims in the area.
Beaufield is very encouraged by the confirmation of high iron values coincident with gravity anomalies. A drill program with a budget of $1.5 million is planned for Summer 2012 and preparation has begun.
Beaufield’s properties are located in a block extending from approximately 5 to 45 kilometres northwest of Schefferville. Significant portions are accessible from Schefferville by roads and trails. Proximity of infrastructure is key to the development of important iron targets.
Beaufield’s holdings are centrally located within the Schefferville Iron district, having common boundaries with Tata Steel, New Millennium Iron Corp, Century Iron Mines and Labrador Iron Mines. Tata and Labrador are developing DSO deposits within 3 kilometres of their boundary with Beaufield.
Maps showing Beaufield’s properties and assay values from the 2011 summer program are available here:
A 43-101 technical report is under preparation and expect by the end of February 2012.
David Frappier-Rivard, P.Geo., Exploration Manager is the Qualified Person, as defined by National Instrument 43-101 and supervised both the project field and the preparation of the technical information in this release.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release may be identified by the words “estimate”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “may”, “should”, “will”, and the negative thereof or other variations thereon or comparable terminology. 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 and available financing, the Company may at any point modify the suggested work program for 2012.
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