MONTREAL, QUEBEC, Nov 20, 2012 – Beaufield Resources Inc. (“Beaufield” or the “Company”) is pleased to announce the results from its explorationdrill program on its 100% owned Schefferville property, located nearthe town of Schefferville, Quebec. A total of 22 sub-vertical holeswere drilled totalling 2,147 metres, testing 6 different areas over astrike of 42 km. Of these 22 holes, 21 intercepted ironmineralization, confirming the presence of high grade iron throughoutthe property.
- Hole SC-12-16 intersected 147 metres of 34% Iron.
- Hole SC-12-11 returned assays of 43.75% Iron over 76.5 metres including 18 metres over 52.22% Iron.
- 12 out of 22 holes were terminated within mineralized zones, open at depth.
- 21 holes intercepted the Sokoman Iron formation with excellent widths.
- Of the 20 targets identified with Airborne Geophysics 11 were drill tested and 9 targets remain to be tested.
- Presence of enriched iron identified over a 42 km trend.
- Hematite-rich iron formations with low impurities
- Property is near existing infrastructure.
The exploration drilling focused on 6 different areas defined with anairborne gravity and high resolution magnetic survey. 21 holes out of22 intersected iron mineralization returning an average total ironvalue over 30%. Twelve holes are still open at depth and wereterminated within mineralization. Iron values were determined byX-ray fluorescence (XRF) major element analysis.
Table 1 provides the average total Iron content and the Phosphorusvalues for each hole (refer to figure 1-Drill hole location plan).Note: a low Phosphorus value is considered very favourable in ironore as it a deleterious substance in steel manufacturing.
SC-12-053272432.990.04less than 0.01
(i) hole terminated within mineralization
SC-12-10 did not return any significant iron values.
True widths of the reported intercepts above vary depending on theangle of the individual drill holes and are estimated to be between80% and 100% of the reported core interval. Values obtained in holeSC-12-12 and SC-12-13 are approximate ((ii)), in these holes only 26%and 53% respectively of the intervals were sampled and assayed. Theremaining core is still available in Schefferville and will besampled as part of a follow-up drill program. The values obtainedwere averaged because of their consistency. Most holes are hematiterich with a low phosphorus (P) level. Five holes are magnetite richwith a Calculated Davis Tube Weight Recovery (DTWR) higher than 20%.DTWR is a laboratory measure of the magnetite content of iron ore.Hole SC-12-16 with 34.24% iron over 147 metres represents the bestintersection and the highest grade (52.22% iron over 18 metres) wasobtained in hole SC-12-11.
Hole SC-12-01 drilled in the southeastern part of the propertyintersected a very altered, hematite rich, iron formation. Theintense alteration is responsible for the poor recovery and 12 metresof missing core from 15m to 27m. The important alteration may beindicative of the presence of direct shipping ore (DSO). More workwith reverse circulation drilling technique is required to properlyexplore the area due to the high core loss associated with diamonddrilling in DSO type mineralization.
The Northwestern part of the property was drill tested with only asingle hole. Hole SC-12-22 returned 37.19% iron over 45.10 metresshows high potential. The Company has planned to drill 5 additionalholes in this area as part of the next drill campaign.
President and CEO, Kevin Weston states; “These drill results surpassour expectations as they are indicative that the property hostsenriched iron formations with substantial widths throughout our claimholdings. Beaufield is anxious to return to Schefferville to followup on these results and the remaining 9 targets interpreted from theairborne gravity and high resolution magnetic survey. Of the untestedtargets, we consider 3 of them to be the best anomalies on theproperty and may require reverse circulation drilling to be properlytested.”
Beaufield’s 38,370 hectare property is strategically located in themiddle of the Schefferville Mining camp and borders Tata Steel,Labrador Iron Mines, New Millenium Iron and Century Iron ground. Theproperty is known to host a substantial portion of the SokomanGeological iron formation and it is an area of developing DSO ironmines and has access to significant infrastructure. Roads constructedby the IOCC during its previous mining operations run the length ofthe property hence facilitating access and a new railway is to bebuilt in close proximity to Beaufield’s property. 2 processing DSOplants are now operational within 10 kilometres of Beaufield’sproperty. A map of the area is available in figure 2.
With approximately 8 million in working capital, including 2million in flow-through financing to be dedicated for exploration bythe end of 2013, Beaufield is well positioned to advance itsexcellent portfolio of properties and identify other potentialopportunities in the mineral exploration or development stage that wecan add value to on behalf of our shareholders.
Quality Assurance / Quality Control
Core processing included descriptive logging and systematic samplingfor analysis. The drill core was completely cut in half, with onehalf sent to a commercial laboratory and the other half retained forfuture reference. Total iron analysis was performed using X-rayfluorescence (XRF) and the magnetic component was determined usingthe Davis Tube method. This program includes the systematic additionof blank samples and certified standards to each batch sample sentfor analysis at commercial laboratories. Blank samples are used tocheck for possible contamination in laboratories while certifiedstandards determine the analytical accuracy and precision. Drill coresamples from the drilling program were assayed at SGS Canada Inc., inLakefield, Ontario.
This news release has been prepared by David Rivard, P.Geo.,Vice-President Exploration of Beaufield, the Qualified Person undersection 43-101.
Beaufield is a mineral exploration company with its explorationactivity focused on Quebec.
The information set forth in this press release includes certainforward-looking statements. Such statements are based on assumptionsexposed to major risks and uncertainties. Although Beaufield deemsthe expectations reflected in these forward-looking statements to bereasonable, the Company cannot provide any guarantee as to thematerialization of the expectations reflected in theseforward-looking statements. The Company expressly disclaims anyintention or obligation to update or revise any forward-lookingstatements whether as a result of new information, future events orotherwise, except as required by applicable law. Depending onexploration results and available financing, the Company may at anypoint modify the suggested future work program.
Figures are available at the following address:http://media3.marketwire.com/docs/bfd1119.pdf
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