Beaufield Resources Inc. (“Beaufield” or the “Company”) is pleased to announces that it has commenced a high-resolution, helicopter-borne, magnetometer survey over its 100% owned Opinaca property, located 320 km north of Matagami, James Bay, Quebec. The survey will cover the northern portion of the property where numerous gold showings have been identified by surface exploration (see figure 1: http://media3.marketwire.com/docs/goldcorp1205.pdf). The area to be surveyed is located 6 kilometres away from Goldcorp’s Eleonore project and consists of the same geological formations that host the gold deposit.
The data garnered from the survey will aid regional geological and structural interpretation as well as to identify extensions to previously-identified mineralization. It is believed that gold mineralization in the area is structurally controlled, and hence the survey will provide key information for future drilling programs.
The survey instrumentation is a Colibri magnetic gradiometer system provided by NovaTEM Inc. The survey specifications are for flight lines at 50 metres spacing covering an approximate area 4.5 kilometres wide and 18 kilometres long, totalling 1550 line-km.
The area surveyed will include the Vortex Zone, a diopside-tourmaline alteration and replacement zone mineralized in arsenopyrite, very similar to the East-Roberto Zone of Goldcorp’s Eleonore deposit. During the summers of 2009 and 2010, 54 grab samples taken from the Vortex alteration Zone returned values up to 19,0 g/t Au. Coverage with high resolution magnetic of all the known gold occurrences will optimize future drilling and help identify additional targets with similar magnetic characteristics
The Opinaca property is immediately adjacent to the Eleonore gold project which is scheduled for gold production in late 2014, with life-of-mine gold production expected to average at least 600,000 ounces of gold per year over an approximate 15-year mine life (Goldcorp news release November 14, 2011).
Beaufield management believes that the newly created infrastructure nearby (all weather year round road and hydroelectric powerline) will benefit its ongoing exploration efforts in the area.
This news release has been prepared by David Rivard, P.Geo., Vice-President Exploration of Beaufield, Qualified Person under section 43-101.
Beaufield is a mineral exploration company with its exploration activity focused on Quebec. With approximately $8 million in working capital, including $2 million in flow-through financing to be dedicated for exploration by the end of 2013, Beaufield is well positioned to advance its excellent portfolio of properties and identify other potential opportunities in the mineral exploration or development stage that we can add value to on behalf of our shareholders.
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 Company cannot provide any guarantee as to the materialization of the expectations reflected in these 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.