Beaufield Resources Inc. has been informed by Amseco Exploration Ltd. of Amesco’s termination of its option to earn an interest in Beaufields 100% owned Urban property (the “Property”).
In March 2010, Amseco entered into an option agreement to acquire an undivided 50% of Beaufield’s 100% interest in the Property. Amseco had to spend $1,980,000 over a four year period ending in March 2014 to earn its interest in the Property. As a result of this termination, Amseco has earned no interest and Beaufield is the owner of 100% of the Property.
Beaufield’s Urban property is located 190 km northeast of Val d’Or in the Abitibi Greenstone Belt of north central Quebec. The property consists of 436 claims totalling 6,926 hectares and.comprises the Lac Rouleau, Macho River and Lac Kent blocks.
Beaufield has held an interest in this property since 1986. The property hosts numerous mapped gold occurrences. Several drill programs have encountered interesting gold intersections at various locations. Significant portions of the structures on the claims remain untested for continuations of known occurrences.
Beaufield is currently undertaking a complete compilation and interpretation of all historical data including data from programs conducted by Amseco prior to this termination. This work will be used to advance exploration during the current year.