Beaufield Resources Inc. (“Beaufield” or the “Company“) (TSX VENTURE:BFD) is pleased to announce its exploration program for the remainder of 2013 with a budget of a minimum of $2,000,000. In addition to the exploration budget Beaufield has a working capital that totals approximately $4,500,000. The summer program will be active and productive representing optimum capital utilization in the current market.
Opinaca Property: Budget $980,000
Beaufield has completed an analysis of all previous data which has been accomplished in house and via consultants.
A series of drill targets have been prepared based on positive surface gold sampling, previous drilling, Induced Polarization anomalies, structural complexity and geology similar to Goldcorp’s Eleonore. Surface sampling on the property has uncovered an area with many gold showings and with alterations similar to those found in the Eleonore deposit.
The Beaufield Opinaca property shares a long boundary and common geology with Goldcorp’s Eleonore property which is scheduled for 600,000 oz gold production per year starting in 2014. This follows an investment of approximately $1.4 billion. The expanding gold camp is being referred to as “the new Red Lake”. Access to the property has greatly improved this year with the completion of the road that leads to the mine and will facilitate exploration, logistics and reduce operational costs for Beaufield.
The drill program is planned to total approximately 2,500 metres and is planned for July 2013 when weather conditions will be ideal.
Beaufield holds a 100% interest. The property is located within the Opinaca reservoir area, approximately 320 kilometres north of the town of Matagami in the James Bay area, northern Quebec
Tortigny Property: Budget $200,000
The Tortigny Base Metal deposit was enhanced by recent Beaufield work. The list below compares the numbers:
|Company||Year||43-101||Total tons||%Cu||% Zn||g/t Ag||g/t Au|
In January 2013, Beaufield received the final National Instrument 43-101 (“NI 43-101”) compliant Technical Report entitled “Technical Report on the Tortigny Deposit Mineral Resource Estimate” (the “Technical Report”).
An analysis of the report and data surrounding the Tortigny deposit is currently underway. Beaufield geologists believe that other deposits could be located in the vicinity of Tortigny, as volcanic massive sulfides deposits typically occur as clusters. New exploration will also focus on locating the source of several base metal boulders in the southern portion on the project. Boulders of this nature are commonly close to the actual source. One large boulder assayed 3.0% Cu, 2.7% Zn, 8 g/t Au and 30 g/t Ag and another assayed 0.1% Cu, 15.6% Zn, 0.3 g/t Au, and 15.8 g/t Ag.
Beaufield has planned whole rock geochemical studies combined with a thorough lithological and structural interpretation to allow a better understanding of the geological setting of the deposit. Also the potential hydrothermal alteration signature, base on geochemical analysis, will be developed in order identify massive sulfide systems in the area. The field program is scheduled to begin in June.
Beaufield holds a 100% interest in the-Tortigny property located approximately 100 kilometres northwest of the town of Chibougamau, Quebec with year-round road access. A significant attraction of the property is the Tortigny base metal deposit discovered in the 1990’s by Noranda Inc., the predecessor of Falconbridge and Xstrata.
Schefferville Property: Budget $30,000
Beaufield’s Schefferville iron property covers 40,100 hectares in the centre of the rapidly developing Schefferville iron camp in Quebec. Beaufield is surrounded by Tata Steel Minerals, New Millennium Iron, Labrador Iron Mines and Century Iron Mines. 30% of Beaufield’s holdings is within 15 kilometres of Tata’s new $800 million Direct Shipping Ore (“DSO”) plant and adjacent to the Labrador Iron Plant.
Beaufield’s fieldwork and 2012 drilling totalling 2,147 metres demonstrated the presence of DSO and Taconite at a number of locations.
Beaufield plans to engage a Schefferville geologist to review all old IOC (Iron Ore Company) drill data on its property to be integrated with the 2012 drilling to understand the DSO potential. Over 150 holes were drilled by IOC on what is now Beaufield’s claims during the period 1940 to 1970. The substantial IOC work further confirms the property’s potential. Beaufield will continue to work with SRK Consulting of Toronto which previously completed the Independant Technical report on the Schefferville property. SRK is currently reviewing data from 2012 drilling program and will also assist with further work recommendations for the property.
In an area where infrastructure is key, Beaufield holds a prime position. Beaufield is unique in the area by owning 100% of its properties with no third party payments. It is likely that the Schefferville budget will be expanded.
Beaufield is a mineral exploration company with its exploration activity focused in Quebec. Beaufield is well positioned to advance its portfolio of exploration properties and identify other potential opportunities in the mineral exploration or development stage.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.