OTTAWA, ONTARIO–(Marketwire – Nov. 24, 2010) – Beaufield Resources Inc. (“Beaufield”)(TSX VENTURE:BFD) is pleased to provide the following update.
Opinaca IP survey completed, developing drill targets
10,000 metres drilling to start at Tortigny
Drilling at Hemlo by Jiminex optionee
Drilling planned for Urban by Amseco optionee
Opinaca Property – James Bay, Quebec – 100% owned
The Opinaca property is located in the James Bay Area, Quebec and adjoins the western boundary of “Les Mines Opinaca Ltée.” Eleonore gold project, a wholly owned subsidiary of Goldcorp Inc.
Last June, a geophysical Induced Polarization (IP) survey totaling 30.5 km was carried out over the Vortex Zone. This zone is a diopside-tourmaline alteration and replacement zone mineralized in arsenopyrite and it is very similar to the East-Roberto Zone of the Eleonore deposit. The zone has now been traced for 2 kilometres.
During the Summer 2010, our geologists collected 296 grab samples over the area covered by the IP Survey. 56 samples returned values greater than 100 ppb gold (Au), 22 greater than 500 ppb gold and 17 above 1 g/t gold. The best results are: 19.00 g/t gold; 2.50 g/t gold; 2.40 g/t gold and 2.27 g/t gold. I.P. anomalies associated with gold values represent drill targets. Drill targets will be developed by Beaufield from a combination of geophysical and prospecting anomalies.
Tortigny property – James Bay, Quebec – 100% owned
A 10,000 metre drill program is scheduled to commence during the last week of November on the Tortigny property located 100km north of Chibougamau, in the James Bay region, Quebec. The objective of the program is to follow-up on the recent highly encouraging drill hole (322m grading 4.2% Zn, 2.72% Cu, 72 g/t Ag, 0.53 g/t Au, drilled down the length or the hinge of the deposit) and to more thoroughly explore the deposit. Drill hole orientations in the upcoming program will differ somewhat from historical drilling (south to north) in an effort to gain a different perspective on the orientation and the true thickness of the Tortigny mineralization.
The exploration program will also test geophysical targets (gravity and VTEM) recently discovered in close proximity to the Tortigny deposit.
A 43-101 report will be contracted to an independent firm following the current drill program.
Northern Eagle property – Hemlo area, Ontario – 100% owned
Jiminex Inc. (TSX-Venture: JIM) announced the start of drilling on October 27th, 2010. In a Jiminex November 8th, 2010 press release, president Jim Parres comments “the Titan 24 deep-penetrating ground geophysical survey targets picked by Quantec Geoscience appear to have an excellent potential to reflect a Hemlo-style mineralized zone.”
The Northern Eagle Property is located along Highway 17, adjoining the Hemlo gold deposits. Jiminex can earn 50% from Beaufield by spending $1,300,000 over a three year period ending in August 2012.
Urban Project – James Bay, Quebec – 100% owned
Amseco Exploration Ltd (TSX-Venture: AEL) can earn 50% from Beaufield by spending $1,980,000 over a four year period ending in March 2014. Amseco is currently completing line cutting on the “Lac Rouleau” claim block, in preparation of an Induced polarization (IP) Survey over Zone 18. Drilling by Amseco is planned for 2011.
The Urban Gold project is located approximately 190 kilometres northeast of Val d’Or Quebec. The project comprises the Lac Rouleau, Macho River and Lac Kent blocks.
The southern boundary of the Lac Rouleau claim block is located approximately 400 metres from the Bonterra Resources Inc. (TSX-Venture: BTR) intersection BA-10-01 which reported a drill intercept of 13.50 metres at 17.06 grams per tonne gold. (Bonterra Resources press release, November 9th, 2010).
A map showing the location of the Urban project can be viewed at the following link:
Beaufield has approximately $7 million in working capital, no debt and a promising portfolio of gold and base metal properties all located in the provinces of Quebec and Ontario.
David Frappier-Rivard, P.Geo., Exploration Manager is the Qualified Person, as defined by National Instrument 43-101 and supervised both the field projects and the preparation of the technical information in this release.
This release contains forward-looking statements that are based on beliefs of its management as well as assumptions made by and information currently available to management of the Company. When used in this release, the words “estimate”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “may”, “should”, “will”, and the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this release. The statements contained in this release speak only as of the date hereof. The Company undertakes to inform shareholders and to update forward-looking statements if circumstances or management’s estimates or opinions should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.