Beaufield Plans $2,000,000 Exploration in 2013
Published : May 01, 2013
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Keywords :   Gold | Gold Production | Iron | Market | Report |

MONTREAL, QUÉBEC--(Marketwired - May 1, 2013) - 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
Noranda 1997 No 489,800 2.12 6.15 60.08 0.31
Beaufield/SGS 2013 Yes 845,000 2.01 4.29 55.29 0.39

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.

About Beaufield:

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.

Jens E. Hansen, Interim President and CEO
514.842.3443
514.842.3306 (FAX)
info@beaufield.com
www.beaufield.com

Beaufield Resources Inc.

PRODUCER
CODE : BFD.V
ISIN : CA0743271078
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Beaufield Res. is a nickel and palladium producing company based in .

Beaufield Res. produces nickel, palladium, gold in Canada, and holds various exploration projects in Canada.

Its main asset in production is HIAWATHA GOLD MINE in Canada and its main exploration properties are CASA BERARDI QUEBEC, MAINSTREET, TROILUS / TORTIGNY, OPINACA, NORTHERN EAGLE GOLD, OPI-WEST, RAGLAN UNGAVA, LAB, TORTIGNY, LAC ROULEAU, HEMLO, LAC EVANS/STORM LAKE and MAINSTREET (LOUVICOURT TWP) in Canada.

Beaufield Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 25.2 millions as of today (US$ 20.0 millions, € 16.6 millions).

Its stock quote reached its highest recent level on May 12, 2006 at CA$ 1.27, and its lowest recent point on February 05, 2016 at CA$ 0.03.

Beaufield Res. has 180 280 000 shares outstanding.

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Annual reports of Beaufield Resources Inc.
2008 Annual report
Nominations of Beaufield Resources Inc.
6/3/2013Announces Appointment of New CEO and President
7/21/2011Peter G. White Joins Beaufield Board
3/29/2011Grant of 400,000 stock options
3/29/2011John MacLatchy Joins Beaufield Board
Project news of Beaufield Resources Inc.
7/2/2016Beaufield undertakes geophysics for more drilling at Urban
2/18/2014Inc=2E : Melkior Intersects 6=2E20 g/t Gold Over 10=2E5 Metr...
9/20/2013(Opinaca)Announces Results at the Opinaca (Eleonore) Project
12/11/2012(Tortigny)Initiates VTEM Airborne Geophysical Survey in the Vicinity o...
7/12/2011(Schefferville)Commences 2011 Schefferville Iron Exploration
6/27/2011(Tortigny)Completes Tortigny Drilling
5/27/2011(Schefferville)Starts Fieldwork for Iron at Schefferville
3/1/2011(Casa Berardi Quebec)Options its Casa Berardi Project to Actus Minerals
2/4/2011(Tortigny)Reports Assays From First Four Holes From Tortigny
Corporate news of Beaufield Resources Inc.
7/28/2016Beaufield completes $537,500 Institutional Lead Flow-Through...
7/13/2016Beaufield issues clarification on Troilus Lithium Property
7/13/2016Beaufield options Moblan area Lithium Claims to Hinterland M...
7/6/2016Beaufield drills next to Bonterra Gladiator
7/2/2016Beaufield expands drill program at Urban
7/2/2016Beaufield drills Urban property
6/21/2016Beaufield developing more drill targets in Urban
5/26/2016Beaufield Enters into an Investor Relations Agreement
4/26/2016Beaufield stakes Lithium claims at the Moblan Deposit near T...
4/25/2016April 25, 2016 - Winter Drilling Completed on the Urban Town...
1/22/2016Beaufield Grab Samples 6.4 g/t Gold, 36.1 g/t Silver, 3.1% C...
1/19/2016Beaufield Announces Date of Annual Meeting of Shareholders
1/11/2016Beaufield Grants Stock Options to New Director
1/8/2016Beaufield Announces Director Resignation and Vice President ...
12/21/2015Beaufield Grants Stock Options to New Director
10/27/2015Beaufield Appoints William Deluce to the Board
10/22/2015Beaufield Reports on Urban 2015 Discoveries
10/19/2015Beaufield Completes a Private Placement of $200,000
10/13/2015Beaufield Completes 1,693 Metres of Drilling at Urban
10/9/2015Beaufield Completes a Private Placement of $200,000
9/14/2015Beaufield Begins Drilling at Urban
7/17/2015Beaufield announces 2015 field program
4/2/2015Beaufield Resources Inc.: Geophysics Completed in Urban Town...
2/27/2015Beaufield Resources Reports Annual General Meeting Results
2/26/2015Urbana Corporation and Beaufield Resources undertake geophys...
1/23/2015Beaufield Announces Date of Annual Meeting of Shareholders
11/25/2014Urbana Corporation and Beaufield Resources Enter Into Joint ...
11/14/2014Urbana Corporation and Beaufield Resources Enter Into Joint ...
10/28/2014Beaufield Grants Stock Options
9/22/2014Beaufield Discovers New Showing Assaying 1.95% Cu, 28.2 g/t ...
9/4/2014Beaufield Resources Inc.: Geologica to Complete a NI 43-101 ...
8/14/2014Beaufield Follows Up on High Grade Sample Results
8/7/2014Beaufield Files NI 43-101 Updated Technical Report for its T...
8/1/2014Beaufield Assays 20.0 g/t Gold, 54.9 g/t Ag and 2.4% Copper ...
7/22/2014Beaufield Intersects 2.64 g/t Gold Over 11.60 Metres on Surf...
7/21/2014Beaufield Reports an Updated Resource Estimate for the Torti...
7/16/2014Beaufield Commences Summer Exploration Program at its Eleono...
6/27/2014Beaufield and Melkior advance and expand work on Launay
6/26/2014Beaufield and Melkior Advance and Expand Work on Launay
6/17/2014Beaufield Resources Inc.: Exploration at Urban Property Debu...
5/28/2014Beaufield 2014 Exploration Activities Update
5/7/2014Beaufield Expands Holdings at Urban
4/29/2014Beaufield Appoints Investment Banking Veteran to the Board
4/25/2014Beaufield Expands Launay Property
4/9/2014Beaufield Enters into an Investor Relations Agreement with M...
10/7/2013Expands Drilling Program at Urban Gold
9/12/2013Intercepts 34.7 g/t Au in Drilling at Urban
9/4/2013(Opinaca)Drills 2321 Metres at Opinaca
8/21/2013Continues to Drill at Urban Gold
7/24/2013Reports Massive Sulfides Boulder at =?ISO-8859-1?Q?=20Troilu...
7/18/2013to Begin Drilling at Urban
5/1/2013Plans $2,000,000 Exploration in 2013
3/18/2013Resumes Exploration Focus
2/19/2013Announces the Signing of an Exclusivity Agreement and Letter...
1/11/2013(Tortigny)Files NI 43-101 Technical Report for its Tortigny Resource E...
10/10/2012Announces Nomination of President and CEO
10/4/2012Closes $2 Million Private Placement with Hongkong Huaxin Pet...
4/20/2011(Tortigny)Reports Assays From Eight Holes From Tortigny
4/6/2011Continues Drilling, Expands Land Position in Key Areas and U...
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