OTTAWA, ONTARIO--(Marketwire -04/18/12)- Beaufield Resources Inc. ("Beaufield" or the "Company") (TSX-V: BFD.V - News) is pleased to announce that a technical report entitled "Independent Technical Report on the Schefferville Iron Exploration Project, Quebec" has been filed on SEDAR at www.sedar.com.
The report documents the current status of this early stage iron oxide exploration project much of which is underlain by magnetic iron formations. In total 34 gravity and magnetic geophysical anomalies were selected as exploration targets for Direct Shipping Ore (DSO) and taconite iron mineralization or SEDEX sulphide mineralization. Three known DSO occurrences outlined in historical government records as lying at the border of the Beaufield claims may extend onto the Schefferville Project area. These are Squaw Woolett, Lac Annabel and Lac Partington #2 occurrences. The highest iron oxide value was obtained from a grab sample collected in 2011 in a historical trench on the southern portion of the Schefferville property, some 2 kilometres southeast of Squaw Woolett DSO occurrence and only 8 kilometres from the town of Schefferville. This sample returned an iron oxide content of 91.73% Fe2 O3.
The technical report concludes that the Schefferville property has merit as an exploration property and recommends a work program comprising 6,000 metres of exploration core drilling to investigate DSO and taconite iron mineralization targets and 4,500 metres of delineation drilling to support the preparation of an initial mineral resource evaluation. The costs of the proposed exploration program are estimated at $4,125,000.
The Schefferville Technical Report has been prepared by Dominic Chartier, P.Geo. and peer reviewed by Jean-Francois Couture Ph.D., P.Geo., both full time employees of SRK Consulting (Canada) Inc. These authors are considered independent Qualified Persons as defined by National Instrument 43-101.
Beaufield is a mineral exploration company with its exploration activity focused on Quebec.
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. Depending on exploration results and available financing, the Company may at any point modify the suggested work program for 2012.
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.