MONTREAL, QUEBEC–(Marketwired – April 19, 2016) – Beaufield Resources Inc. (“Beaufield”) (TSX VENTURE:BFD) reports that it has completed winter drilling on behalf of Urbana Corporation (“Urbana”) (TSX:URB) (TSX:URB.A) (CSE:URB) (CSE:URB.A) for its Urban township property, Quebec.
The drill program will resume in May on Beaufield’s property and follow-up on recently discovered Lucky 7 zone where 7.86 g/t gold over 6 metres was intersected near surface in an October 2015 drill program (BFD news release, December 8th, 2015). Other targets priority targets will also be tested on Beaufield’s Urban property.
Urbana’s property shares an important common boundary with Beaufield, where numerous gold showings are known to exist. The unusually warm winter weather resulted in slower drilling than anticipated and the drill planned to mobilize onto the Beaufield side was stopped for spring break-up. It will resume as soon as ground conditions permit.
On the Urbana property, eleven drill holes totaling 1,621 metres concentrated on a series of geophysical anomalies located near the Beaufield/Urbana common boundary. 5 drill holes were collared within 100 metres of the common boundary where strong chargeability anomalies had been identified by a joint induced polarization completed last year. No historical drilling had previously been recorded in these areas.
Drilling was located approximately 8 kilometres southwest of the nearby Windfall gold project, where geological features are similar. The underlying Archean volcano-sedimentary sequences of the urban property also presents strong similarities with the Abitibi mining camp. Historical data for the area indicates the presence of numerous gold occurrences following different mineralized trends that cross both properties.
Beaufield’s 100%-owned property totals 14,886 hectares and is centrally located within the Urban-Barry camp.
Investor Relation Activities
In April 2016, Beaufield management had the opportunity to present the company to journalists, asset managers and family fund managers based in Germany and Switzerland. We were very pleased with the outcome of these meetings and the interest showed for the company and the areas it operates in.
The positive outcome of the meetings has encouraged management to increase investor relation activities in order to improve the company’s visibility among existing shareholders and potential new investors.
This news release has been prepared by Mathieu Stephens, P.Geo., Vice President of Exploration and Corporate Development for Beaufield the Qualified Person, as defined by National Instrument 43-101.
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 Corporation is actively exploring, well financed with approximately $3 million in cash, has no debt and has excess work credits on its properties.
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 Corporation cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Corporation 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.
Mathieu Stephens, VP Exploration and Corporate Development