MONTREAL, QUÉBEC--(Marketwired - April 25, 2014) - Beaufield Resources Inc. ("Beaufield" or the "Corporation") (TSX VENTURE:BFD) is pleased to announce that Melkior Resources Inc.("Melkior") has acquired 53 new claims by map designation covering 23.64 square kilometres in Launay Township located 40 km west of Amos, Quebec. Launay project now totals 136 claims and 56.31 square kilometres.
Under the terms of an option and joint-venture agreement signed in November 2013, Beaufield has the option to earn an interest of up to 50% in the Launay project by incurring exploration expenditures aggregating $1,250,000 over five years, Beaufield will earn 10% interest for each $250,000 of exploration expenses. To date Beaufield has earned a 10% interest in the Launay Gold Project. Melkior is the operator on the Project.
The Launay gold project covers the Launay granitic intrusion which hosts a gold mineralized trend approximately 3 kilometres long. The new claims cover volcanic rocks which surround the Launay altered granite and are adjacent to Melkior's Launay Gold project and Royal Nickel's Dumont Nickel property. This prospective area has received little exploration activity in the past and will form part of the Melkior-Beaufield option and joint venture agreement.
Beaufield considers the Launay property to have significant potential for a large tonnage gold deposit in an area with excellent infrastructure. Recent drilling by Beaufield-Melkior on Zone 75 has indicated wide intersections of gold mineralization:
- 3.92 g/t gold over 13.40 metres in hole LAY-15-2013 (January 13th news release)
- 6.20 g/t Gold over 10.5 metres in hole LAY-20-2013 (February 18th news release)
- 4.04 g/t gold over 15.52 metres in hole LAY-21-2013 (March 18th news release)
Please refer to the Beaufield website for the location of the expanded Launay property.
A map is available at the following link: http://file.marketwire.com/release/beaufield_map0425.pdf
About the Launay Gold Project:
The Project is located in the active Abitibi Greenstone belt approximately 70 kilometres northeast of Rouyn-Noranda and 80 kilometres northwest of Val d'Or. It is accessible via highway 111, 30 kilometres west of Amos where all accommodations, supplies and services are available. Power and rail lines cross the property. The property consists of 136 claims or 56 square kilometres. The gold occurs in altered, mineralized granite which has been traced for at least 3 kilometres. Two zones have seen limited near surface drilling namely Zone 75 and the Principal Zone. The area remains to be fully explored along strike and at depth. There is potential for a significant open pit gold resource.
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, 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.