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| TSXV:BFD | TSX Venture | Common Stock |
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Beaufield Resources Inc. ("Beaufield" or the "Corporation") (TSX VENTURE:BFD) is
pleased to report results from an updated National Instrument 43-101 ("NI
43-101") compliant mineral resource estimate for the Tortigny high grade
polymetallic deposit.
Highlights:
As of June 2, 2014 the updated mineral resource for the Tortigny deposit is
estimated to contain:
-- Measured plus Indicated Resources of 1,098,000 tonnes grading 1.78% Cu,
3.65% Zn, 48.51 g/t Ag, 0.35 g/t Au;
-- Measured Resources of 550,000 tonnes grading 2.3% copper (Cu), 4.23%
zinc (Zn), 59.99 g/t silver (Ag) 0.43 g/t gold (Au);
-- Indicated Resources of 548,000 tonnes grading 1.18% Cu, 3.09% Zn, 36.19
g/t Ag, 0.25 g/t Au; and
-- Inferred Resources of 99,000 tonnes grading 1.19% Cu, 1.23% Zn, 12.45
g/t Ag and less than 0.1 g/t Au.
The Project is 100% owned by Beaufield and located on an all-weather road
approximately 100 kilometres north of Chibougamau, Quebec and near key
infrastructure. The work, based on 34,581 metres of drilling and 7,273 metres of
sampling was completed by Micon International Limited ("Micon"), an independent
consulting company, based in Toronto, Canada.
The Mineral Resource Estimate is presented in Table 1 and has been calculated
using 0.50% CuEq (Copper Equivalent) cut-off grade for the open-pit (OP) portion
and 2.25% CuEq cut-off grade for the underground (UG) portion of the deposit.
Included in Micon's 43-101 report are recommendations to further advance the
project and potentially expand upon the current resource estimate. Additional
drilling is necessary to determine if the poly-metallic mineralization is part
of a series of potentially economic mineralized zones on the other geophysical
anomalies located east and south of the Tortigny Main zone. A two-phase
exploration program with a budget of approximately $2,000,000 is recommended
that includes economic studies for Tortigny deposit, stripping, mapping,
sampling to be followed by exploratory drilling on the exploration targets close
to the Tortigny deposit.
The complete 43-101 technical report will be filed on the Corporation's website
and SEDAR within 45 days of the date of this press release.
The Troilus belt hosts outstanding potential for base metals, gold and other
metals. Beaufield currently holds 542 map designated claims covering 26,886.18
hectares (268.86 square kilometres). Work on the property is set to resume in
August, 2014 with a program to be announced.
Numerous mineral occurrences have been mapped in the Troilus mineral belt which
also hosts several deposits within a 45 kilometres radius of Tortigny. These are
shown on the adjoining map:
http://media3.marketwire.com/docs/Beaufield_958332_Map.pdf
Table 1 Mineral Resource Summary for Tortigny Polymetallic Project, as of June
2, 2014
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zone Minera- Cut-off Category Tonnage Cu Cu
lization CuEq
----------------------------------------------------------------------------
% (Tx1000) (%) (lb)
----------------------------------------------------------------------------
In-Pit High Grade 0.50 Measured 414 2.04 38,000
---------------------------------------------------
Indicated 263 1.25 15,000
---------------------------------------------------
M+I 677 1.74 53,000
---------------------------------------------------
Inferred 2 0.38 0
---------------------------------------------------------------------
Low Grade 0.50 Measured 37 0.55 1,000
---------------------------------------------------
Indicated 238 0.43 5,000
---------------------------------------------------
M+I 275 0.45 6,000
---------------------------------------------------
Inferred 91 0.68 2,802
---------------------------------------------------------------------
High Grade 0.50 Measured 451 1.92 39,000
& Low
Grade
---------------------------------------------------
Indicated 502 0.86 20,000
---------------------------------------------------
M+I 952 1.36 59,000
---------------------------------------------------
Inferred 93 0.67 3,000
----------------------------------------------------------------------------
UG High Grade 2.25 Measured 99 3.28 15,000
---------------------------------------------------
Indicated 47 2.44 5,000
---------------------------------------------------
M+I 146 3.01 20,000
---------------------------------------------------
Inferred 7 2.72 1,000
----------------------------------------------------------------------------
Total High Grade Measured 550 2.30 54,000
& Low
Grade
---------------------------------------------------
Indicated 548 1.18 25,000
---------------------------------------------------
M+I 1,098 1.78 79,000
---------------------------------------------------
Inferred 99 1.19 4,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zone Minera- Cut-off Category Zn Zn Ag Ag Au
lization CuEq
----------------------------------------------------------------------------
% (%) (lb) (g/t) (oz) (g/t)
----------------------------------------------------------------------------
In-Pit High Grade 0.50 Measured 4.40 83,000 57.39 764,000 0.35
---------------------------------------------------
Indicated 3.46 41,000 38.20 323,000 0.22
---------------------------------------------------
M+I 4.04 124,000 49.93 1,087,000 0.30
---------------------------------------------------
Inferred 4.19 0 28.89 1,000 0.13
---------------------------------------------------------------------
Low Grade 0.50 Measured 1.76 3,000 21.17 25,000 0.10
---------------------------------------------------
Indicated 2.22 24,000 20.65 158,000 0.11
---------------------------------------------------
M+I 2.16 27,000 20.72 183,000 0.11
---------------------------------------------------
Inferred 1.18 5,000 11.70 34,000 0.10
---------------------------------------------------------------------
High Grade 0.50 Measured 4.19 86,000 54.44 789,000 0.33
& Low
Grade
---------------------------------------------------
Indicated 2.87 65,000 29.86 481,000 0.17
---------------------------------------------------
M+I 3.49 151,000 41.49 1,270,000 0.25
---------------------------------------------------
Inferred 1.23 5,000 11.98 36,000 0.10
----------------------------------------------------------------------------
UG High Grade 2.25 Measured 4.41 20,000 77.64 248,000 0.69
---------------------------------------------------
Indicated 4.51 10,000 66.65 100,000 0.48
---------------------------------------------------
M+I 4.45 30,000 74.12 348,000 0.62
---------------------------------------------------
Inferred 1.39 0 16.71 4,000 0.40
----------------------------------------------------------------------------
Total High Grade Measured 4.23 106,000 59.99 1,037,000 0.43
& Low
Grade
---------------------------------------------------
Indicated 3.09 75,000 36.19 581,000 0.25
---------------------------------------------------
M+I 3.65 181,000 48.51 1,618,000 0.35
---------------------------------------------------
Inferred 1.23 5,000 12.45 40,000 0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zone Minera- Cut-off Category Au CuEq CuEq Avg. Total NSR
lization CuEq NSR
----------------------------------------------------------------------------
% (oz) (%) (lb) $US/t $USx1000
----------------------------------------------------------------------------
In-Pit High Grade 0.50 Measured 5,000.0 3.40 64,000 148 61,000.0
---------------------------------------------------
Indicated 2,000.0 2.30 27,000 97 26,000.0
---------------------------------------------------
M+I 7,000.0 2.97 91,000 128 87,000.0
---------------------------------------------------
Inferred 0.0 1.62 0 60 0.0
---------------------------------------------------------------------
Low Grade 0.50 Measured 0.0 1.10 2,000 45 2,000.0
---------------------------------------------------
Indicated 1,000.0 1.11 12,000 44 10,000.0
---------------------------------------------------
M+I 1,000.0 1.11 14,000 44 12,000.0
---------------------------------------------------
Inferred 0.0 1.00 4,000 42 4,000.0
---------------------------------------------------------------------
High Grade 0.50 Measured 5,000.0 3.21 66,000 139 63,000.0
& Low
Grade
---------------------------------------------------
Indicated 3,000.0 1.73 40,000 72 36,000.0
---------------------------------------------------
M+I 8,000.0 2.43 105,000 104 99,000.0
---------------------------------------------------
Inferred 0.0 1.01 4,000 43 4,000.0
----------------------------------------------------------------------------
UG High Grade 2.25 Measured 2,000.0 4.74 21,000 215 21,000.0
---------------------------------------------------
Indicated 1,000.0 3.89 8,000 172 8,000.0
---------------------------------------------------
M+I 3,000.0 4.47 30,000 201 29,000.0
---------------------------------------------------
Inferred 0.0 2.95 1,000 139 1,000.0
----------------------------------------------------------------------------
Total High Grade Measured 7,000 3.58 87,000 158 84,000
& Low
Grade
---------------------------------------------------
Indicated 4,000 2.09 48,000 90 44,000
---------------------------------------------------
M+I 11,000 2.89 135,000 126 128,000
---------------------------------------------------
Inferred 0 1.40 5,000 62 5,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1. Mineral Resources tonnage and contained metal have been rounded to
reflect the accuracy of the estimate, and numbers may not add up due to
rounding.
2. Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability. There is no certainty that all or any part of the
estimated Mineral Resources will be converted into Mineral Reserves.
3. Inferred Mineral Resources are that part of a mineral resource for which
quantity and grade can be estimated on the basis of geological evidence
and limited sampling and reasonably assumed, but not verified,
geological and grade continuity. It is uncertain if further exploration
will result in upgrading them to an indicated or a measured mineral
resource.
4. NSR = Net Smelter Return
5. All currency amounts (commodity prices, NSR) are in US dollars.
6. All resource estimates are in-situ and undiluted
7. Conversion g to troy oz: 0.03215
8. Conversion t to lb: 2204
The formula used by Micon for calculation of the CuEq% is as follows:
CuEq(%)=
Cu% (i) Cu_recov (i) Cu_price/Cu_price
+Zn% (i) Zn_recov (i) Cu_price (i) (Zn_price/Cu_price)
+Ag_g/t (i) Ag_recov (i) Ag_price (i) (0.03215(i)Ag_price)/(22.04 (i)
Cu_price)
+Au_g/t (i) Au_recov (i) Au_price (i)
(0.03215(i)Au_price)/(22.04(i)Cu_price)
The specific gravity was measured for 1,789 drill core samples, for the rest of
the assay intervals it was calculated as:
SG=2.83+0.09(i)CuEq(%)
The mineral resource statement was prepared on the basis of the copper, zinc,
silver and gold content and is reported at different cut-off grades considering
the most likely extraction scenario (open pit or underground) without taking
external, non-mining based factors into account. Open pittable resources are
constrained within an economically optimized open pit shell. The mineral
resource was estimated using 3 m composites and a 0.15% CuEq was used as a
cut-off grade for the polymetallic mineralization interpretation. Therefore the
mineralized envelope and the 3D mineralization solid was generated with a 0.15 %
CuEq cut-off. In order to create economically optimal pit shells and underground
stopes around the mineralized zones and estimate the reportable mineral
resources the following key parameters and assumptions were used:
-- In-pit portion of the mineral resources are reported at a cut-off grade
of 0.50 % CuEq.
-- Underground portion of the mineral resources are reported at a cut-off
grade of 2.25% CuEq.
-- Cut-off grades are based on a long term copper price US$3.18/lb, zinc
price US$0.95/lb, silver price of US$22.5oz and gold price of
US$1,400/oz.
-- A metallurgical recovery of 86% was applied to Cu, 73% was applied to
Zn, 65% was applied to Ag, and 50% was applied to Au for calculation of
the copper equivalent grade (CuEq %).
-- Costs assumed for open-pit development were: US$2.00/t mined, US$12.50/t
processed and US$2.50/t for G&A, ecological monitoring and community
relations or a total of US$17.00/t processed.
-- Costs for underground development were: 60.00 US$/t mined, US$12.50/t
processed and US$2.50/t for G&A, ecological monitoring and community
relations or a total $75.00/t processed.
-- Percent payable after refining: 75% for Cu, 75% for Zn, 80% for Ag and
95 % for Au.
-- Assumed transportation cost: 2 US$/t concentrate.
The resource block model was subjected to analysis using conventional GEMS
6.4(R) and Whittle 4.5(R) software, to define potentially economic mineralized
blocks for open pit mining, using the economic criteria described above. The
geological model was interpreted on 25 m north-south vertical sections and then
on 10 m horizontal sections in order to generate the 3D wireframe of the
mineralized zone. Assay intervals within the mineralized zone were composited to
3 m intervals before they were used in the geostatistical analyses and
interpolations. In order to restrict the influence of the high grade intervals
the grade was capped at 450 g/t Ag, 16 g/t Au, 14% Cu and 29.5% Zn. Spatial
continuity of the grade composites was assessed with variograms for each
element. Ordinary kriging was used for the interpolation of the average grade of
blocks with dimensions 6 m by 3 m by 6 m.
The Tortigny mineralized zone is V-shaped synform with high-grade sulphide,
polymetallic mineralization in the hinge of the fold and plunge of approximately
265 degrees /50 degrees. The south limb strikes almost EW (265 degrees ) with a
65 degrees to 75 degrees dip and the north limb strikes at WNW (275 degrees to
280 degrees ) with a 70 degrees to 75 dip. The mineralized zone has been
intersected in 98 drill holes over a strike length of approximately 300 m. The
mineralized zone has a variable thickness. For resource estimate purposes, only
the intervals with CuEq greater than or equal to 0.15% were included in Tortigny
polymetallic mineralized envelope. The thickness of the high-grade polymetallic
mineralization ranges from 30 m to 70 m (510980E to 511070E). The mineralization
in the south limb is exposed on the surface and the width varies from 3 to 9 m.
The mineralization in the North Zone (north limb of the fold) is exposed on the
surface only in one outcrop, but it was intersected at depth in drill holes. It
appears to be two to three times narrower and lower grade compared to the
mineralization in the South zone (south limb).
The high-grade zone plunges west (azimuth 260 degrees to 265 degrees ) at -50
degrees to -60 degrees. The overall dimensions of the mineralized zone in the
block model are 360 m length by 330 m width by 480 m depth. Micon completed the
resource calculation using a large amount of drilling data as detailed in table
3 below. The data was collected using quality assurance and quality control
protocols set out in the CIM Definition Standards for Mineral Resources and
Mineral Reserves and NI 43-101.
Table 2: Drilling and Sampling on the Tortigny Deposit
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Drill Metres Metres
Year Holes Drilled Number of Assay Samples Sampled
-----------------------------------
Au Ag Cu Zn Pb
----------------------------------------------------------------------------
1995-1997 44 10,052 1,486 1,573 1,573 1,573 1,573 744.50
----------------------------------------------------------------------------
2004-2005 8 2,034 285 285 285 285 285 226.50
----------------------------------------------------------------------------
2008-2013 83 22,495 6,657 6,657 6,657 6,657 6,657 6,302.00
----------------------------------------------------------------------------
Total 135 34,581 8,428 8,515 8,515 8,515 8,515 7,273.00
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Jens E. Hansen, Eng., CEO, President and director and Mathieu Stephens, P.Geo,
Chief Geologist of Beaufield, are the Qualified Persons, as defined by National
Instrument 43-101, for all technical information in this release., Tania Ilieva,
P.Geo and Bogdan Damjanovic, P. Eng., both Qualified persons at Micon
International Limited, approved this release.
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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
MI3 Financial Communications
Mario Drolet, President
Tel.: 514.904.1333
Cell.: 514.346.3813
514.904.2331 (FAX)
mario@mi3.ca
Jens E. Hansen, President and CEO
514.842.3443
514.842.3306 (FAX)
info@beaufield.com
www.beaufield.com
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