Beaufield acquires 50% of the Launay property
MONTREAL, QUEBEC--(July 17, 2017) - Beaufield Resources Inc. ("Beaufield") (TSX VENTURE:BFD) is pleased to announce that Melkior Resources Inc. (TSX VENTURE:MKR) has agreed to sell and transfer to Beaufield an undivided 50% interest in the Launay gold property (the "Property"), so that Beaufield will have thereafter an undivided 100% interest in the Property.
Under the terms of the purchase agreement, Beaufield has purchased a 50% interest in the Property for $125,000 in cash and the issuance of 2,500,000 of its common shares subject to a four month hold period. Melkior also retains a 1.5% net smelter royalty ("NSR") on the Property with a buyback provision for half of such royalty (i.e. 0.75%) by Beaufield for $750,000. The transaction is subject to approval by the TSX Venture Exchange.
The Property is located in Launay township, in the Abitibi Greenstone Belt in Quebec. Several gold zones have been defined by historical work over a 3 kilometre trend on the property. In 2013, a drill program on one of these zones identified wide intersections of gold mineralization located near surface:
3.92 g/t gold over 13.40 metres in hole LAY-15-2013 (January 13th, 2014 Melkior's news release)
6.20 g/t Gold over 10.50 metres in hole LAY-20-2013 (February 18th, 2014 Melkior's news release)
4.04 g/t gold over 15.52 metres in hole LAY-21-2013 (March 18th, 2014 Melkior's news release).
Read more: Beaufield Resources Inc ( BFD )
Category: Silver / Gold
Published: 17 July 2017
Written by Editor