ETF:CC - Drilling to Start at Iron Lake
(TheNewswire)
Vancouver, BC – TheNewswire- June 16, 2023 - Eastfield Resources Ltd. “Eastfield”(TSXV:ETF) (OTC:ETFLF) is pleased to announce that IronLake Project option partner Tech-X Resources Inc. “Tech-X” (a privatecompany) has informed the company that it anticipates beginning its2023 drill program at Iron Lake on or about June 30.
The Iron Lake copper-gold-palladium-platinum-nickel-cobalt project islocated 50 kilometers northeast of the community of 100 Mile House, BCand is optioned to Tech-X Resources Inc. (a private company headed byHaig Farris). Targets include ultramafic hosted copper-gold-palladium-platinum-nickel-cobalt and porphyry style copper-gold.Tech-X may earn an 80% interest in Iron Lake by completing a total of$12,000,000 in work and paying a total of $750,000 in option paymentsby June 15, 2029.
In 2022 Tech-X completed extensive induced polarizationsurveys and 23 diamond drill holes totalling 5,001 meters. Work in2023 began with a VTEM airborne geophysical survey flown in March tofurther focus proposed 2023 drill targets.
This news release has been reviewed and approved by Mr.J.W. Morton, P. Geo., who is the Qualified Person within the contextof NI 43-101 and takes responsibility for it.
J.W. Morton, P. Geo.
President and CEO
Contact: (604) 681-7913 or Toll Free:888-656-6611
About Eastfield Resources:
Other Projects:
Zymo : 100% owned, 8 km longcopper-gold porphyry system with several 1 km scale targets, located45 km west of Smithers, BC. Results include drill holes ZY08-07 with0.72% copper and 0.66 g/t gold over 72 meters and hole ZY11-20 with0.28% copper and 0.34 g/t gold over 126 m. Peripheral precious metalveins have returned up to 10.78 g/t gold. Zymo is fully permitted.
Indata : copper-gold-(molybdenum) porphyry and precious metal quartz vein, located 120 kmnorth of Fort St. James, BC, optioned to Alpha Copper Corp who mayearn 60% by completing $2,300,000 in exploration and paying $450,000(cash and/or shares) by June 20, 2024. Eleven drill holes totalling2,140 m were completed in 2022. Results include IN22-82 with 173.6meters grading 0.23% copper starting at 2.9 meters including 28.9meters grading 0.47% copper starting at 2.9 meters. It constitutes thenorthern boundary of the Lake Zone which remains open beyond thispoint. A new zone of molybdenum mineralization was unexpectedlydiscovered 5 kilometers to the south of the Lake Zone in what is now
called “Area 74” where hole IN22-74 intersected 30.8 metersgrading 0.10% molybdenum (0.16 MoS2 eq.) starting at 113.7 meters andcontinuing to the bottom of the hole including 7.5 meters grading0.32% molybdenum (0.51% MoS2 eq.). Results from historical drilling atIndata include DDH88-11 with 4.0 meters grading 47.26 g/t gold. In2019 new mineralization was exposed by logging activities in thesouthern region of the claims with samples returning up to 3.64%copper and 5.95 g/t gold. The Kwanika and Stardust deposits, owned byNorthwest Copper Corp., are located immediately north of Indata andshare similar geology. The 2023 field program is planned to start June26, 23.
Hedgehog : copper-gold (VMS)and lode gold, located approximately 12 kilometers north of thecommunity of Barkerville, BC. In 2021 option partner West Oak GoldCorp discovered several new soil anomalies (arsenic, zinc and copper).Further soil sampling completed in 2022 has defined a previouslyunknown cohesive arsenic-copper soil anomaly with sporadic soil goldvalues to 748 ppb. Intriguing to the potential of Hedgehog are severalhistoric float samples including a massive sulfide boulder grading24.3% copper and 19.6 g/t silver discovered in 1999 and fiveadditional copper rich massive sulfide boulders with an average gradeof 8.0% copper and 8.9 g/t silver discovered in 2000. In 2013,Eastfield discovered mineralization in the current area of interestwhere quartz veins hosted in rhyolite returned grab samples to 1.51g/t gold and 1.37% zinc. Other companies active in the area includeOsisko Gold Royalties Ltd.) who are conducting a major explorationprogram for gold ten kilometers to the south in and around the formeroperating Barkerville Gold Mine. Hedgehog is fully permitted.
CR : gold, locatedapproximately 80 km northeast of the town of Quesnel, BC and 20 kmnorth of the gold mining towns of Wells and Barkerville, was acquiredby staking in 2014. There is no record of hard rock mineralexploration on the CR property prior to Noranda Exploration carryingout regional exploration in the area in 1986 identifying a 1.2kilometre by 0.7 kilometre arsenic in soil anomaly surrounding a localdrainage which they named Arsenic Creek. Eastfield subsequentlycompleted surface soil and rock sampling and induced polarizationsurveying and an initial one-hole drill test in the 2022 field season.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release.
For more information, please visit our website at www.eastfieldresources.com
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