ETF:CC - Eastfield Resource's CEO Reviews the Company
(TheNewswire)
Vancouver, BC – TheNewswire -- Jan uary 4, 2024 -- EastfieldResources Ltd. “Eastfield” (TSX-V:ETF) ispleased to review the assets of the company which consist of four mineral properties located in BritishColumbia plus cash and marketable securities currently valued atapproximately $600,000. The company has no debt and has never beenconsolidated.
Eastfield operates on a model where option agreementswith other companies derive both income and exploration leverage. Asummary of projects effective the beginning of 2024 follows.
Zymo : The 100%owned Zymo copper-gold property is located 45 km west of Smithers, BCencompassing 12,729-hectares. It was acquired via a 2007 option whichwas fully satisfied in 2012. Topography is generally flat toundulating covered with a variable depth of overburden (generally notdeep). Logging roads and clear-cuts now extend to the northeast sideof the property. Of major significance is a 8 km long by 3 km widestrong induced polarization anomaly defining a copper-gold porphyrysystem containing several 1 km or more scale targets with extensiveareas having chargeability responses greater than 20 mv/V.Mineralization occurs in porphyritic diorites and adjacent sedimentsin zones of strong potassic alteration. Two of the more notable zonesdiscovered to date are named the Hobbes and FM Zones (five zones intotal now discovered). Mineralization is surrounded by extensive areasof phyllic alteration which in turn is surrounded with a much largerareas of chlorite and iron carbonate alteration suggesting unknownadditional zones are probable both latterly and at depth. Results todate include drill holes ZY08-09 with 0.72% copper and 0.66 g/t goldover 72 meters, ZY08-10 with 0.31% copper and 0.21 g/t Au over 159meters and hole ZY11-20 with 0.28% copper and 0.34 g/t gold over 126m. Peripheral precious metal veins have returned up to 10.78 g/t goldwith several percent lead and zinc. Eastfield and former partners oroperators have so far expended approximately $5 million exploring thisfully permitted project.
Indata : A4,551-hectare copper-gold- molybdenum porphyry and precious metalproperty located 120 km north of Fort St. James, BC, optioned to AlphaCopper Corp who may earn 60% by completing $2,500,000 in explorationand paying $450,000 (cash and/or shares) by Dec 31, 2024. Eleven drillholes totalling 2,140 m were completed in 2022. Results includeIN22-82 with 174 meters grading 0.23% copper starting at 2.9 metersincluding 29 meters grading 0.47% copper starting at 2.9 meters. Itconstitutes the northern boundary of the Lake Zone which remains openbeyond this point. A new zone of molybdenum mineralization wasunexpectedly discovered in 2022 five kilometers to the south of theLake Zone in what is now called “Area 74” where hole IN22-74intersected 30.8 meters grading 0.10% molybdenum (0.16%MoS 2 eq.) starting at 113.7 meters and continuing to the bottom of the holeincluding 7.5 meters grading 0.32% molybdenum (0.51% MoS 2 eq.). Resultsfrom historical drilling at Indata include DDH88-11 with 4.0 metersgrading 47.26 g/t gold. In 2019 new precious metal mineralization wasexposed by logging activities in the southern region of the claimswith samples returning up to 3.64% copper and 5.95 g/t gold and in2023 mineralization grading 8.26 g/t gold and 106.0 g/t silver wasexposed during road construction 3 kilometers to the north. TheKwanika and Stardust deposits, owned by Northwest Copper Corp., arelocated immediately north of Indata and share a similar geologicalsetting. Indata is fully permitted.
Iron Lake : An8,035-hectare copper-gold- palladium-platinum-cobalt project located40 kilometers northeast of 100 Mile House, BC. The project is a jointventure with Tech-X Resources Inc. (a private company headed by HaigFarris). Targets include ultramafic copper-gold-palladium-platinum-cobalt and porphyry copper-gold. The ultramaficintrusion is host to disseminated and massive sulfide styles ofmineralization. An average of 8 samples of disseminated mineralizedolivine pyroxenite rubble from one area is 0.71% copper, 0.7g/t gold,0.20g/t palladium, 0.13g/t platinum and 416 ppm nickel. A number ofattributes of the Iron Lake Complex are comparable to the TurnagainUltramafic Complex in northern BC and also to the Lac Des Islescomplex and deposit in Ontario. Other occurrences sharing geologicalattributes (particularly the olivine pyroxenite host) include theNorilsk deposits in Russia and Boliden Mine’s Kevitsa Deposit inFinland. Elevations at the project are low andtopography subdued allowing for year-round activity. In late 2023Tech-X, having drilled 25 diamond drill holes and expending $4 millionsince 2021, earned a 51% interest in the project resulting in thecurrent 51%-49% joint venture between Tech-X and Eastfield. Iron Lakeis fully permitted.
Hedgehog : Acopper-gold (VMS) and lode gold, located approximately 12 kilometersnorth of the community of Barkerville, BC. In 2021 60% option partnerWest Oak Gold Corp discovered several new soil anomalies (arsenic,zinc and copper). Further soil sampling completed in 2022 defined apreviously unknown arsenic-copper soil anomaly with sporadic soil goldvalues to 748 ppb. Of significance to Hedgehog are several historicfloat samples including a massive sulfide boulder grading 24.3% copperand 19.6 g/t silver discovered in 1999 and five additional copper richmassive sulfide boulders with an average grade of 8.0% copper and 8.9g/t silver discovered by Hudson Bay Mining and Smelting in 2000. In2013, Eastfield discovered mineralization in the current area ofinterest where quartz veins hosted in rhyolite returned grab samplesto 1.51 g/t gold and 1.37% zinc. Other companies active in the areainclude Osisko Development Ltd. who is conducting a major explorationprogram for gold in and around the Barkerville Gold Mine tenkilometers to the south. Extensive clear-cut logging is currently inprogress on the claims which will offer further opportunities fordiscovery. Hedgehog is fully permitted.
This news release has been reviewed and approved by Mr.J.W. Morton, P. Geo., CEO of Eastfield Resources Ltd. who is theQualified Person within the context of NI 43-101 and takesresponsibility for its technical content.
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 the company’swebsite at www.eastfieldresources.com .
Contact: (604) 681-7913 or Toll Free:888-656-6611
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