ETF:CC - Eastfield Resources Announces Amendment to Indata Project Option Agreement

(TheNewswire)

Vancouver, BC – TheNewswire- January 18, 2024 – Eastfield ResourcesLtd. (“ Eastfield ” or the “ Company ”) (TSXV:ETF) ( OTC:ETFLF) announces that Alpha Copper Corp. has entered into an amending agreementdated Jan. 12, 2024, in respect of the option agreement dated June 20,2018 (as previously amended on May 7, 2019, Nov. 16, 2020, July 6,2022, and March 20, 2023) with Eastfield Resources Ltd., pursuant towhich Alpha Copper may acquire a 60-per-cent interest in the Indatacopper-gold project located in north-central British Columbia.

In accordance with the amending agreement, to earn a60-per-cent interest in the property, Alpha Copper must make remainingpayments to Eastfield and incur remaining exploration expenditures onthe property as follows:

• Incur $350,000 in exploration expenditures and pay$35,000 (up to $20,000 of which may be paid in common shares of thecompany) by Jan. 23, 2024;

• Pay $25,000 by June 20, 2024;

• Incur $966,186 in exploration expenditures and pay$105,000 (up to $20,000 of which be paid in shares) by Dec. 31,2024.

If the forgoing payments are made and explorationexpenditures are incurred, the company will have paid an aggregate of$400,000 (up to $150,000 of which was paid shares) and incurred$2.5-million in exploration expenditures under the Option agreement toearn a 60-per-cent interest in the property.

The 4,551-hectare Indata copper-gold- molybdenumporphyry and precious metal property is located 120 km north of FortSt. James, BC. Eleven drill holes totalling 2,140 m were completed in2022. Results include IN22-82 with 174 meters grading 0.23% copperstarting at 2.9 meters including 29 meters grading 0.47% copperstarting at 2.9 meters. It constitutes the northern boundary of theLake Zone which remains open beyond this point. A new zone ofmolybdenum mineralization was unexpectedly discovered in 2022 fivekilometers to the south of the Lake Zone in what is now called “Area74” where hole IN22-74 intersected 30.8 meters grading 0.10%molybdenum (0.16% MoS 2 eq.) starting at 113.7 meters and continuingto the bottom of the hole including 7.5 meters grading 0.32%molybdenum (0.51% MoS 2 eq.). Results from historical drilling atIndata include DDH88-11 with 4.0 meters grading 47.26 g/t gold. In2019 new precious metal mineralization was exposed by loggingactivities in the southern region of the claims with samples returningup to 3.64% copper and 5.95 g/t gold and in 2023 mineralizationgrading 8.26 g/t gold and 106.0 g/t silver was exposed during roadconstruction 3 kilometers to the north. The Kwanika and Stardustdeposits, owned by Northwest Copper Corp., are located immediatelynorth of Indata and share a similar geological setting. Indata isfully 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.

J.W. Morton, P. Geo.

President and CEO

Contact: (604) 681-7913 or Toll Free:888-656-6611

https://eastfieldresources.com

About Eastfield Resources: Other Projects :

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 extendto the northeast side of the property. Of major significance is a 8 kmlong by 3 km wide strong induced polarization anomaly defining acopper-gold porphyry system containing several 1 km or more scaletargets with extensive areas having chargeability responses greaterthan 20 mv/V. Mineralization occurs in porphyritic diorites andadjacent sediments in zones of strong potassic alteration. Two of themore notable zones discovered to date are named the Hobbes and FMZones (five zones in total now discovered). Mineralization issurrounded by extensive areas of phyllic alteration which in turn issurrounded with a much larger areas of chlorite and iron carbonatealteration suggesting unknown additional zones are probable bothlatterly and at depth. Results to date include drill holes ZY08-09with 0.72% copper and 0.66 g/t gold over 72 meters, ZY08-10 with 0.31%copper and 0.21 g/t Au over 159 meters and hole ZY11-20 with 0.28%copper and 0.34 g/t gold over 126 m. Peripheral precious metal veinshave returned up to 10.78 g/t gold with several percent lead and zinc.Eastfield and former partners or operators have so far expendedapproximately $5 million exploring this fully permitted project.

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 and topography subduedallowing for year-round activity. In late 2023 Tech-X, having drilled25 diamond drill holes and expending $4 million since 2021, earned a51% interest in the project resulting in the current 51%-49% jointventure between Tech-X and Eastfield. Iron Lake is fullypermitted.

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.

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.

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