(TheNewswire)
Vancouver, BC – TheNewswire- September 20, 2022 – Eastfield Resources Ltd.(TSXV:ETF) (OTC:ETFLF) (“ Eastfield ” or the “ Company “) announces that it intends to raise up to $280,000 by way ofthe following non-brokered private placements (the“Placement”):
(a) up to $120,000 by way of a unitprivate placement at a price of $0.06 per unit, with each unit toconsist of one common share and one half of one share purchasewarrant, with each warrant to entitle the holder to purchase anadditional common share at a price of $0.10 for a period of 18 monthsfrom closing; and
(b) up to $160,000 by way of aflow-through share private placement at a price of $0.08 perflow-through share.
The Placement will be non-brokered; however, theCompany may pay finder’s fees in accordance with the rules andpolicies of the TSX Venture Exchange (“TSX-V”). The Placement issubject to the completion of formal documentation and receipt of allnecessary regulatory approvals, including TSX-V acceptance.
Certain insiders of the Company may participate, withfull particulars of such participation to be included in the newsrelease announcing the closing of the Placement.
The proceeds will be used by the Company to finance anexploration program at its 100% owned CR project and for generalworking capital.
The securities issued pursuant to these privateplacements will be subject to a hold period expiring four months andone day from the date of issuance in accordance with applicableCanadian securities laws.
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 : 8 km longcopper-gold porphyry system with several 1 km scale targets, located45 km west of Smithers, BC and 100% owned. Results include drill holesZY08-07 with 0.72% copper and 0.66 g/t gold over 72 meters and holeZY11-20
with 0.28% copper and 0.34 g/t gold over 126 m.Peripheral precious metal veins have returned up to 10.78 g/t gold.Work completed in 2021 included expansions to the induced polarizationand soil grids at a cost of approximately $430,000. Zymo, is fullypermitted.
Indata :copper-gold porphyry and precious metal quartz veins, located 120 kmnorth of Fort St. James, BC, optioned to Alpha Copper Corp who mayearn 60% by completing $2,000,000 in exploration and paying $450,000(cash and/or shares) by June 20, 2023. A number of very prospectiveuntested induced polarization targets exist and are fully permitted.Results from previous drilling include DDH88-11 with 47.26 g/t goldover 4 m and DDH98-4 with 0.20% copper over 148 m including 0.37%copper over 24 m at the bottom of the hole. In 2019 new mineralizationwas exposed by logging activities in the southern region of the claimswith samples returning up to 3.64% copper and 5.95 g/t gold. TheKwanika and Stardust deposits, owned by Northwest Copper Corp., arelocated immediately north of Indata and share similar geology.Drilling is currently in progress.
Hedgehog :copper-gold (VMS) and lode gold, located approximately 12 kilometersnorth of the community of Barkerville, BC. In 2021 option partner WestOak Gold Corp discovered several new anomalies. Particularlyintriguing is a soil sample with 0.22% copper and 8.45% iron. Interest in this sample is inspired by previous float samplescollected further south on the property including a massive sulfideboulder grading 24.3% copper and 19.6 g/t silver collected in 1999 andfive additional copper rich massive sulfide boulders with an averagegrade of 8.0% copper and 8.9 g/t silver collected in 2000. In 2013,Eastfield discovered a new area of mineralization in the northernregion of the claims where quartz veins hosted in sheared rhyolitereturned grab samples to 1.51 g/t gold and 1.37% zinc. Other companiesactive in the area include Osisko Gold Royalties Ltd.) (TSX: OR) whoare currently conducting a major exploration program for gold tenkilometers to the south in and around the former operating Barkerville Mine. The project is fully permitted.
CR: gold,located approximately 80 km northeast of the town of Quesnel, BC and20 km north of the gold mining towns of Wells and Barkerville, wasacquired by 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 with airborne magneticand ground follow-up (ground based surveys and soil sampling)identifying a 1.2 kilometre by 0.7 kilometre arsenic in soil anomalysurrounding a local drainage named Arsenic Creek. In 2014, Eastfieldcarried out induced polarization and magnetic surveys in this area andoutlined a 200 metre by 800 metre northwest trending chargeabilityhigh that remains open to the north. In 2018 soil sampling upslope ofhistorical heavy mineral stream sediment anomalies exposed severalspot gold and gold-arsenic anomalies that may indicate a source of thehistorical heavy mineral sampling in this direction. CR is permittedfor drilling
Eastfield Resources also holds thefollowing investments.
Investments | Shares |
Alpha Copper Corp. | 226,856 |
Cariboo Rose Resources Ltd. | 208,000 |
Consolidated Woodjam Copper | 11,751,805 |
GK Resources | 330,000 |
Northwest Copper Corp | 186,289 |
West Oak Gold Corp. | 200,000 |
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 .
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