Vancouver, BC, July 14 2016, Eastfield Resources Ltd. ('Eastfield') (TSX-V: ETF) announces it continues to advance its portfolio of projects which include five projects in BC and one in the state of Nevada. Work programs are soon to start on the Iron Lake and Indata projects while Eastfield would also like to give an update on the Zymo project.
The Iron Lake project encompassing 9,389 ha, located 40 km northeast of the community of 100 Mile House, has historically been explored for its copper-gold-platinum-palladium mineralization hosted in ultramafic rocks. Both disseminated and massive sulfide modes of mineralization have been discovered. In early 2016 Iron Lake was expanded to include recently staked claims located on its southern boundary. These claims are predominantly underlain by monzonite intrusive and intermediate composition Jurassic age volcanic rocks. Anomalous gold and arsenic values on the new claims are widespread with geochemical soil values reaching 12.0 g/t gold and select rock grab samples reaching 74.9 g/t gold (with many lower values). A geochemical soil and rock sampling program is planned.
The Indata project located 200 km northwest of the City of Prince George, BC encompasses 3,169 ha and has historically been explored for its endowment of gold and copper hosted in altered volcanic and granodiorite intrusive rocks. Structurally hosted gold intercepts include values to 47.3 g/t gold while porphyry copper values include intercepts to 0.20% copper over 145 m (with many lower values). Indata is subject to an option agreement with Rise Resources Inc. ('Rise') whereby Rise may earn a 51% interest by completing $2,000,000 in exploration and making payments of $350,000 by April 3, 2019. Rise may increase this to 75% by completing a feasibility study and making a further $100,000 option payment. A 2016 program budgeted at $200,000, predominantly comprising soil and geophysical surveys on the relatively unexplored southern regions of the claim group, is scheduled to commence in late August.
Although Eastfield does not currently have plans to initiate an exploration program on its 100% owned Zymo property, it continues to seek prospective option partners. The Zymo project, located 45 km west of Smithers, BC and encompassing 12,113 ha, hosts an 8.0 km long copper-gold porphyry system with at least four 1.0 km diameter mineralized centres outlined by soil geochemistry and drilling. Notable drill holes include hole ZY-08-09 with 253 m grading 0.32% copper and 0.23 g/t gold including 72 m grading 0.72% copper and 0.55 g/t gold. Mineralization occurs in Jurassic rocks and unknown age intrusions with peripheral structurally controlled high sulfidation base/precious metal mineralization. Recently four previously collected grab samples of this high sulfidation mineralization were analyzed. Gold values in these samples reach 10.8 g/t, lead values reach >10%, zinc values reach 15.3%, tellurium reaches 27.8 ppm and antimony (virtually absent in the porphyry system) reaches 0.38%.
Eastfield will give updates closer to the commencement of these programs.
Bill Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
J.W. Morton, P. Geo.
President and CEO
Eastfield Resources Ltd.
Contact:
Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
About Eastfield Resources:
Eastfield Resources is a well-funded Canadian mineral exploration company focused on the discovery of large gold and copper deposits with several highly prospective projects in British Columbia and in Nevada. Eastfield trades on the TSX Venture exchange under the symbol 'ETF'. For more information, please visit the company's website at www.eastfieldresources.com.