Monday, June 20, 2011 Eastfield Resources Announces Option Granted on the Zymo copper-gold project, BC; Planned Program of $2,000,000
Vancouver, BC, June 20, 2011: Eastfield Resources Ltd. "Eastfield" (TSX-V: ETF) is pleased to announce that Bearing Resources Ltd. "Bearing" (TSX-V: BRZ) has been granted an option to earn up to a 65% interest in the 12,113 hectare Zymo copper-gold property, located 45 km west of Smithers, BC.
To earn an initial 51% interest Bearing will make cash payments totaling $500,000, issue 500,000 shares to Eastfield and complete exploration expenditures totaling $8,000,000 over a five year period. Bearing may earn an additional 9% by completing a feasibility study and maintaining minimum annual expenditures of $500,000. Should Bearing make the decision to put the property into production, Bearing will have an option to earn an additional 5% interest by paying Eastfield $10,000,000, issuing to Eastfield 2,000,000 shares and arranging Eastfield's financing for mine development. The option agreement remains subject to the approval of the TSX Venture Exchange.
Eastfield optioned the property in 2007 and completed a reconnaissance exploration program during the same year that resulted in the discovery of a new copper-gold porphyry occurrence now named the Hobbes Zone. In 2008 an extensive exploration program of geochemical sampling, geophysical surveying, geological mapping and core drilling significantly expanded the property potential. An IP chargeability anomaly associated with extensive rock alteration was outlined, extending for over 6.0 km (open ended) with widths of 2.0 to 3.0 km. This IP anomaly was extended to 8.0 km in the 2010 program. Within this large target area are four exploration targets now known as the FM (where Freeport McMoRan drilled six holes in 1999), Hobbes, RD and URC. Prospecting to the west of this area in 2010 resulted in the discovery of mineralized float that returned 0.74% copper and 0.70 g/t gold. The sample was taken approximately 1.5 km west of the URC target and indicates a new target area
The Hobbes Zone is the most advanced to date and has been tested with nine drill holes. All holes intersected significant mineralization and have outlined an east-west-trending and open-ended mineralized zone that extends more than 600 m. The most westerly hole, ZY-09-16, intersected the longest intersection of mineralization to date and indicates the potential for extensions to the west and south. Hole ZY-09-14 was a vertical hole drilled at the site of angled holes ZY-08-9 (72.0 m of 0.72% copper; 0.54 g/t gold) and ZY-08-10 (57.0 m of 0.43% copper; 0.32 g/t gold) and confirmed that mineralization continues to greater depths at this location where a mineralized interval of 273 m was intersected. Drill hole ZY-08-12, located 1.0 km southwest of the Hobbes Zone, intersected 99.0 m of 0.11% Copper and may indicate a significant potential for extending the zone in this direction (additional results and maps may be viewed on the website at www.eastfieldresources.com).
The URC target is 1.5 km west of the Hobbes Zone and is characterized by a 1.5 km long coincident copper-gold in soil anomaly. This target is in an area with no outcrops; however samples of mineralized float from within the soil geochemical anomaly returned 0.33% copper and 0.22 g/t gold; 0.19% copper and 0.16 g/t gold; 0.30% copper and 0.28 g/t gold; and 0.48% copper and 0.65 g/t gold. This untested target further expands the discovery potential for the property.
Eastfield's management group is very excited to have Bearing take a strong role in exploring the Zymo property and look forward to advancing the known targets as well as making new discoveries.
G.L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
Glen Garratt, P.Geo. Director Eastfield Resources Ltd.
Contact: Paul Way, Business Development Manager (604) 681-7913 or Toll Free: 888-656-6611
About Eastfield Resources: Eastfield is a Canadian mineral exploration company focused on the discovery of large gold and copper deposits; it currently has seven projects in British Columbia and one in Nevada. Current projects include a 40% ownership in the Okeover copper-molybdenum project with 60% partner Prophecy Resource Corp. (TSX-V: PCY) and a 100% interest in the Tonopah gold project in Nevada. Projects currently optioned out include the Zymo gold-copper project optioned to Bearing Resources Ltd. (TSX-V: BRZ); Kilometre 26, optioned to Oroandes Resource Corp. (TSX-V: OAR); Indata, optioned to Oceanside Capital Corp. (TSX-V: OCC); Iron Lake, optioned to Cobre Exploration Corp. (TSX-V: CKB-H). Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
You can also view this News Release on our website at: http://www.eastfieldresources.com/s/NewsReleases.asp?ReportID=463140 |