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Monday, July 27, 2009
Drill Program Planned at Eastfield's Crowsnest and
Howell Gold Projects in Southeastern BC
Vancouver, BC, July 27 2009 - Eastfield Resources Ltd.
"Eastfield" (TSX-V: ETF) is pleased to announce that partner
MAX Resource Corp. "MAX" (TSX.V: MXR) plans to conduct further
drilling and exploration at the Howell Gold property in southeastern BC and
has amended the Howell Option Agreement to include the nearby Crowsnest gold
property.
The Howell Gold Project is comprised of 4,376 hectares in southeast
B.C. located one hour by gravel road south of Sparwood, straddling the
drainages of Twenty-Nine Mile Creek and Howell Creek. The Crowsnest gold
project consists of fifteen claims totaling 3,142 hectares located
approximately 10 km southeast of the Howell property.
Crowsnest Gold Project
Gold mineralization at the Crowsnest gold project occurs in limestone,
siltstone and syenite. The property is underlain by a thick sequence of
Pennsylvanian and Mississippian carbonate and clastic rocks, of which the
Mississippian Rundle Group shows the greatest exposure. Mid-Cretaceous
syenite and trachyte intrusions as sills, dykes, plugs and possible diatremes
intrude these units. Several grids have already been established, including
the "A", "B" and "K" grids, which led to the
discovery of significant high grade gold.
Many float and rubble samples on the "B" Grid have returned
extraordinarily high gold analyses. This includes a float sample collected in
1989 by Placer Dome Inc., described as an intrusive breccia that returned a
gold assay of 524.41 g/t gold. Other high grade float samples have
returned assays to 620.0 g/t gold.
One bedrock source of mineralization was discovered in 1996 and trenched by
Eastfield in 1999, resulting in a trench intercept of 8.57 g/t gold over
16.5 metres. The 1999 area of focus, referred to as the Discovery Trench
Area, has been the centre of most of the exploration activity completed at
Crowsnest during exploration conducted in 1999, 2002, 2003 and 2006. The most
recent exploration at Crowsnest in 2006 entailed road reconstruction and
mechanical trenching, again largely in the Discovery Trench Area. Other areas
that have also yielded high grade float samples have had only rudimentary work
completed. A review of the database calculates an average gold grade for
float samples exceeding 1.0 g/t to be 32.66 g/t (36 determinations) with a
corresponding copper grade of 0.23% (34 determinations).
In June 2009, MAX made a site visit at Crowsnest to review the previous field
work and assess the potential of the property. Prior drill sites and trenches
were observed and samples collected. One sample of gossan was examined and
free gold was found which had never been reported by historic workers. Assay
results are pending.
Exploration activity planned for 2009 at Crowsnest will be to continue
exploring the discovery trench with close-spaced drill holes to determine the
extent of the high grade mineralization and to define the direction and
extent of the mineralized structure. There are also other areas where
gossanous mineralization has been discovered, and these will also be tested.
Howell Gold Project
The Howell gold property is underlain by a thick sequence of Paleozoic
limestones and sedimentary rocks and older Proterozoic sediments.
Mid-Cretaceous intrusions occurring as sills, dykes, plugs and diatremes
intrude these units. Gold mineralization occurs disseminated in limestone and
with quartz stockworks in syenite intrusives and Proterozoic sediments.
MAX completed twelve holes totaling 1,312 metres of NQ core at Howell in 2008
and two new soil grids were established. Two distinct styles of
mineralization were targeted; the first being carbonate-hosted gold and the
second being carbonate replacement mineralization.
Earlier drilling intersected 1.23 g/t gold over 58 metres, 0.95 g/t gold over
39 metres, 0.65 g/t gold over 82 metres, and 0.57 g/t gold over 149 metres.
The best intercept from the 2008 drill program was 22 metres of 0.78 g/t gold.
One of the 2008 soil grids (the southeastern grid) is believed to indicate
carbonate replacement mineralization with a number of samples collected
returning anomalous values in gold, silver, zinc and lead including values to
130 g/t silver and 1.4% lead. The southeastern soil grid also served to fill
in an area to the north of manto-style zinc, lead and silver mineralization
which was identified during reverse circulation drilling completed by Placer
Dome in 1988 (HRC-2 with 7.5 metres grading 2.4% Zn, 0.40% Pb and 15.3 g/t
Ag).
A drill permit application has been filed with the objective to drilling this
target in the fall of 2009 in conjunction with drilling that has been
permitted at the nearby Crowsnest Gold property.
Option Terms
MAX and Eastfield have agreed to amend the prior Howell agreement to allow
MAX to earn a 60% interest in either the Howell project or the Crowsnest
project or both over a four-year period. In the initial stage of this
earn-in, MAX must make cash payments totaling $60,000 to Eastfield (of which
$10,000 was paid on signing), issue 100,000 shares to Eastfield (50,000
shares in the first year) and complete aggregate exploration expenditures on
both properties of $400,000 by the second anniversary date (June 30, 2011).
To complete its Howell earn-in, MAX must make further cash payments to
Eastfield of $90,000, issue 400,000 shares and spend a further $700,001 on
exploration at Howell prior to June 30, 2013. MAX will also be responsible
for its portion of the $200,000 payment due to Goldcorp Inc. and Teck Cominco
Metals Limited by August 31, 2010 pursuant to Eastfield's underlying option
agreement with them.
To complete its Crowsnest earn-in, MAX must make further cash payments to
Eastfield of $90,000, issue 400,000 shares and spend a further $1,050,000 on
exploration at Crowsnest prior to June 30, 2013.
MAX has also decided not to proceed with a separate option on Eastfield's
Indata gold project in Central BC.
J.W. 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.
Officer and 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 prospect generator whose business strategy involves securing
third party exploration financing on its projects. Eastfield has seven
projects in British Columbia and one in Nevada. Currently optioned projects
include Zymo, optioned to Canadian Gold Hunter (TSX: CGH); Okeover, optioned
to Prophecy Resource Corp. (TSX-V: PCY); Howell and Crowsnest, optioned to
MAX Resource Corp. (TSX.V: MXR); and Iron Lake, optioned to Cobre Exploration
Corp. (TSX-V: CXV-H).
The TSX - Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. All statements,
other than statements of historical fact, included herein are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the Company's
documents filed from time to time with the TSX - Venture Exchange, the
British Columbia Securities Commission and the US Securities and Exchange
Commission.
You can also view this News Release on our website at:
http://www.eastfieldresources.com/s/NewsReleases.asp?ReportID=357512
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