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Eastfield Resources Ltd

Publié le 12 septembre 2011

Announces 100% Sale of Kilometre 26 Project

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Mots clés associés :   Copper | Nickel |

Monday, September 12, 2011
Eastfield Resources Announces 100% Sale of Kilometre 26 Project

Vancouver, BC, September 12, 2011, Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) is pleased to announce that it has entered into an agreement (the "Purchase Agreement") with Oroandes Resource Corp. (TSX-V: OAR) ("Oroandes") for Oroandes to acquire (the "Proposed Acquisition") a 100% interest in the Kilometre 26 Property (the "Property"). The Property is comprised of 22 map staked mineral claims covering 9,819 hectares located in the Omineca Mining Division of British Columbia, in which Oroandes has had an option to acquire from the Company a 60% interest since September 2009, when it commenced exploration of the Property. The Purchase Agreement provides that the option agreement between the Company and Oroandes related to the Property and all of the obligations on the part of both the Company and Oroandes under the option will terminate upon closing of the Proposed Acquisition. The parties have also extended OroAndes obligations to make cash and share payments and incur exploration expenditures on the Property from September 21, 2011 to December 21, 2011.

The Purchase Agreement provides that Oroandes will, subject to receipt of shareholder approval and acceptance by the TSX Venture Exchange (the "Exchange"), issue to the Company 20,000,000 common shares in the capital of Oroandes (the "Payment Shares") and the Company has agreed that it will, forthwith upon expiration of the four month and one day hold period from the date of issuance of the Payment Shares, distribute the Payment Shares to the Company's shareholders pro-rata in accordance with the number of common shares of Eastfield held by each such shareholder.

The Proposed Acquisition and the creation of Eastfield as a temporary new "Control Person" (as that term is defined by the policies of the Exchange) as a result of issuance of the Payment Shares must be approved by the Oroandes shareholders. To that end, Oroandes has called an annual and special shareholder meeting for Friday, October 28, 2011, at which meeting shareholder approval will be sought. Oroandes also intends to seek shareholder approval of the change of its name to "Fort St. James Nickel Corp.". There can be no assurance that the Oroandes shareholders will approve the Proposed Acquisition or the name change.

Further detail with respect to the Proposed Sale, including Oroandes' analysis as to valuation of the Property, will be included in the Oroandes Information Circular prepared for its shareholder meeting, which Circular will be mailed to the Oroandes shareholders and electronically filed with regulators on or about Tuesday, October 4, 2011, after which it will be available for viewing through the Internet on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com under the Company's Issuer Profile.

Oroandes will be making a formal submission to the Exchange for acceptance of the Proposed Acquisition, subject to receipt of shareholder approval. Pursuant to the policies of the Exchange, the Company is required to make a submission to the Exchange for acceptance of the proposed distribution of the Payment Shares to the Eastfield shareholders. There can be no assurance that final Exchange acceptance of the Proposed Acquisition and/or the distribution of the Payment Shares by Eastfield to the Eastfield shareholders will be given.

As the Company and Oroandes share a common director, J.W. (Bill) Morton, who is also the President of the Company, the Proposed Acquisition is "Non-Arm's Length" as that term is defined in the policies of the Exchange.

Oroandes has commissioned an independent NI 43-101 compliant technical report titled "NI 43-101 Technical Report on the Kilometre 26 Property, Omineca Mining Division, BC. With Recommendations for Continuing Exploration", dated September 1, 2011, as prepared by Christopher H. Cherrywell, B.S., CPG, and Richard C. Capps, PhD, CPG, RPG. The technical report recommends a $534,000 exploration program, to continue exploration for economic mineralization on the Kilometre 26 Property. It is proposed that work be directed at drill targets, located on the present gridded area and that additional gridding be established to pursue extend geophysical and geochemical surveys to the west of the existing grid. Proposed work includes additional soil sampling, induced polarization, prospecting and geologic mapping, excavator trenching, and drilling. The Report will be electronically filed with regulators in due course and will then be available for viewing on SEDAR under the Company's Issuer Profile.

Further detail with respect to recent exploration work conducted on the Property is available in the Company's news releases, which have been electronically filed with regulators and are available for viewing on SEDAR under the Company's Issuer Profile.

About the Kilometre 26 Property

The Kilometer 26 Project is located at and around the kilometer 26 road marker on the Leo Creek forestry road approximately 50 kilometers northwest of the community of Fort St. James in central British Columbia. The original claims comprising the Kilometer 26 claim group were staked in 2008. Eastfield completed an initial rock sampling program in 2009 while OroAndes completed more extensive programs consisting of grid establishment, rock and soil geochemical surveying and ground based induced polarization and magnetometer surveying in 2010 and 2011.

The Kilometer 26 property consists of thirteen claims totaling 9,819 hectares (24,253 acres). The entire claim area occurs within a gentle to undulating landscape all of which occurs on government land. The predominate target of interest on the Kilometer 26 property is ophiolite hosted disseminated nickel. Motherlode style (ophiolite gold) mineralization constitutes a secondary objective.

The Kilometer 26 property covers the juncture of two geologic terranes. Most of the property (from near the eastern boundary through to the western boundary) is underlain by Paleozoic Cache Creek Group rocks which are oceanic in origin while the extreme eastern region of the claims is underlain by Mesozoic rocks of the Quesnel Terrane which are predominantly island arc in derivation. The suture which marks this boundary is the Pinchi Fault Zone, which in the region of the claims is predominantly north-south in orientation.

Cache Creek Group rocks in the vicinity of the Kilometer 26 property are dominated by ultramafic serpentinites, basalt and limestone. These rocks are interpreted to form a collage which resulted from a series of accretions and obductions of oceanic rock (directed west to east) extending tens of kilometers in the east west direction and several times this in the north south direction.

Ophiolite derived ultramafic rocks occurring at the Kilometre 26 Property are prospective for nickel mineralization. Similar rocks at the Decar Project, 30 kilometers to the west, owned by First Point Minerals Corp. and under option to Cliffs Natural Resources Inc of Cleveland Ohio are currently being actively explored for nickel.

Nickel mineralized boulders were first sampled at Kilometer 26 in 2009 and traced to two source bedrock areas in 2010. One of the bedrock sources areas was sampled in 2010 at six sites with total nickel values varying from 0.15% to 0.23%. Non silicate nickel for these samples varies from 0.03% to 0.14% and averages 0.10% nickel. Three of the samples have greater than 60% of the nickel in a non silicate form (up to 0.14% non silicate nickel).

Sixteen samples of mineralized serpentinite were examined in 2010 using electron microscope techniques. Examination using an electron microscope has indicated that metallic minerals present are overwhelmingly dominated by pentlandite (a nickel sulfide) and awaruite (a nickel alloy).

Historically Gold mineralization was largely unrecognized within the Pinchi Fault Zone until Cominco Ltd. discovered a mineralized boulder on the Kilometer 26 property in 1983. The boulder, which was analyzed repeatedly, averaged 8.1 g/t gold. The style of gold mineralization in the Cominco boulder (associated with listwanite alteration) is similar to gold mineralization at Snowbird gold deposit located 38 kilometers to the south on the south shore of Stuart Lake (Omineca Gold Ltd.) and at the Company's Indata property located 70 kilometers to the northwest, where gold mineralization was discovered in 1987.

The preponderance of work at Kilometer 26 was completed in 2010 and 2011. Sixty-two kilometers of grid has been cut and surveyed utilizing induced polarization and magnetometer techniques. Twelve hundred (1,200) soil samples and one hundred and forty-eight rock samples have been collected and analyzed. Work commenced the third week of May, 2011 and resulted in the discovery of new areas of nickel mineralized serpentinite rubble. A strong north-south oriented magnetic feature-thought to be serpentinite has been defined by ground based geophysics over a strike length of four and a half kilometers also corresponding to a pronounced airborne geophysical anomaly expressed on a 2009 government survey.

An exploration permit to complete twelve holes in this feature was issued in August 2011 and all required reclamation bonding completed.

J.W. (Bill) Morton P.Geo, a Qualified Person for the purposes of National instrument 43-101, has read and taken responsibility for this news release.

Bill Morton, P.Geo.
CEO and Director
Eastfield Resources Ltd.

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 an option to earn a 100% interest in the Zymo gold-copper project; 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 Kilometre 26, agreement to sell to Oroandes Resource Corp. (TSX-V: OAR); Indata, optioned to Oceanside Capital Corp. (TSX-V: OCC); Iron Lake, optioned to Calico Exploration Corp. (TSX-V: CKB). 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:

Eastfield Resources Ltd

ISIN : CA27724D1096
CUSIP : 27724D109
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Eastfield est une société d’exploration minière basée au Canada.

Eastfield détient divers projets d'exploration au Canada.


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Présentations des Compagnies de Eastfield Resources Ltd
26/09/2007CEO Presentation
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Annual report 2007
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03/04/2012(Kilometre 26)Announces Distribution of Shares of Fort St. James Nickel Co...
21/02/2012(Indata)Announces New Gold and Nickel Targets at Indata
08/12/2011(Zymo)Reports Zymo Drill Results
30/11/2011(Kilometre 26)Provides Update on Drilling and Sale of Kilometre 26
12/09/2011(Kilometre 26)Announces 100% Sale of Kilometre 26 Project
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24/02/2009(Kilometre 26)Acquires Gold Property in British Columbia
07/01/2009(Indata)Intercepts 8.20 g/t Gold Over 0.3 m, 209.0 g/t Silver Over 0...
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17/01/2008(Zymo)New Copper-Gold Discovery On Zymo Property
07/01/2008(Ok Property (powell River))Announces Completion of Drilling at the Okeover Copper/Molyb...
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14/07/2016Eastfield Resources to Commence Field Work
29/04/2016Lorraine Copper Acquires Copper Project in BC
07/04/2016Eastfield Resources Corporate Update
16/01/2014Cambridge and Roundup invitation
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25/08/2011(Kilometre 26)Provides Update on Kilometre 26 Program, BC
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19/02/2009Shareholder Update
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