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Eastfield Resources Ltd

Publié le 04 août 2011

Announces Commencement of $2 Million Exploration Program at the Zymo copper-gold project in British

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Mots clés associés :   Copper | Zinc |

Thursday, August 04, 2011
Eastfield Resources Announces Commencement of $2 Million Exploration Program at the Zymo copper-gold project in British Columbia

Vancouver, BC, August 4, 2011: Eastfield Resources Ltd. "Eastfield" (TSX-V: ETF) is pleased to announce that Bearing Resources Ltd. "Bearing" (TSX-V: BRZ) has commenced its summer exploration program at the 12,113 hectare Zymo copper-gold project ("Zymo"), located 45 kilometres west of Smithers, British Columbia. Exploration work carried out to date at Zymo, including surface sampling, geophysical testing and core drilling, has identified a large copper-gold porphyry system. Four distinct porphyry targets (Hobbes, FM, URC and RD Zones) have been identified over an open ended nine kilometre by three kilometre area defined by a copper in soil anomaly coincident with an induced polarization ("IP") chargeability anomaly.

The Hobbes Zone ("Hobbes") is the most advanced target with ten historic drill holes intersecting copper/gold mineralization over a distance of 600 metres. The best hole (ZY08-09) returned 72 metres (core length) of 0.72% copper and 0.54 g/t gold within a longer interval that returned 159 metres grading 0.44% Cu and 0.32 g/t gold. The URC Zone ("URC") is 1.5 kilometres west of the Hobbes and the FM Zone ("FM") is located 4.0 kilometres east of Hobbes. In addition, prospecting in 2010 discovered a mineralized float sample assaying 0.74% copper and 0.70 g/t gold, 1.5 kilometres west of URC, beyond the area of any existing grid work.

The 2011 work program for Zymo is budgeted at $2 million and is fully funded by Bearing. The work program includes 8,000 metres of helicopter supported diamond core drilling, 30 kilometres of IP surveys, soil geochemical surveys, geological mapping and prospecting. Line cutting, soil sampling and prospecting are underway. IP surveys and diamond drilling are scheduled to begin in mid-August.

Hobbes Zone

Hobbes has been tested by ten core holes totaling 3,239 metres with encouraging results including higher grade intervals including 72 metres grading 0.72% copper and 0.54 g/t gold in hole ZY08-09. The Zone is untested to the east of ZY08-09. The western extension of Hobbes, defined by hole ZY08-16 that returned 339 metres grading 0.23% copper and 0.13 g/t gold from surface including 78 metres grading 0.41% copper and 0.26 g/t gold, also remains open. The best drill results coincide with a strong magnetic high, mid-level IP chargeability and copper-gold soil geochemistry. Hobbes outcrops and mineralization is associated with the margins of a large granodiorite dyke. Ten holes have been budgeted to test the extensions of the Zone and to infill previous drilling.

FM Zone

FM is a broad soil geochemical target with coincident high IP chargeability values. Within the anomaly are discreet zones that have not been drill tested which exhibit a high magnetic response similar to Hobbes. The northern portion of FM is partially exposed in a creek where an 85 metre chip sample returned 0.13% copper and 0.23 g/t gold. Four holes have been budgeted to test FM.

URC Zone

URC is west and continuous with the soil anomaly that defines Hobbes. URC is underlain by a large magnetic high and is on the flank of a large property wide IP chargeability anomaly. Mapping of the limited outcrop in the area has identified mineralized porphyry grading up to 0.3% copper. Three holes have been budgeted to test this poorly exposed zone.

RD Zone

The RD Zone ("RD") is located two kilometres south of FM near the valley floor and is covered with overburden and has limited outcrop. RD is defined by a large gold in soil anomaly with local coincident copper in soil anomalies. The southern portion of the target is underlain by a large magnetic high and a single line of IP indicates the northern contact of the magnetic body is a high IP chargeability zone. An outcrop in a creek exposes a 1.0 metre wide by 100 metre long base metal vein that has returned values up to 17 g/t gold and 568 g/t silver with associated zinc and lead. This peripheral vein style mineralization may be associated with a buried porphyry target. Three holes have been budgeted to test RD as well as additional IP coverage.

To earn an initial 51% interest Bearing will make cash payments totaling $500,000 to Eastfield, 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.

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.
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:

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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