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Monday, April 07, 2008
New Copper/ Molybdenum/ Rhenium Mineralization Intersected at Okeover; Highlights include 39.7 metres grading 0.045% MoS2 and 0.27% Cu
Vancouver, B.C., April 7, 2008 -- Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) and Prophecy Resource Corp. ("Prophecy") (TSX-V: PCY) have received assay results for three diamond drill holes completed in the southern area of the Okeover project located on British Columbia's south central coast, 20 kilometres north of the City of Powell River. The holes were drilled in November and December 2007 to complete a preliminary test in an area referred to as the South Breccia Zone. A total of 782 metres of drilling was completed in these three holes and resulted in the discovery of a new area of copper-molybdenum mineralization.
Highlights
- Hole 07-08 intersected 39.7 metres grading 0.045% MoS2 and 0.27% Cu, including 25.4 metres grading 0.068% MoS2 and 0.25% Cu. This hole was angled to the south and the area beyond this point in this direction has not been drilled.
- At the South end of the property, elevated levels of rhenium have been identified in samples collected from an outcrop and in sections of drill hole 07-03. Follow-up work is being co-coordinated to determine the potential extent and distribution of rhenium presence.
Summary
| Hole |
From
(metres) |
To
(metres) |
Interval
(metres) |
MoS2
% |
Cu
% |
Cu
Equivalent (1) |
| 07-08 |
63.0 |
102.7 |
39.7 |
0.045 |
0.27 |
0.54 |
| Including |
63.0 |
88.4 |
25.4 |
0.068 |
0.25 |
0.66 |
| 07-09 |
33.0 |
69.4 |
36.4 |
0.010 |
0.27 |
0.33 |
| And |
84.6 |
114.6 |
30.0 |
0.017 |
0.36 |
0.47 |
| 07-10 |
No Significant Intercepts |
(1) Based on copper priced at $2.50 per pound and molybdenum at $25 per pound without provisions for recoveries or operating costs.
Discussion
Drilling completed in early 2007 at Okeover included four holes completed in the North Lake Zone, which hosts a NI 43-101 compliant resource estimate of 86.8 million tonnes grading 0.31% Cu and 0.014% MoS2 calculated in late 2006 by N.C. Carter, Ph.D., P. Eng. Three of these holes were completed as step-outs (average 75 metres) to the east and one as a deeper test beneath the western area of the current resource. All four holes encountered significant mineralization with the three eastern step-outs all ending in mineralization grading in excess of 0.19% Cu and 0.017% MoS2 to confirm that the North Lake zone is open for expansion to the east and at depth. Ten additional drill sites were prepared in the North Lake area during October and November 2007 and this area will be the subject of additional drilling scheduled to commence in May 2008.
A rock exposure located approximately 400 metres southwest of the North Lake Zone returned an analysis of 0.17 % Mo (0.288% MoS2) and greater than 1000 ppb rhenium. This result prompted a reanalysis of several other samples that had returned higher molybdenum values. Also, a higher grade intersection in hole 07-03 grading 1.26% Cu and 0.38% Mo (0.63% MoS2) over 0.8 metres (73.7-74.5 metres) returned a rhenium analysis greater than 1000 ppb which is the upper limit for the specific analytical method performed by Acme Analytical Laboratories Ltd. The two samples are approximately 1,200 metres distant from each other. Acme Analytical Laboratories Ltd is currently reviewing the availability of other laboratories to provide an unconstrained rhenium value for these samples, which is considered to be potentially significant given the current rhenium price of $10,700 per kilogram. Rhenium is reputed to have been an important byproduct for the Island Copper Mine (copper, molybdenum and gold) located on Vancouver Island and operated by BHP Minerals Canada, Ltd. until 1994.
J.W. (Bill) Morton is the qualified person pursuant to National Instrument 43-101 guidelines and has approved this news release. Bob Johnston, P.Geo. of Mincord Exploration Consultants Ltd. supervised the field work on the Okeover project including the geochemical sampling protocol. Analyses were performed by Acme Analytical Laboratories, a certified facility located in Vancouver, BC, using multi-element (ICP-ES) procedures, with gold and silver determined by fire assay procedures.
J.W.Morton
J.W. Morton, President
Eastfield Resources Ltd.
FOR FURTHER INFORMATION REGARDING EASTFIELD PLEASE CONTACT:
Paul Way
(604) 681-7913 or
Toll Free: (888) 656-6611
About the Okeover Property:
The Okeover property is located twenty-five kilometres north of the City of Powell River, British Columbia and several kilometres east of Okeover Inlet, extending southerly from tidewater on Theodosia Inlet. The property consists of fourteen claims covering 5,233 hectares of land. Access is by way of 30 kilometres of highway and secondary logging roads from Powell River. Okeover is currently under option to Prophecy Resource Corporation who can earn a 60% interest in the project by completing $1,000,000 in exploration before March 8, 2010. Work funded by Prophecy in 2006 outlined a new copper-molybdenum soil anomaly over a substantial area approximately 1.5 kilometres to the northwest of the North Lake Zone. In 2007, Prophecy completed a total of seven drill holes.
About Eastfield Resources:
Since its inception in 1987, Eastfield has utilized a successful business strategy that involves securing third party exploration financing on its projects. At present, Eastfield has seven projects located in British Columbia and one in Nevada. Currently optioned projects include Okeover, optioned by Prophecy Resource Corp. (TSX-V: PCY); and Lorraine-Jajay, optioned by Teck-Cominco Limited (TSX: TCK.B) and soon to be spun-off to shareholders as Lorraine Copper Corp. (TSX-V: LCC) (Pending regulatory approval).
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. 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.
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