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Thursday, January 17, 2008
New Copper-Gold Discovery On Zymo Property
Eastfield
Resources Ltd. (TSX-V: ETF)
("Eastfield") has received assay results from a reconnaissance
exploration program completed late last fall on the Zymo property, located 40
km west of Smithers, BC. A new area of porphyry style mineralization has been
discovered by prospecting approximately 4.5 km west of the main showing. Grab
samples from this area returned copper values to 0.33% and gold values to
1.13 g/t indicating a significant copper gold system associated with a
magnetic high that measures 1.0 km in length. The host rocks are intensely
altered intrusives.
New Discovery Area:
In the area of the new discovery, three short (400-500 metres long) soil
sampling lines on the outer edges of the magnetic high all showed strongly
anomalous copper, gold and molybdenum indicating an area of at least 1.0 x
1.0 km warranting more detailed exploration. Thirteen grab samples were taken
in this general area and copper values ranged from 17 ppm to 3,295 ppm and
gold values ranged from detection level to 1,130 ppb. The samples from the
southern periphery of the magnetic high were not well mineralized while the
samples from the centre to northern edge of the magnetic high were better
mineralized; these latter samples are highlighted in the following table:
Sample No.
|
% Cu*
|
g/t Au*
|
147553
|
0.31
|
0.28
|
147554
|
0.18
|
0.08
|
147555
|
0.14
|
0.03
|
147556
|
0.20
|
0.09
|
147559
|
0.08
|
0.11
|
147560
|
0.17
|
1.13
|
147561
|
0.33
|
0.18
|
*converted from ppm Cu and ppb Au, respectively
The main showing area, in the eastern portion of the property last saw ground
exploration in 1999 when six core holes were drilled at broad spacing,
outlining a large copper-gold porphyry system (see news release dated June
11, 2007 for a summary). In late 2004 an airborne geophysical survey was
completed over a large portion of the property but was not followed up until
Eastfield completed its initial program last fall. It was this airborne
survey and in particular the observance of a number of discrete magnetic high
features flanking a major regional northwest linear trend or structure that
directed the reconnaissance program which led to the discovery.
Main Showing Area:
In the main showing area it was determined that some of the 1999 drill
locations had been plotted incorrectly and that the main showings had not
been tested. Chip sampling along a creek exposure of moderately
surface-leached outcrop along a distance of 85 m, with sampling at 5 m
intervals, returned 0.13% copper and 0.26 g/t gold. Grab samples in this area
have returned up to 1.0% copper. Another new showing was located by
prospecting 800 m southeast of the main showing where a grab sample returned
a grade of 0.92% copper, 0.26 g/t gold and 4.5 g/t silver. This sample
displays intense sheeted quartz-sulphide veinlets that are cut by later
sulphide and quartz veinlets. The nearest drill holes are over 500 m to the
southeast and to the west, respectively.
Reconnaissance:
Several reconnaissance soil sampling lines were completed with the objective
of locating new targets. Two lines were placed at the north end of the
historical grid and the analytical results show that the gold-copper soil
anomaly has been extended approximately 400 m to the north and 300 m to the
west indicating an anomaly measuring 1.5 by 1.5 km and remaining open-ended
to the north. Sample lines spaced at 400-500 m between the main area and the
new discovery show anomalous values in copper and gold, but no outcrop was
located. This area will need further exploration.
Plans for 2008:
Eastfield management is excited about the new developments on the Zymo
property and their bearing on the potential for new discoveries. An
aggressive exploration program is being planned for the 2008 season. Several
companies have shown interest in participating in the property, and the
company is inviting joint venture partners. Eastfield has the option to earn
a 100% interest in the Zymo property. The 10,250 hectare property is accessed
by good quality logging roads from Smithers.
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. Bob Johnston, P.Geo. of Mincord Exploration Consultants Ltd.
supervised the field work on the Zymo 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.
G.L.Garratt, 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:
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); Iron Lake, optioned by
Avion Resources Corp. (TSX-V: AVR); and Lorraine-Jajay, optioned by
Teck-Cominco Limited (TSX: TCK.B) and soon to be spun-off 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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