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Thursday, October 17, 2013
Eastfield Resources Update on Recent Activities, BC
Vancouver, BC, October 17, 2013, Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) wishes to provide an update of recent activity.
During 2013 the company continued to work on several of its projects including Iron Lake, Indata and the Naggie property, which was staked in 2012 to cover a strong iron oxide gossan located in the Chilcotin region of BC. One new property named Hedge Hog was staked. It is located 20 km north of the community of Wells in central BC. The property was staked to cover massive sulphide boulders of volcanogenic massive sulphide origin with samples assaying up to 24.3% copper and 19.6 g/t gold as reported in government assessment records. Preliminary field investigations were completed at the newly-staked Hedge Hog property (Eastfield 70% and Badger Minerals Ltd. 30%). At the Iron Lake, Indata and Naggie properties, geological reconnaissance and geochemical soil and silt sampling were completed to define new target areas previously identified by geophysical surveying completed in 2011 and 2012.
The Iron Lake project, located 40 km northeast of 100 Mile House BC, is a gold and platinum group metals prospect associated with copper and lesser nickel and cobalt in ultramafic rocks. Deposit model analogues include Kevitsa located in Finland (First Quantum Minerals Ltd.) and Aquablanca Mine located in Spain (Lundin Mining Corporation). At Iron Lake both disseminated sulphide and massive sulphide styles of mineralization occur in an olivine pyroxenite phase of a large ultramafic intrusion. Disseminated mineralized rubble, still untraced to outcrop, has averaged 0.71% copper, 0.04% nickel, 0.70 g/t gold and 0.33 g/t platinum group metals. Massive sulphide mineralization, confirmed in a drill hole, has included 17 m grading 0.34% copper and 23.7% iron which may be indicative of favourable pyrrhotite association.
The Indata project, located 120 km northwest of Fort St. James BC, is a porphyry copper and lode gold prospect located within the Pinchi Fault Zone in rocks originally interpreted to be Cache Creek Group stratigraphy, but more recently have alternately been interpreted to be part of the Sitlika Assemblage which is the host lithology for the Kutcho Creek deposit. At Indata the porphyry copper target is defined by a granodiorite volcanic contact more than 6.0 km in extent. Within the target, soil copper values commonly exceed 500 parts per million and attain a maximum of 7,771 parts per million. Adjacent to the porphyry copper target, at a distance of 1.0 to 1.5 km, is a lode gold target which has historically been the focus of most exploration. Twenty-four drill intercepts over a 1.5 km long corridor in the lode gold target average 8.41 g/t gold and 52.43 g/t silver over an average core width of 1.5 m with the best intercept being 47.26 g/t gold and 2.0 g/t silver over a core width of 4.0 m.
Project specific reviews of the Zymo project have been conducted with several groups.
Eastfield remains financially strong with approximately two million dollars in cash and marketable securities.
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.
President and CEO
Eastfield Resources Ltd.
Contact:
Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
About Eastfield Resources:
Eastfield Resources is a Canadian mineral exploration company focused on the discovery of large gold and copper deposits; it currently has projects in British Columbia and in Nevada. For more information, please visit the company's website at www.eastfieldresources.com.
You can also view this News Release on our website at:
http://www.eastfieldresources.com/s/NewsReleases.asp?ReportID=607999 |