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Thursday, July 26, 2012
Eastfield Resources Announces Drilling Program Start-up on Zymo Copper-Gold Project, BC
Vancouver, BC, July 26 2012 - Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) is pleased to announce the mobilization for the 2012 drilling program at the Zymo Copper-Gold Project ("Zymo") in British Columbia. The 12,896 hectare property is located 45 kilometres west of Smithers, British Columbia and Bearing Resources Ltd. ("Bearing") (TSX-V: BRZ) is earning a 65% interest in the project from Eastfield. Historical exploration, including surface sampling, geophysical testing and core drilling, has identified a large copper-gold porphyry system that includes four distinct porphyry targets (Hobbes, FM, URC and RD Zones). Overall the targets are defined by coincident copper and gold soil anomalies contained within a nine kilometre by three kilometre induced polarization ("IP") chargeability anomaly which remains open to the southeast.
Bearing has budgeted $900,000 for a six hole, 2,500 metre, diamond drill program designed to further test and expand the four known target areas. A summary of the zones and significant results follows:
Hobbes Zone
Hobbes is the most advanced target with ten historic (2008-2009) drill holes intersecting copper/gold mineralization including ZY08-09, drilled in 2008, and which returned 72 metres (core length) of 1.11% Cu equivalent ("Cu eq.") (0.72% Cu and 0.54 g/t Au). Drilling of seven holes in 2011 by Bearing focused on step-out drilling to the north, east and west of the prior drilling and was successful in extending mineralization approximately 75 metres to the north, 100 metres to the east and 80 metres to the west (hole ZY11-20 returned 126 metres of 0.54% Cu eq. (0.34% Cu, 0.28 g/t Au, starting from surface). The mineralization remains open to depth and to the west, east and south. Mineralization covers an area defined by drilling of 720 metres by 350 metres with the deepest intersection extending to 300 metres.
FM Zone
FM is four kilometres east of the Hobbes zone and has been tested by seven historical wide-spaced drill holes that encountered mostly barren to low grade phyllic-altered intrusive and intrusive breccias associated with magnetic lows. In 2011, two new areas were drill tested by Bearing that targeted magnetic high anomalies and associated gold and copper soil geochemistry. Drilling was successful in identifying two new areas of copper-gold mineralization. Hole ZY11-18 tested the original discovery outcrop and returned 144 metres of 0.32% Cu eq. starting at 15 metres before passing into anhydrite-veined diorite breccia. Hole ZY11-19 located 770 metres south of hole ZY11-18 intersected a long low grade interval of 353.5 metres grading 0.16% Cu eq. within diorite and diorite breccia. Both areas are open to expansion and suggest additional potential at other undrilled magnetic highs within the FM zone.
RD Zone
The RD Zone lies 1.0 km southwest of the FM and 3.0 km southeast of the Hobbes Zone. The target is defined by an 800 m by 1,000 m copper-gold in soil anomaly. Massive sulphide veins up to 1.0 m thick have been located on the western side of the target and these carry high silver and gold values. There is no outcrop and no drill testing to date on this target.
URC Zone
At URC, located 1.5 kilometres southwest of Hobbes, is a large 200 metre by 1,500 metre copper and gold soil anomaly and coincident geophysical anomalies (magnetic high and IP high). Two drill holes completed in 2011 returned inconclusive results and the anomalies remain unexplained. The URC target remains largely untested.
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.,Director
Eastfield Resources Ltd.
Contact:
Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
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. Current projects include a 40% ownership in the Okeover copper-molybdenum project with 60% partner Prophecy Resource Corp. (TSX-V: PCY), a 100% interest in the Tonopah gold project in Nevada and a 100% interest in the Iron Lake, Naggie and Hidden One base and precious metals projects in BC. Projects currently optioned out include Zymo, optioned to Bearing Resources Ltd. (TSX-V: BRZ) and Indata, optioned to Oceanside Capital Corp. (TSX-V: OCC). 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:
http://www.eastfieldresources.com/s/NewsReleases.asp?ReportID=539029 |