Project update
posted on
Apr 27, 2008 01:03PM
Eastfield Resources Ltd. (TSX-V: ETF) ("Eastfield") would like to update shareholders about its plans for 2008. Following the completion of the spin-off of the Lorraine-Jajay-Tam-Misty property to Lorraine Copper Corp. (TSX-V: LLC), Eastfield will continue with six projects in British Columbia and one in the state of Nevada and with approximately $400,000 in working capital. Eastfield expects a busy exploration season in 2008 on its Okeover (Ok) project and other projects.
Eastfield will continue to follow its low risk/high leverage business model that is based on funding exploration by optioning its properties to other companies. This business model has been followed successfully since 1987. Wildrose Resources (TSX-V: WRS), Cariboo Rose Resources (TSX-V: CRB) and Lorraine Copper all have their origins in Eastfield, demonstrating the success of this business model.
A summary of the company's continuing projects, on which Eastfield and its partners to date have completed more than five million dollars in exploration, is as follows:
Okeover: A copper-molybdenum project over 5,233 hectares in size and located on the coast near Powell River, BC. In 2006, Dr. Nick Carter authored a NI 43-101 compliant resource estimate for the North Lake Zone totalling 86.8 million tonnes grading 0.31% copper and 0.014% MoS2 (one of several zones of mineralization). In 2007, Prophecy Resource Corp. (TSX-V: PCY), who can earn up to a 60% interest in the Okeover project, completed ten additional diamond drill holes. Significant new mineralization was found to the east and at depth in the North Lake Zone area and a significant new area of mineralization (39.7 metres grading 0.045% MoS2 and 0.27% Cu) was discovered two kilometres further to the south. Prophecy Resource Corp. has recently announced that drilling will resume by mid May.
Zymo: A 10,250 hectare property with a copper-gold porphyry system that has additional potential for high sulphidation gold-silver-zinc mineralization. Zymo is a relatively recent discovery on which a small drill program was completed by Freeport McMoran (NYSE: FCX) in 1999. Eastfield acquired Zymo, located approximately 45 kilometres west Smithers, BC in 2007 by way of an option agreement (option to earn 100%) from a consortium of private individuals. A surface program completed by Eastfield late in the season discovered a new area of porphyry style mineralization 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. A new showing was also discovered in the main showing area that returned 0.92% copper, 0.26 g/t gold and 14.5 g/t silver. Several potential partners have expressed interest in the Zymo project and the company anticipates a significant field program in 2008.
Iron Lake: Active in 2007, this 7,116 hectare copper-gold-platinum group metal project is located approximately 50 kilometres northeast 100 Mile House, BC. The best drill intercept was 1.23 g/t gold over 57.9 metres.
Indata: Active in 2007, this 3,060 hectare porphyry copper and lode gold project is located 150 kilometres north of Fort St. James and 10 kilometres south of Serengeti Resource's (TSX-V: SIR) Kwanika project.
Howell: Active in 2006, this 4,374 hectare carbonate hosted disseminated gold project is located in southeastern BC approximately 50 kilometres south of Fernie, BC.
Crowsnest: Active in 2006, this 2,282 hectare lode gold project is located in southeastern BC approximately 10 kilometres southeast of the Howell Project. A trench sample taken in 2000 returned 10.6 g/t gold across 16.0 metres.
Tonopah: A lode gold-silver project consisting of 25 patented claims located near Tonopah Nevada. Total area 350 acres, active in 1997.
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