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Vancouver, BC – TheNewswire - Sept 24 2024 - Eastfield Resources Ltd. (“Eastfield”) (TSX-V: ETF) provides an update on exploration on its copper-gold-PGM projects.
Eastfield operates on a model where projects are acquired and subsequent option agreements with other companies derive both income and exploration leverage. Factors which make this viable, in addition to having projects that possess large deposit attributes, include acquiring large acreage tenures, keeping expiry dates well into the future and having the projects fully permitted. A summary of the more important 2024 projects, all of which are located in British Columbia, follows.
Zymo: The 100% owned Zymo copper-gold property is located 45 km west of Smithers, British Columbia encompassing 18,184 hectares. It was acquired in 2007 via an option which was fully satisfied in 2012. Since acquisition, the company has brought approximately $5 million in exploration expenditures to the project. Of major significance is an 8 km long by 3 km wide strong induced polarization anomaly defining a copper-gold porphyry system containing several 1 km or more scale targets with extensive areas having chargeability responses greater than 20 mv/V. Thirty-four drill holes (10,810 meters) have now been completed. Mineralization occurs in porphyritic diorites and adjacent sediments in zones of strong potassic alteration. Two of the more notable zones discovered to date are the Hobbes and FM Zones (five zones in total now discovered). Mineralization is surrounded by extensive areas of phyllic alteration. Large areas of argillic alteration have also been outlined that have occurrences of quartz/multi-metal veins (Au-Ag-Zn-Pb-Cu) and even massive sulphide veins up to 1 m thickness suggesting that potassic alteration likely occurs both latterly and at depth. Results to date include drill holes ZY08-09 with 0.72% copper and 0.66 g/t gold over 72 meters, ZY08-10 with 0.31% copper and 0.21 g/t Au over 159 meters and hole ZY11-20 with 0.28% copper and 0.34 g/t gold over 126 m. Peripheral precious metal veins have returned up to 10.78 g/t gold with several percent lead and zinc. Topography is generally flat to undulating covered with a variable depth of overburden (generally not deep). Logging roads and clear-cuts now extend to the northeast side of the property. In 2024 the claim group was expanded by 5,455 hectares to cover additional airborne geophysical targets and an area underlain by the prospective Quock Group of the Hazelton Formation which is host to the world class Eskay Creek high-grade gold-silver mine. Fieldwork to evaluate targets on the new claims was initiated in September.
Indata: A 4,551-hectare copper-gold- molybdenum porphyry and precious metal property located 120 km north of Fort St. James, BC, is optioned to Alpha Copper Corp who may earn 60% by completing $2,600,000 in exploration and paying $420,000 (cash and/or shares) by Dec 31, 2025 (a $60,000 payment was made in July, 2024). Eighty-four drill holes (9,517 meters) have now been completed with eleven completed in 2022. Results include IN22-82 with 174 meters grading 0.23% copper starting at 2.9 meters including 29 meters grading 0.47% copper starting at 2.9 meters. It constitutes the northern boundary of the Lake Zone (approximately one-kilometer square) which lies at the northern end of a 2.4 km long Cu-in-soil anomaly. A new zone of molybdenum mineralization was unexpectedly discovered in 2022 five kilometers to the south of the Lake Zone in what is now called “Area 74” where hole IN22-74 intersected 30.8 meters grading 0.10% molybdenum (0.16% MoS2 eq.) starting at 113.7 meters and continuing to the bottom of the hole including 7.5 meters grading 0.32% molybdenum (0.51% MoS2 eq.). Results from historical drilling at Indata include DDH88-11 with 4.0 meters grading 47.26 g/t gold. In 2019 new precious metal mineralization was exposed by logging activities in the southern region of the claims with samples returning up to 3.64% copper and 5.95 g/t gold and in 2023 mineralization grading 8.26 g/t gold and 106.0 g/t silver was exposed during road construction 3 kilometers to the north. The Kwanika and Stardust deposits, owned by Northwest Copper Corp., are located immediately north of Indata and share a similar geological setting. A permit to drill, granted June 30, 2003, is currently valid until Feb 22, 2026.
Iron Lake: The Iron Lake property (8,035 hectares) is located 50 kilometers northeast of the community of 100 Mile House in south central British Columbia within rocks of the Triassic-Jurassic Quesnel Terrane. Rocks are predominantly volcanic, volcaniclastic and intrusive (both alkalic and calc-alkalic). At Iron Lake these units occur in contact with an ultramafic body that is several square kilometers in extent. In 2023 Tech-X Resources Inc. (a private company and option partner), having expended $4 million since 2021, earned a 51% interest in the project. The half of the property on the south side that is not ultramafic is slightly lower in elevation. Outcrop here is very scarce and is usually diorite or feldspar porphyry. In 2022 sixty kilometers of induced polarization survey was completed and a very strong anomaly was outlined over an area measuring 4 by 3 kilometers that constitutes a compelling untested porphyry copper-gold target. The Iron Lake ultramafic complex, occupying the northern half of the property has received the vast majority of exploration (including 43 drill holes-8,558 m). It corresponds to both very strong regional magnetic and regional airborne gravity highs. The ultramafic intrusion is host to disseminated and massive sulfide styles of mineralization. An average of eight samples of disseminated mineralized olivine pyroxenite rubble (from one select area) is 0.71% copper, 0.70g/t gold, 0.20g/t palladium and 0.13g/t platinum (Cu Eq. approximately 1.6 % at current metal prices). This style of mineralization has not yet been encountered in drilling. Several massive sulfide intercepts from at least four horizons have been obtained. Two of the most significant intercepts occur in hole IL05-03 with 17.0 meters grading 0.34% copper and 23.7% iron and hole IL23-24 with 9.5 meters grading 0.42% copper. The Iron Lake project is fully permitted for drilling with the current permit valid until May 2, 2027.
This news release has been prepared by Mr. J.W. (Bill) Morton, P.Geo., who is the Qualified Person within the context of NI 43-101 and takes responsibility for it.
J.W. (Bill) Morton, P.Geo.
President and CEO
Contact:
Phone: (604) 681-7913, Toll Free:
888-656-6611
Website: http://www.eastfieldresources.com
Email: info@eastfieldgroup.com
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.
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