Drilling to Start at Iron Lake

2023-06-16 / @thenewswire

(TheNewswire)

Vancouver, BC – TheNewswire - June 16, 2023 - Eastfield Resources Ltd. “Eastfield” (TSXV:ETF) (OTC:ETFLF) is pleased to announce that Iron Lake Project option partner Tech-X Resources Inc. “Tech-X” (a private company) has informed the company that it anticipates beginning its 2023 drill program at Iron Lake on or about June 30.

The Iron Lake copper-gold-palladium-platinum-nickel-cobalt project is located 50 kilometers northeast of the community of 100 Mile House, BC and is optioned to Tech-X Resources Inc. (a private company headed by Haig Farris). Targets include ultramafic hosted copper-gold- palladium-platinum-nickel-cobalt and porphyry style copper-gold. Tech-X may earn an 80% interest in Iron Lake by completing a total of $12,000,000 in work and paying a total of $750,000 in option payments by June 15, 2029.

In 2022 Tech-X completed extensive induced polarization surveys and 23 diamond drill holes totalling 5,001 meters. Work in 2023 began with a VTEM airborne geophysical survey flown in March to further focus proposed 2023 drill targets.

This news release has been reviewed and approved by Mr. J.W. Morton, P. Geo., who is the Qualified Person within the context of NI 43-101 and takes responsibility for it.

J.W. Morton, P. Geo.

President and CEO

Contact: (604) 681-7913 or Toll Free: 888-656-6611

About Eastfield Resources:

Other Projects:

Zymo: 100% owned, 8 km long copper-gold porphyry system with several 1 km scale targets, located 45 km west of Smithers, BC. Results include drill holes ZY08-07 with 0.72% copper and 0.66 g/t gold over 72 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. Zymo is fully permitted.

Indata: copper-gold- (molybdenum) porphyry and precious metal quartz vein, located 120 km north of Fort St. James, BC, optioned to Alpha Copper Corp who may earn 60% by completing $2,300,000 in exploration and paying $450,000 (cash and/or shares) by June 20, 2024. Eleven drill holes totalling 2,140 m were completed in 2022. Results include IN22-82 with 173.6 meters grading 0.23% copper starting at 2.9 meters including 28.9 meters grading 0.47% copper starting at 2.9 meters. It constitutes the northern boundary of the Lake Zone which remains open beyond this point. A new zone of molybdenum mineralization was unexpectedly discovered 5 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 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. The Kwanika and Stardust deposits, owned by Northwest Copper Corp., are located immediately north of Indata and share similar geology. The 2023 field program is planned to start June 26, 23.

Hedgehog: copper-gold (VMS) and lode gold, located approximately 12 kilometers north of the community of Barkerville, BC. In 2021 option partner West Oak Gold Corp discovered several new soil anomalies (arsenic, zinc and copper). Further soil sampling completed in 2022 has defined a previously unknown cohesive arsenic-copper soil anomaly with sporadic soil gold values to 748 ppb. Intriguing to the potential of Hedgehog are several historic float samples including a massive sulfide boulder grading 24.3% copper and 19.6 g/t silver discovered in 1999 and five additional copper rich massive sulfide boulders with an average grade of 8.0% copper and 8.9 g/t silver discovered in 2000. In 2013, Eastfield discovered mineralization in the current area of interest where quartz veins hosted in rhyolite returned grab samples to 1.51 g/t gold and 1.37% zinc. Other companies active in the area include Osisko Gold Royalties Ltd.) who are conducting a major exploration program for gold ten kilometers to the south in and around the former operating Barkerville Gold Mine. Hedgehog is fully permitted.

CR: gold, located approximately 80 km northeast of the town of Quesnel, BC and 20 km north of the gold mining towns of Wells and Barkerville, was acquired by staking in 2014. There is no record of hard rock mineral exploration on the CR property prior to Noranda Exploration carrying out regional exploration in the area in 1986 identifying a 1.2 kilometre by 0.7 kilometre arsenic in soil anomaly surrounding a local drainage which they named Arsenic Creek. Eastfield subsequently completed surface soil and rock sampling and induced polarization surveying and an initial one-hole drill test in the 2022 field season.

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.

For more information, please visit our website at www.eastfieldresources.com