Eastfield Resources Announces Amendment to Indata Project Option Agreement

2024-01-18 / @thenewswire

(TheNewswire)

Vancouver, BC – TheNewswire - January 18, 2024 – Eastfield Resources Ltd. (“Eastfield” or the “Company”) (TSXV:ETF) (OTC:ETFLF) announces that Alpha Copper Corp. has entered into an amending agreement dated Jan. 12, 2024, in respect of the option agreement dated June 20, 2018 (as previously amended on May 7, 2019, Nov. 16, 2020, July 6, 2022, and March 20, 2023) with Eastfield Resources Ltd., pursuant to which Alpha Copper may acquire a 60-per-cent interest in the Indata copper-gold project located in north-central British Columbia.

In accordance with the amending agreement, to earn a 60-per-cent interest in the property, Alpha Copper must make remaining payments to Eastfield and incur remaining exploration expenditures on the property as follows:

Incur $350,000 in exploration expenditures and pay $35,000 (up to $20,000 of which may be paid in common shares of the company) by Jan. 23, 2024;
Pay $25,000 by June 20, 2024;
Incur $966,186 in exploration expenditures and pay $105,000 (up to $20,000 of which be paid in shares) by Dec. 31, 2024.

If the forgoing payments are made and exploration expenditures are incurred, the company will have paid an aggregate of $400,000 (up to $150,000 of which was paid shares) and incurred $2.5-million in exploration expenditures under the Option agreement to earn a 60-per-cent interest in the property.

The 4,551-hectare Indata copper-gold- molybdenum porphyry and precious metal property is located 120 km north of Fort St. James, BC. Eleven drill holes totalling 2,140 m were 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 which remains open beyond this point. 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. Indata is fully permitted.

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

J.W. Morton, P. Geo.

President and CEO

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

https://eastfieldresources.com

About Eastfield Resources: Other Projects:

Zymo: The 100% owned Zymo copper-gold property is located 45 km west of Smithers, BC encompassing 12,729-hectares. It was acquired via a 2007 option which was fully satisfied in 2012. 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. Of major significance is a 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. Mineralization occurs in porphyritic diorites and adjacent sediments in zones of strong potassic alteration. Two of the more notable zones discovered to date are named the Hobbes and FM Zones (five zones in total now discovered). Mineralization is surrounded by extensive areas of phyllic alteration which in turn is surrounded with a much larger areas of chlorite and iron carbonate alteration suggesting unknown additional zones are probable 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. Eastfield and former partners or operators have so far expended approximately $5 million exploring this fully permitted project.

Iron Lake: An 8,035-hectare copper-gold- palladium-platinum-cobalt project located 40 kilometers northeast of 100 Mile House, BC. The project is a joint venture with Tech-X Resources Inc. (a private company headed by Haig Farris). Targets include ultramafic copper-gold- palladium-platinum-cobalt and porphyry copper-gold. The ultramafic intrusion is host to disseminated and massive sulfide styles of mineralization. An average of 8 samples of disseminated mineralized olivine pyroxenite rubble from one area is 0.71% copper, 0.7g/t gold, 0.20g/t palladium, 0.13g/t platinum and 416 ppm nickel. A number of attributes of the Iron Lake Complex are comparable to the Turnagain Ultramafic Complex in northern BC and also to the Lac Des Isles complex and deposit in Ontario. Other occurrences sharing geological attributes (particularly the olivine pyroxenite host) include the Norilsk deposits in Russia and Boliden Mine’s Kevitsa Deposit in Finland. Elevations at the project are low and topography subdued allowing for year-round activity. In late 2023 Tech-X, having drilled 25 diamond drill holes and expending $4 million since 2021, earned a 51% interest in the project resulting in the current 51%-49% joint venture between Tech-X and Eastfield. Iron Lake is fully permitted.

Hedgehog: A copper-gold (VMS) and lode gold located approximately 12 kilometers north of the community of Barkerville, BC. In 2021 60% option partner West Oak Gold Corp discovered several new soil anomalies (arsenic, zinc and copper). Further soil sampling completed in 2022 defined a previously unknown arsenic-copper soil anomaly with sporadic soil gold values to 748 ppb. Of significance to 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 by Hudson Bay Mining and Smelting 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 Development Ltd. who is conducting a major exploration program for gold in and around the Barkerville Gold Mine ten kilometers to the south. Extensive clear-cut logging is currently in progress on the claims which will offer further opportunities for discovery. Hedgehog is fully permitted.

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.