(TheNewswire)
Vancouver, B.C. - TheNewswire - July 15, 2019 - Eastfield Resources Ltd. (TSXV:ETF) (“Eastfield”) announces it has started the 2019 exploration program on its wholly owned Iron Lake property (copper-gold-platinum-palladium-cobalt-nickel). Iron Lake is subject to an option agreement with GK Resources Ltd. (TSX-V: NIKL) (“GK”) whereby GK may earn a 60% interest in the project by making $600,000 in option payments (cash and/or shares) and completing $3,000,000 in exploration work by June 20, 2023.
Iron Lake is located 45 kilometers northeast of the community of 100 Mile House, in southern British Columbia. The property consists of 21 claims totaling 8,035 hectares (19,854 acres) covering a large mafic to ultramafic intrusive body in which pyroxenite, olivine pyroxenite, gabbro and sodic pegmatite predominate. The intrusion is host to disseminated and massive sulfide styles of mineralization. Between the years 2000 and 2012 many samples of mineralized rubble were found at Iron Lake in a glacial till esker feature enclosed within an open ended IP chargeability anomaly. All of these samples are composed of olivine pyroxenite with a disseminated character of mineralization with an average metal content (8 samples) of 0.71% copper, 0.70 g/t gold, 0.32 g/t platinum + palladium and 417 ppm nickel. The bedrock source of this material has not yet been determined but is the focus of the 2019 program. Drilling completed in 2005 and 2006, targeting electromagnetic anomalies just south of the IP anomaly, encountered significant thicknesses of massive sulfide mineralization (e.g. hole IL-05-03 with 17 meters aggregate thickness of greater than 60% sulfide grading 0.34% copper and 23.7% iron). Cobalt values in the massive sulfide reach 0.14% over a 1.4 meter drill core sample interval while select grab samples reach 0.35%.
Induced polarization surveying is currently being completed to refine drill targets which will be drilled later in the program.
This news release has been reviewed by J.W. Morton P.Geo who is the Qualified Person within the context of NI43-101 and who takes responsibility for its content.
J.W. Morton, P. Geo.
President and CEO
Contact: (604) 681-7913 or Toll Free: 888-656-6611
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.
About Eastfield Resources:
Eastfield Resources is a well-funded Canadian mineral exploration company focused on the discovery of large precious metal and copper deposits. Eastfield currently has six mineral projects located in British Columbia of which three are currently optioned to third parties with work programs anticipated this year. These include: Hedge Hog (copper-gold-cobalt), optioned to Surge Exploration Inc. Indata (copper-gold), optioned to Prophecy Potash Corp. and Iron Lake (copper-gold -platinum-palladium-cobalt-nickel) optioned to GK Resources Limited.
For more information, please visit the company’s website at www.eastfieldresources.com.
Copyright (c) 2019 TheNewswire - All rights reserved.