(TheNewswire)
Vancouver, BC / TheNewswire / July 9, 2018 - Eastfield Resources Ltd. (“Eastfield”) (TSX-V: ETF) has entered into an Option Agreement with privately owned GK Resources Ltd (“GK”) whereby GK can earn a 60% interest in the Iron Lake, copper-gold-platinum group-cobalt project located 45 kilometers northeast of the community of 100 mile House, British Columbia.
The Iron Lake property consists of 21 claims totaling 8,035 hectares (19,854 acres). The claims cover an unusual mafic intrusion that is host to disseminated and massive sulfide styles of mineralization. Between the years 2000 and 2012 eight samples of mineralized rubble have been found in glacial till. All of these samples are similar in their rock type and metal content and disseminated character of mineralization. The average metal content of the eight samples is 0.71% copper, 0.70 g/t gold and 324 ppb platinum+palladium. Drilling completed in 2005 and 2006, targeting electromagnetic anomalies, failed to find the source of the disseminated mineralization but did encounter significant thicknesses of pyrrhotite dominant massive sulfide e.g. drill hole IL-05-03 with 17 metres (aggregate thickness) of greater than 60% sulfide which graded 0.34% copper and 23.7% iron. Cobalt values in massive sulfide in drill core reach 0.14% over 1.4 meters with select hand grab samples reaching 0.35%
In 2016 claims were added on the southeastern side of the property to capture an area of arsenical gold mineralization associated with a megacrystic feldspar intrusion. Soil values in this area reach 12.0 grams per tonne gold and select rock samples reach 74.9 grams per tonne gold.
To earn the 60% interest GK is required to complete $3,000,000 in exploration, pay $400,000 in cash and $250,000 in cash/share equivalents over a 5 year term. A minimum $100,000 program is required in the first year.
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
Eastfield Resources Ltd.
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 owns a 100% interest in five mineral projects in British Columbia. Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company’s website at www.eastfieldresources.com.
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