Indata Copper-Gold Project Budget Increased to $1,000,000

2022-05-05 / @thenewswire

(TheNewswire)

Vancouver, B.C. - TheNewswire - May 5, 2022, Eastfield Resources Ltd. (TSXV:ETF) (“Eastfield”) is pleased to announce that Alpha Copper Corp. (TSX-V: ALCU) (“Alpha”) has advised the company that it is increasing the 2022 budget for the Indata project to $1,000,000 with the majority of the budget for drilling. Work will start in early June.

The Indata project encompasses 3,189 hectares (7,880 acres) and is located 230 kilometers northwest of the City of Prince George and immediately south of the Stardust-Kwanika Project owned by Northwest Copper Corp. The upcoming exploration program while predominantly diamond drilling will also include new grid work and excavator trenching.

A quick review of copper targets as they currently exist is as follows:

Lake Zone: A 1,000-meter-long induced polarization anomaly has identified and drill tested porphyry in its northern region and in 2019 returned surface samples in the southern region, where no drilling has occurred, up to 0.48% copper and 0.11 g/t gold.

NW Copper and SW Copper: Strong induced polarization anomaly in areas predominantly underlain by limestone. These Zones share geochemical and geological attributes with the Stardust deposit located 18 kilometers north owned by Northwest Copper Corp.

Quarry Zone: Road construction completed by a logging company in 2019 exposed mineralization in altered andesite-diorite grading up to 3.64% copper and 5.95 g/t gold. While this result was select in nature it is significant. Limited excavator trenching completed in 2019, in some directions from the quarry, did not reach bedrock.

Northeast Copper: In 2019 select sampling averaged 1.32% copper and 0.10 g/t gold in an area where a Placer Dome geologist sampled 17 samples in 1989 averaging 0.95% copper and 0.08 g/t gold in andesite-diorite variably silicified and quartz veined over an area of 400 meters by 250 meters (select values sometimes exceeding 3.5% copper and 500 ppb gold). An optimistic explanation for this mineralization is that it may represent leakage from a hidden porphyry system.

Alpha Copper Corp. has an option to earn a 60% interest In the Indata Project from Eastfield Resources Ltd. by paying $400,000 (cash and/or shares) and completing $2,000,000 in exploration expenditures before June 20, 2023.

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

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About Eastfield Resources:

Projects as follows:

Zymo: 8 km long copper-gold porphyry system with several 1 km scale targets, located 45 km west of Smithers, BC and 100% owned. 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. Work completed in 2021 included expansions to the induced polarization and soil grids at a cost of approximately $430,000. Zymo is fully permitted.

Iron Lake: copper-gold- palladium-platinum-cobalt, located 40 kilometers northeast of 100 Mile House, BC. The project is optioned to Tech-X Resources Inc. (a private company headed by Haig Farris). Targets include ultramafic copper-gold- palladium-platinum-cobalt and porphyry 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 $1,000,000 in option payments by December 31, 2027. Work competed in 2021 included an airborne MobileMT survey flown by Expert Geophysics Limited and extensive geological reconnaissance and sampling later in 2021. Induced polarization surveying is currently in progress with drilling planned for later in 2022 (3,000 to 5,000 meters). Iron Lake is fully permitted.

Indata: copper-gold 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 $2,000,000 in exploration and paying $450,000 (cash and/or shares) by June 20, 2023. A number of very prospective untested induced polarization targets exist and are fully permitted. Results from previous drilling include DDH88-11 with 47.26 g/t gold over 4 m and DDH98-4 with 0.20% copper over 148 m including 0.37% copper over 24 m at the bottom of the hole. 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. A 3,000 meter drill contract has been signed with work scheduled to start in June 2022.

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 anomalies. Particularly intriguing is a soil sample with 0.22% copper and 8.45% iron. Interest in this sample is inspired by previous float samples collected further south on the property including a massive sulfide boulder grading 24.3% copper and 19.6 g/t silver collected in 1999 and five additional copper rich massive sulfide boulders with an average grade of 8.0% copper and 8.9 g/t silver collected in 2000. In 2013, Eastfield discovered a new area of mineralization in the northern region of the claims where quartz veins hosted in sheared 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.) (TSX: OR) who are currently conducting a major exploration program for gold ten kilometers to the south in and around the former operating Barkerville Mine. The project 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 with airborne magnetic and ground follow-up (ground based surveys and soil sampling) identifying a 1.2 kilometre by 0.7 kilometre arsenic in soil anomaly surrounding a local drainage named Arsenic Creek. In 2014, Eastfield carried out induced polarization and magnetic surveys in this area and outlined a 200 metre by 800 metre northwest trending chargeability high that remains open to the north. In 2018 soil sampling upslope of historical heavy mineral stream sediment anomalies exposed several spot gold and gold-arsenic anomalies that may indicate a source of the historical heavy mineral sampling in this direction. CR is permitted for drilling.

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 the company’s website at www.eastfieldresources.com.