(TheNewswire)
Vancouver, BC / TheNewswire / September 11, 2018, Eastfield Resources Ltd. (“Eastfield” (TSX-V: ETF) has recently experienced heightened market activity and while management is not aware of any specific reason for this activity it wishes to summarize the status of the company and its projects.
Eastfield has been an active company listed on the Toronto Venture Exchange since 1987. It has 44.9 million shares issued and has never been consolidated and is free of debt with cash, receivables and marketable investments totaling approximately 1.3 million dollars. The business model of the company has largely been that of a prospect generator. Many of its projects have been successful and have resulted in a number of “spincos” being created which have subsequently been spun out to shareholders including: Lorraine Copper Corp. (“Lorraine”: TSX-V: LLC), Cariboo Rose Resources Ltd., (“Cariboo”: TSX-V: CRB), Consolidated Woodjam Copper Corp. (from Cariboo) (“Woodjam”: TSX-V: WCC), Wildrose Resources Ltd. (now Spanish Mountain Gold Corp.) (“Spanish Mountain”: TSX-V: SPA) and Fort St. James Nickel Corp. (“Fort St. James”: TSX-V: FTJ).
Eastfield currently has six mineral projects located in British Columbia of which three are currently optioned to third parties. These include: Hedge Hog (copper-gold -cobalt), optioned to Surge Exploration Inc. (“Surge”: TSX-V: SUR). Indata (copper-gold), optioned to Prophecy Potash Corp. and Iron Lake (copper-gold-cobalt-platinum-palladium) optioned to GK Resources Limited.
Among the remaining 100% owned projects is the 15,719-hectare (38,842 acre) Zymo copper-gold project located near the community of Smithers, BC. Earlier this year Eastfield signed a confidentiality agreement concerning this project with a large multinational corporation who subsequently completed a site visit (July) and is currently reviewing the technical data. Zymo is a calc-alkaline copper-gold porphyry that Eastfield purchased in 2007 and has since explored extensively by soil and induced polarization surveys and 10,810 metres of drilling (36 diamond drill holes). Several zones of mineralization have been discovered within a strong induced polarization anomaly measuring 8 kilometers by 2 kilometers. Exemplary holes include hole ZY08-09 with 0.44% copper and 0.32 grams gold over 159 meters including 0.72% copper and 0.54 g/t gold over 72 meters (true width indeterminate). Other companies currently working in the Zymo area include Juggernaut Exploration Ltd. (“Juggernaut”: TSX-V: JUGR) who has recently initiated drilling at its Empire project located along Zymo’s western and southern claim boundaries.
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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