Vancouver, BC, Jan 23, 2023 Eastfield Resources Ltd. “Eastfield” (TSX-V: ETF) (OTC: ETFLF) and Option Partner Alpha Copper Corp “Alpha Copper” (CSE: ALCU) (OTC: ALCUF) (FSE: PP0) are pleased to review the results of 11 of 13 holes completed (2,140 meters) on the Indata project in the 2022 field season. Samples from the final two holes are currently in the lab being analyzed. Significant results from the program include hole IN22-82 drilled in the Lake Copper Zone and hole IN22-74 which discovered a previously unknown molybdenum mineralized system 5 kilometers to the south:
This hole intersected 173.6 meters grading 0.23% copper starting at 2.9 meters including 28.9 meters grading 0.47% copper starting at 2.9 meters. It was drilled east to west and constitutes the northern boundary of the Lake Zone which remains open to the north beyond this point. Mineralization is hosted in andesitic to basaltic volcanic and subvolcanic diorite variably altered to chlorite, actinolite and biotite (high temperature). Significant intercept are as follows:
|Hole #||From (m)||To (m)||Intercept (m)||Copper(%)|
Copper mineralization in the Lake Copper Zone occurs without other accessory metals in significant concentration. The open ended footprint for the Lake Copper Zone now measures 900 meters by 400 meters.
This hole 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.) starting at 113.7 meters. Mineralization occurs in a granitic intrusive capped by a gabbroic intrusive. Depth and lateral extent of the molybdenum mineralization, which occurs as disseminations and stockwork veins without significant copper, is unknown. The final sample in the hole returned 0.043 % Mo. The discovery has been named “Area 74”.
|Hole #||From (m)||To (m)||Intercept m)||Molybdenum(%)||(MoS2 eq.)(%)|
Hole IN22-84; This hole tested a Carbonate Replacement Deposit (CRD) target located approximately 2 kilometers north of the Lake Copper Zone and 7 kilometers north of hole IN22-74. The hole intersected brecciated limestone to 71.3 m followed by weakly molybdenum mineralized granite (Mo values to 275 ppm) to the end of the hole at 246.6 m. The limestone was found to be consistently anomalous in the pathfinder elements arsenic and antimony with arsenic values to 402 ppm and antimony to 136 ppm. These results support the conclusion that this area, now named “the Dover Area” is permissive for both Carbonate Replacement Deposit (CRD) and Carbonate Hosted Precious Metal styles of mineralization.
MSALabs of Langley, BC completed the analytical determinations utilizing a multi element procedure that includes Aqua Regia digestion followed by inductive plasma (ICP) analysis and additionally a 30 gram gold fire assay using atomic absorption techniques. QC/QA protocols included submitting independent standards into the sample stream to augment laboratory standards.
The Indata project is located 240 kilometres northwest of Prince George, 88 kilometres west of Centerra’s Mount Milligan Mine, and 16 kilometres south of Northwest Copper’s Kwanika and Stardust projects.
The property straddles the Mesozoic aged Quesnel Terrane on the east side and the Paleozoic age Cache Creek Group of Rocks on the west. The 2022 program focused on porphyry copper related, and carbonate replacement (CRD) style mineralization. The discovery of a blind molybdenum system was not anticipated. Alpha Copper may earn a 60% interest in the Indata project by completing $2,000,000 in exploration and paying $450,000 (cash and/or shares) by 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 its technical 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.
For more information, please visit the company’s website at www.eastfieldresources.com.
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. Induced polarization surveying continued through the winter and spring (2022) with 23 drill diamond drill holes (5001 m) completed thereafter. Analytical work continues and an aggressive program is planned for 2023.
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. Hedgehog is fully permitted. Soil grid expansions and infill sampling were completed in October.
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.. An initial drill test was completed late in the 2022 field season (analytical work is in progress).