Vancouver, B.C., July 27, 2022, Eastfield Resources Ltd. (TSX-V: ETF) (“Eastfield”) ;reports that a ;drill program funded by Tech-X Resources Inc. is expected to begin drilling at Iron Lake on or about July 28 while a drill program funded by Alpha Copper Corp has been drilling at Indata since July 6.
Tech-X Resources Inc. (“Tech-X”), a private company led by Haig Farris, is about to commence drilling at the Iron Lake copper-nickel-cobalt-platinum-palladium-gold project, located 40 kilometers northeast of 100 Mile House, BC. During the preceding year Tech-X has expended approximately $1M in target definition including airborne surveying, ground based induced polarization surveying, geological mapping and hand trenching. Diamond drilling will start within a week with a planned program of 3,000 to 3,500 meters testing both ultramafic hosted sulfide and porphyry copper-gold targets.
Tech-X may earn a 51% interest in Iron Lake by incurring exploration expenditures totalling $4,500,000 and making option payments totalling $520,000 over a five year term. Thereafter Tech-X can earn an additional 29% (80% total) by completing an additional $7,500,000 in exploration and paying an additional $480,000 over a further two year period (total work $12,000,000, total payments ;$1,000,000).
On July 6, 2022 Alpha Copper Corp. (“Alpha Copper”)(TSX-V: ALCU) began a 5,000 meter drill program at the Indata copper-gold project, located located 120 km north of Fort St. James, BC. A number of very prospective geophysical targets have been outlined which are both porphyry copper-gold and vein gold in character. Results from previous drilling include DDH88-11 with 47.26 g/t gold over 4.0 m and DDH98-4 with 0.20% copper over 148.0 m including 0.37% copper over 24.0 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 sharing similar geology.
Alpha Copper may earn a 60% interest in Indata 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 it.
J.W. Morton, P. Geo.
President and CEO
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-nickel-cobalt-platinum-palladium-gold project, 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. Induced polarization surveying which started in January, 2022 and completed in May. 3,000 to 3,500 meters of drilling is planned for 2022. 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 select 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 5,000 meter drill contract has been signed with work scheduled to start in late June 2022. Indata is fully permitted.
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 gold and gold-arsenic anomalies that may indicate a source of the historical heavy mineral sampling in this direction. CR is permitted for drilling.
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For more information, please visit the company’s website at www.eastfieldresources.com.