Vancouver, B.C., Jan 20, 2021, Eastfield Resources Ltd. (TSX-V: ETF) (“Eastfield”) and Prophecy Potash Corp. (TSX-V: NUGT) (“Prophecy Potash”) provide an update on the status of the Indata project.
The Indata property totaling 3,189 hectares (7,880 acres) is located approximately 120 kilometers northwest of the community of Fort St. James, British Columbia and 230 kilometers northwest of the City of Prince George. It is situated in and adjacent to the Pinchi Fault Zone with the northern boundary being approximately 7 kilometers south of the southernmost boundary of the Stardust Project (Sun Metals Corp: TSX-V: SUNM ) and 10 kilometers south of the Central Zone of the Kwanika Deposit (Serengeti Resources Inc. : TSX-V: SIR). Terrain is flat to hilly and below tree line with elevations varying from 3,100 to 4,200 feet. Access is excellent with logging operations currently occurring in the southern region of the property. The project is permissive for copper-gold porphyry related mineralization, orogenic gold mineralization and limestone hosted CRD mineralization. Previous results have included drill intercepts of 47.26 g/t gold over 4.0 meters (with many lesser values) and porphyry copper mineralization with trench intercepts of 0.36% copper over 75 meters and drill intercepts of 0.20% copper over 148 meters and (with many lesser values). In 2007 a significant new target was developed in the northwest side of the property in an area underlain by limestone. Here soils are strongly anomalous in lead, zinc, gold, manganese and antimony. This anomaly is situated in carbonate rocks similar in character and in proximity to the Pinchi Fault as is the case at the Stardust Project located 18 kilometers to the north. In 2019 a road was constructed into this area to facilitate future work (1.7 kilometers).
Work completed in 2020 was limited to emplacing a number of soil lines (109 samples) in the southeastern area of the property south and east of where mineralized bedrock was exposed by recent logging and discovered in 2019. Select grab samples of this mineralization (diorite) included results to 3.64% copper and 5.95g/t gold (as well as several weakly mineralized or unmineralized samples). Overburden in this area is now interpreted to be deeper than expected and no significant new soil anomalies were defined by the 2020 sampling. Induced polarization surveying is a logical next step to explore this area.
A 60% interest in the Indata project is optioned to Prophecy Potash Corp. The option requires payment of $400,000 (cash and/or shares) and the completion of $2,000,000 in exploration work by June 20, 2023. Imperial Metals Corporation (TSX: III) retains a 8.5% working interest (subject to dilution) in the project.
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
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.
About Eastfield Resources:
Eastfield Resources is a well-funded Canadian mineral exploration company focused on the discovery of precious metal and copper deposits. Eastfield currently has six mineral projects located in British Columbia of which three are currently optioned to third parties. Eastfield also holds a strategic position in Consolidated Woodjam Copper consisting of approximately 9.5% of its outstanding shares.
For more information, please visit the company’s website at www.eastfieldresources.com.