Eastfield Resources Discovers New Geophysical Targets at Iron Lake, BC
28.02.2013 | The Newswire
1Vancouver, BC, February 28, 2013, Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) provides an update on exploration completed in 2012 on its 100% owned Iron Lake-Hidden One copper, gold and platinum group metal project. The Iron Lake-Hidden One property is located 45 kilometres northeast of 100 Mile House, BC and encompasses an area of 16,871 hectares (41,688 acres).The 2012 exploration program on Iron Lake-Hidden One included 23.9 kilometres of induced polarization and magnetometer surveying and rock sampling. The results of this work included the discovery of two strong IP chargeable and magnetic targets in the ultramafic rocks interpreted to be plausible source areas for mineralized rubble, and two chargeable and magnetic anomalies discovered on reconnaissance lines within the adjacent calc-alkaline Takomkane batholith which have attributes of a porphyry copper response.
The Iron Lake-Hidden One property includes an unusual ultramafic body intruding a large calc-alkaline batholith. The ultramafic intrusion is host to disseminated and massive sulfide styles of mineralization. In the central area of the intrusion numerous pieces of mineralized rubble have been found since 2000 including two samples found in 2012. All samples have been extremely similar in their petrology (ultramafic olivine-pyroxenite) and metal content. The average of eight samples collected to date is 0.71% copper, 0.70 g/t gold and 324 ppb platinum+palladium. Drilling completed in 2005 and 2006, targeting electromagnetic (EM) responses, failed to find the source of the disseminated mineralization but did encounter significant thicknesses of pyrrhotite dominant massive sulfide (e.g. drill hole IL-05-03 with 17 metres in aggregate thickness of greater than 60% sulfide grading 0.34% copper and 23.7% iron)
In 2012 the Hidden One claims were acquired to cover little explored adjacent areas of the Takomkame Batholith (Triassic-Jurassic age) thought to share commonalities with the Woodjam copper gold project located 40 kilometres to the northwest and which is currently being explored by Gold Fields and Consolidated Woodjam Copper Corp.
Field evaluations of the new targets will continue in 2013.
The company remains financially healthy with cash and equivalent balances of approximately $2.5 million.
J.W. Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
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 Canadian mineral exploration company focused on the discovery of large gold and copper deposits; it currently has projects in British Columbia and in Nevada. Current projects include a 100% interest in the Zymo copper-gold property in BC, a 40% ownership in the Okeover copper-molybdenum project in BC with 60% partner Prophecy Resource Corp. (TSX-V: PCY), a 100% interest in the Tonopah-Hughes gold-silver project in Nevada and a 100% interest in the Iron Lake, Hidden One and Naggie base and precious metals projects in BC. Projects currently under option include the Indata gold project in BC, optioned to Oceanside Capital Corp. (TSX-V: OCC) who can earn up to a 60% interest. Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.
Contact:
Eastfield Resources Ltd.
Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611