Eastfield Resources Ltd.: Gold Exploration Update - Hedgehog Project near Barkerville B.C.
Vancouver, Oct 16, 2019 - Eastfield Resources Ltd. (TSXV:ETF) (OTC:ETFLF) ("Eastfield") is pleased to report on the status of the Hedgehog project located near the historic gold mining community of Barkerville in east central British Columbia. The Hedgehog project is subject to an option agreement whereby Surge Exploration Inc. may earn a 60% interest in the project currently wholly owned by Eastfield Resources Ltd. by making payments (cash and or shares) totalling CAD$500,000 and completing work commitments totalling CAD$2,500,000 over a five year term. A trenching and excavator pitting program was completed at Hedgehog (Lottie area) in mid-August. Twenty-nine (29) excavations were completed using a large excavator with twenty-five (25) successfully reaching bedrock allowing sampling. Several excavated pits proved to be highly anomalous in nickel and or cobalt with values reaching 673 ppm nickel and 68 ppm cobalt.
Two targets are being explored on the Hedgehog project which is prospective for both Cyprus style massive copper-gold-silver-cobalt mineralization and Barkerville Gold Mines style gold mineralization (see Eastfield news release dated September 17, 2019).
Two separate areas of mineralization have been discovered at Hedgehog to date. The 2019 work program was focussed on the Lottie area where numerous massive sulfide boulders have been found which are mineralized with copper, silver and cobalt and where a historic placer gold mine is located. A separate area of interest, located approximately ten kilometers to the north of the Lottie area, has been named Golden Sky. Here outcropping quartz veins discovered in 2013 have returned values to 1.51 g/t gold, 1.37% zinc, 0.48% lead, 1,203 ppm arsenic and 1,313 ppm antimony (plus many lesser values). No work was completed at Golden Sky in 2019.
Bedrock mineralization at the historic Barkerville mines was discovered early in the nineteenth century as a consequence of proximity to prolific gold placer mines and outcropping mineralization. At Hedgehog, a historic placer gold mine occurs but very little outcrop exists and other techniques such as mechanical pitting are necessary to explore for mineralization.
The largest exploration program in the vicinity of the Hedgehog project is being conducted by Barkerville Gold Mines Ltd. (TSXV:BGM) ("BGM") which controls a very large claim block extending in a northwest-southeast direction for approximately 75 kilometers. The southern boundary of the Hedgehog project extends to within 500 meters of the BGM lands and is located approximately nine and a half kilometres to the north of the Island Mountain Mine. On July 11, 2019, BGM published a revised mineral resource estimate of 13.5 million tonnes grading 5.6 g/t Au containing 2.44 million ounces gold in the combined and measured category and 11.9 million tonnes grading 5.0 g/t gold containing 1.92 million ounces gold in the inferred category (Ni-43-101 report authored by Christine Beausoleil P.Geo, filed by BGM on Sedar on July 11, 2019).
Barkerville Gold Mines Ltd. is currently subject to a takeover bid by Osisko Gold Royalties Ltd. announced on September 23, 2019 which values BGM at approximately CAD$338 million. It should be noted that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties.
J.W. (Bill) Morton P.Geo, a qualified person within the context of NI-43-101, has prepared and takes responsibility for this news release.
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 with work programs anticipated this year. These include: Hedge Hog (copper-gold-cobalt), optioned to Surge Exploration Inc. Indata (copper-gold), optioned to Prophecy Potash Corp. and Iron Lake (copper-gold -platinum-palladium-cobalt-nickel) optioned to GK Resources Limited.
For more information, please visit the company's website at www.eastfieldresources.com.