Eastfield Resources Provides Indata Drill Campaign Update
VANCOUVER, August 12, 2022 - Eastfield Resources Ltd. (TSXV:ETF) (OTC:ETFLF) (Frankfurt:35E) is pleased to provide a mid season update on progress at the Indata project being explored by Alpha Copper Corp. (CSE: ALCU). Alpha Copper Corp. has an option to earn a 60% interest In the Indata Project from Eastfield Resources Ltd. by paying $400,000 (cash and/or shares) and completing $2,000,000 in exploration expenditures before June 20, 2023. Indata is located approximately 220 kilometers northwest of the city of Prince George on the juncture of Quesnel Terrane Rocks and Cache Creek Terrane rocks in and around the Pinchi Fault Zone. The summer drill program currently underway is oriented with a discovery objective looking for three distinct target types; porphyry copper gold (molybdenum), vein gold and carbonate replacement (CRD) mineralization.
Alpha is undertaking a 5,000-metre drill program to test multiple high level geophysical targets The first 2022 drill hole, of this drilling campaign, IN-22-74 (Target 'J') started in volcanic mineralized rock then encountered felsic intrusive near the end of the hole (144 metres) where it intersected molybdenum mineralization (a classic characteristic of CRD mineralized rock in limestone is an adjacent molybdenum mineralized porphyry body). Please find attached photo of molybdenum mineralization in hole IN-22-74.
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Figure 1: Representative photo of molybdenum mineralization identified near the end of drill hole NL-22-74
IN-22-75 and IN-22-76 were drilled as the project moved north to the Lake Copper Target. Hole IN-22-76 encountered encouraging vein mineralization and both holes confirmed the extent of the intrusive entity which is receptive for porphyry copper-gold mineralization. As seen on map insert (Figure 2).
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Figure 2: 2022 Drill targets and IP Data
Diamond drill hole IN-22-80 is targeting an area near identified outcrops of mineralized areas with chalcopyrite discovered in 2019 on the east side of Albert Lake which is approximately 100 metres west of the north-south oriented geophysics induced polarization ("IP") line 1250E. The drill hole encountered strong chalcopyrite mineralization from surface to 45 metres which is very encouraging since there is only limited IP coverage in this area. The Lake Copper Target was discovered through an outcrop sample taken in 2019 which ran 0.48% copper and 0.11 g/t gold. We have elected to continue drilling hole IN-22-80 past its originally targeted depth as the core visuals are very encouraging.
So far, the project has been very selective in its drilling to maintain efficiency and resources as we move from target to target. We anticipate this drilling campaign to last well into Q3 of 2022 with results coming in intermittently during the course of the program.
Qualified Person
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
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.
About Eastfield Resources
Eastfield Resources Ltd. is a project generator offering highly prospective projects for investors and venture partners. Eastfield currently has five mineral exploration projects inBritish Columbia, Canada, all of which will have active exploration activity in 2022. These projects include Gold, Copper, Cobalt, Silver, Molybdenum and Platinum Group Metals. Eastfield Resources partners with other companies to fund exploration of these properties. This strategy reduces risk, increases leverage and minimizes share dilution.
Since inception, our projects have resulted in 5 spinouts and numerous joint ventures in its various spinouts with partners including Goldfields, Teck, Freeport McMorran and other major and junior resource companies.