21:28:41 EDT Fri 30 Sep 2022
Enter Symbol
or Name

Eastfield Resources Ltd
Symbol ETF
Shares Issued 51,344,919
Close 2022-08-11 C$ 0.07
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Eastfield Resources talks Indata drilling by Alpha

2022-08-12 14:13 ET - News Release

Mr. J.W. Morton reports


Eastfield Resources Ltd. has provided a midseason update on progress at the Indata project being explored by Alpha Copper Corp. Alpha Copper has an option to earn a 60-per-cent interest in the Indata project from Eastfield Resources by paying $400,000 (cash and/or shares) and completing $2-million in exploration expenditures before June 20, 2023.

Indata is located approximately 220 kilometres 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 under way 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).

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.

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 per cent copper and 0.11 gram per tonne gold. The company has 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 Eastfield moves from target to target. The company anticipates 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 J.W. Morton, PGeo, who is the qualified person within the context of National Instrument 43-101 and takes responsibility for its technical content.

About Eastfield Resources Ltd.

Eastfield Resources is a project generator offering highly prospective projects for investors and venture partners. Eastfield currently has five mineral exploration projects in British 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 finance exploration of these properties. This strategy reduces risk, increases leverage and minimizes share dilution.

Since inception, the company's projects have resulted in five spinouts and numerous joint ventures in its various spinouts with partners, including Goldfields, Teck, Freeport McMorran, and other major and junior resource companies.

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