Eastfield Resource’s CEO Reviews the Company
Eastfield Resource’s CEO Reviews the Company
Vancouver, BC, Jan 4, 2024, Eastfield Resources Ltd. “Eastfield” (TSX -V: ETF) is pleased to review the
assets of the company which consist of four mineral properties located in British Columbia plus cash and
marketable securities currently valued at approximately $600,000. The company has no debt and has never been
consolidated.
Eastfield operates on a model where option agreements with other companies derive both income and exploration
leverage. A summary of projects effective the beginning of 2024 follows.
Zymo: The 100% owned Zymo copper -gold property is located 45 km west of Smithers, BC encompassing
12,729-hectares. It was acquired via a 2007 option which was fully satisfied in 2012. Topography is generally
flat to undulating covered with a variable depth of overburden (generally not deep). Logging roads and clear-cuts
now extend to the northeast side of the property. Of major significance is a 8 km long by 3 km wide strong
induced polarization anomaly defining a copper -gold porphyry system containing several 1 km or more scale
targets with extensive areas having chargeability responses greater than 20 mv/V. Mineralization occurs in
porphyritic diorites and adjacent sediments in zones of strong potassic alteration. Two of the more notable zones
discovered to date are named the Hobbes and FM Zones (five zones in total now discovered). Mineralization is
surrounded by extensive areas of phyllic alteration which in turn is surrounded with a much larger areas of chlorite
and iron carbonate alteration suggesting unknown additional zones are probable both latterly and at depth. Results
to date include drill holes ZY08 -09 with 0.72% copper and 0.66 g/t gold over 72 meters, ZY08 -10 with 0.31%
copper and 0.21 g/t Au over 159 meters and hole ZY11 -20 with 0.28% copper and 0. 34 g/t gold over 126 m.
Peripheral precious metal veins have returned up to 10.78 g/t gold with several percent lead and zinc. Eastfield
and former partners or operators have so far expended approximately $5 million exploring this fully permitted
project.
Indata: A 4,551-hectare copper-gold- molybdenum porphyry and precious metal property located 120 km north
of Fort St. James, BC, optioned to Alpha Copper Corp who may earn 60% by completing $2, 500,000 in
exploration and paying $450,000 (cash and/or shares) by Dec 31, 2024. Eleven drill holes totalling 2,140 m were
completed in 2022. Results include IN22 -82 with 174 meters grading 0.23% copper starting at 2.9 meters
including 29 meters grading 0.47% copper starting at 2.9 meters. It constitutes the northern boundary of the Lake
Zone which remains open beyond this point. A new zone of molybdenum mineralization was unexpectedly
discovered in 2022 five kilometers to the south of the Lake Zone in what is now called “Area 74” where hole
IN22-74 intersected 30.8 meters grading 0.10% molybdenum (0.16% MoS 2 eq.) starting at 113.7 meters and
continuing to the bottom of the hole including 7.5 meters grading 0.32% molybdenum (0.51% MoS2 eq.). Results
from historical drilling at Indata include DDH88-11 with 4.0 meters grading 47.26 g/t gold. In 2019 new precious
metal mineralization was exposed by logging activities in the southern region of the claims with samples returning
up to 3.64% copper and 5.95 g/t gold and in 2023 mineralization grading 8.26 g/t gold and 106 .0 g/t silver was
exposed during road construction 3 kilometers to the north. The Kwanika and Stardust deposits, owned by
Northwest Copper Corp., are located immediately north of Indata and share a similar geological setting. Indata is
fully permitted.
Iron Lake: An 8,035-hectare copper-gold- palladium-platinum-cobalt project located 40 kilometers northeast of
100 Mile House, BC. The project is a joint venture with Tech -X Resources Inc. (a private company headed by
Haig Farris). Targets include ultramafic copper-gold- palladium-platinum-cobalt and porphyry copper-gold. The
ultramafic intrusion is host to disseminated and massive sulfide styles of mineralization. An average of 8 samples
of disseminated mineralized olivine pyroxenite rubble from one area is 0.71% copper, 0.7g/t gold, 0.20g/t
palladium, 0.13g/t platinum and 416 ppm nickel. A number of attributes of the Iron Lake Complex are comparable
to the Turnagain Ultramafic Complex in northern BC and also to the Lac Des Isles complex and deposit in
Ontario. Other occurrences sharing geological attributes ( particularly the olivine pyroxenite host) include the
Norilsk deposits in Russia and Boliden Mine’s Kevitsa Deposit in Finland. Elevations at the project are low and
topography subdued allowing for year-round activity. In late 2023 Tech-X, having drilled 25 diamond drill holes
and expending $4 million since 2021, earned a 51% interest in the project resulting in the current 51%-49% joint
venture between Tech-X and Eastfield. Iron Lake is fully permitted.
Hedgehog: A copper-gold (VMS) and lode gold, located approximately 12 kilometers north of the community of
Barkerville, BC. In 2021 60% option partner West Oak Gold Corp discovered several new soil anomalies (arsenic,
zinc and copper). Further soil sampling completed in 2022 defined a previously unknown arsenic -copper soil
anomaly with sporadic soil gold values to 748 ppb. Of significance to Hedgehog are several historic float samples
including a massive sulfide boulder grading 24.3% copper and 19.6 g/t sil ver discovered in 1999 and five
additional copper rich massive sulfide boulders with an average grade of 8.0% copper and 8.9 g/t silver discovered
by Hudson Bay Mining and Smelting in 2000. In 2013, Eastfield discovered mineralization in the current area of
interest where quartz veins hosted in rhyolite returned grab samples to 1.51 g/t gold and 1.37% zinc. Other
companies active in the area include Osisko Development Ltd. who is conducting a major exploration program
for gold in and around the Barkerville Gold Mine ten kilometers to the south. Extensive clear -cut logging is
currently in progress on the claims which will offer further opportunities for discovery. Hedgehog is fully
permitted.
This news release has been reviewed and approved by Mr. J.W. Morton, P. Geo., CEO of Eastfield Resources
Ltd. who is the Qualified Person within the context of NI 43-101 and takes responsibility for its technical content.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven ture
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.
Contact: (604) 681-7913 or Toll Free: 888-656-6611