Exploration Progress Report on Eastfield’s Copper-Gold-PGM Projects
Exploration Progress Report on Eastfield’s Copper-Gold-PGM Projects
Vancouver, BC, Sept 24 2024, Eastfield Resources Ltd. (“Eastfie ld”) (TSX-V: ETF) provides an update on
exploration on its copper-gold-PGM projects.
Eastfield operates on a model where projects are acquired and s ubsequent option agreements with other companies
derive both income and exploration leverage. Factors which make this viable, in addition to having projects that possess
large deposit attributes, include acquiring large acreage tenures, keeping expiry dates well into the future and having the
projects fully permitted. A summary of the more important 2024 projects, all of which are located in British Columbia,
follows.
Zymo: The 100% owned Zymo copper-gold property is located 45 km wes t of Smithers, British Columbia
encompassing 18,184 hectares. It was acquired in 2007 via an op tion which was fully satisfied in 2012. Since
acquisition, the company has br ought approximately $5 million i n exploration expenditures to the project. Of major
significance is an 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.
Thirty-four drill holes (10,810 meters) have now been completed . Mineralization occurs in porphyritic diorites and
adjacent sediments in zones of strong potassic alteration. Two of the more notable zones discovered to date are the
Hobbes and FM Zones (five zones in total now discovered). Miner alization is surrounded by extensive areas of phyllic
alteration. Large areas of arg illic alteration have also been o utlined that have occurrences of quartz/multi-metal veins
(Au-Ag-Zn-Pb-Cu) and even massive sulphide veins up to 1 m thic kness suggesting that potassic alteration likely
occurs both latterly and at depth. Results to date include dril l holes ZY08-09 with 0.72% copper and 0.66 g/t gold over
72 meters, ZY08-10 with 0.31% coppe r and 0.21 g/t Au over 159 m eters 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. Topography is generally flat to undulating covered wi th a variable depth of overburden (generally not deep).
Logging roads and clear-cuts now extend to the northeast side o f the property. In 2024 the claim group was expanded
by 5,455 hectares to cover additional airborne geophysical targ ets and an area underlain by the prospective Quock
Group of the Hazelton Formation wh ich is host to the world clas s Eskay Creek high-grade gold-silver mine. Fieldwork
to evaluate targets on the new claims was initiated in September.
Indata: A 4,551-hectare copper-gold- molybdenum porphyry and precious metal property located 120 km north of Fort
St. James, BC, is optioned to Alpha Copper Corp who may earn 60 % by completing $2,600,000 in exploration and
paying $420,000 (cash and/or shar es) by Dec 31, 2025 (a $60,000 payment was made in July, 2024). Eighty-four drill
holes (9,517 meters) have now been completed with eleven comple ted 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 (approximately one-kilometer square) which lies at the northern end
of a 2.4 km long Cu-in-soil anomaly. A new zone of molybdenum m ineralization was unexpectedly discovered in 2022
five kilometers to the south of the Lake Zone in what is now ca lled “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% MoS 2 eq.). Results from historical drilling at Indata include
DDH88-11 with 4.0 meters grading 47.26 g/t gold. In 2019 new pr ecious metal mineralization was exposed by logging
activities in the southern region of the claims with samples re turning 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 Co rp., are located immediately north of Indata and
share a similar geological setting. A permit to drill, granted June 30, 2003, is currently valid until Feb 22, 2026.
Iron Lake: The Iron Lake property (8,035 hectares) is located 50 kilomet ers northeast of the community of 100 Mile
House in south central British Columbia within rocks of the Tri assic-Jurassic Quesnel Terrane. Rocks are
predominantly volcanic, volcaniclastic and intrusive (both alka lic and calc-alkalic). At Iron Lake these units occur in
contact with an ultramafic body that is several square kilomete rs in extent. In 2023 Tech-X Resources Inc. (a private
company and option partner), having expended $4 million since 2 021, earned a 51% interest in the project. The half of
the property on the south side that is not ultramafic is slight ly lower in elevation. Outcrop here is very scarce and is
usually diorite or feldspar porphyry. In 2022 sixty kilometers of induced polarization survey was completed and a very
strong anomaly was outlined over an area measuring 4 by 3 kilom eters that constitutes a compelling untested porphyry
copper-gold target. The Iron Lake ultramafic complex, occupying the northern half of the property has received the vast
majority of exploration (including 43 drill holes-8,558 m). It corresponds to both very s trong regional magnetic and
regional airborne gravity highs. The ultramafic intrusion is ho st to disseminated and massive sulfide styles of
mineralization. An average of eight samples of disseminated min eralized olivine pyroxenite rubble (from one select
area) is 0.71% copper, 0.70g/t gold, 0.20g/t palladium and 0.13 g/t platinum (Cu Eq. approximately 1.6 % at current
metal prices). This style of mineralization has not yet been en countered in drilling. Several massive sulfide intercepts
from at least four horizons have been obtained. Two of the most significant intercepts occur in hole IL05-03 with 17.0
meters grading 0.34% copper and 23.7% iron and hole IL23-24 wit h 9.5 meters grading 0.42% copper. The Iron Lake
project is fully permitted for drilling with the current permit valid until May 2, 2027.
This news release has been prepared by Mr. J.W. (Bill) Morton, P.Geo., who is the Qualifie d Person within the context
of NI 43-101 and takes responsibility for it.
J.W. (Bill) Morton, P.Geo.
President and CEO
Contact:
Phone: (604) 681-7913, Toll Free: 888-656-6611
Website: http://www.eastfieldresources.com
Email: [email protected]
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.