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| | October 29, 2009
Eastfield Options Interest in Kilometre 26 Project to Oroandes Resource Corp.
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| | Eastfield Resources Ltd. (TSX-V: ETF) is pleased to announce that Oroandes Resource Corp. (TSX-V: OAR) has entered into a four year option agreement with Eastfield Resources Ltd. to earn a 60% interest in the Kilometre 26 gold project located in central British Columbia. Oroandes may earn a 60% interest in Kilometre 26 by spending $1,575,000 on exploration, issuing 275,000 shares and making $107,500 in payments by September 25, 2013. An initial payment of $7,500 has been made and a $75,000 work program approved.
The Kilometre 26 gold project is situated on the postulated main break of the Pinchi Fault, one of the pre-eminent structural features in central British Columbia, extending in a north-south orientation for more than 450 kilometres. The Pinchi Fault is often cited as being analogues to the Melones fault located in the Motherlode district in California. In the Motherlode district California ultamafic rocks, often serpentinized, are frequently spatially associated with gold mineralization with in excess of 100 million ounces of gold having been produced in the nineteenth and twentieth centuries.
The Kilometre 26 property was staked to cover the area where, in 1983 Cominco discovered a large quartz-ankerite-mariposite boulder (altered serpentinite) which repeatedly graded approximately 8 grams per tonne gold. In 1986 Equinox Resources Ltd. optioned the then Cominco owned claims and completed 734 metres of reverse circulation drilling. While no significant gold was intersected several holes encountered ultramafic rock confirming that the boulder was probably located on the main break of the Pinchi Fault but obviously not in place.
Work on Kilometre 26 has commenced and will entail the establishment of soil and geophysical grids to define drill targets along the fault trace both north and south of the discovery boulder.
Bill Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
Bill Morton, P.Geo.
CEO and Director
Eastfield Resources Ltd. |
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