| ||August 08, 2017|
Eastfield Resources Update; Tonopah Sale Complete
| ||Vancouver, BC, August 8, 2017, Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) would like to provide an update on recent developments and a review of its project portfolio.|
Eastfield has recently completed the second of two sale agreements of its claims in the Tonopah Mining District, Nevada. The first was a sale to West Kirkland Mining Ltd. (TSX-V: WKM), whereby seven patented mineral claims were sold for a total of $285,000 CAD. The second recently completed sale was to Ely Gold & Minerals Inc. ("Ely Gold") (TSX-V: ELY, OTC: ELYGF) of the remaining claims for $50,000 CAD and 300,000 common shares of Ely Gold.
Eastfield is now able to focus on its specialty, which is gold, copper and other base metal exploration in British Columbia. Eastfield has a project portfolio of five fully-permitted mineral exploration projects of which it is the operator. These projects are:
Eastfield, as a TSX-V listed Tier 1 company, remains financial strong with current assets, consisting primarily of cash and investments, valued at over $1.0 million.
- Zymo (100%) - Located near Smithers, the property hosts at least three copper-gold porphyry mineralized zones known as the Hobbes zone, the FM zone and the RD target. Drilling in the Hobbes zone returned intercepts including 0.72% Cu and 0.54 g/t Au over 72.0 m. The Hobbes Zone has been traced for 800 m and is open to the north and to depth.
- Indata (91.1% with remainder to Imperial Metals Corp. (TSX-V: III)) - Located northwest of Fort St. James, this project hosts mesothermal gold-silver veins and porphyry style copper mineralization. Drill intercepts have included 47.26 g/t gold over 4 m and 0.20% copper over 145.4 m while trench results have included 0.37% copper over 75 m.
- Iron Lake (100%) - Located only 45 km northeast of 100 Mile House this cobalt-copper-gold and PGM property hosts disseminated and massive sulfide mineralization with a drill intercept that includes 1.4 m grading 0.95% copper and 0.13% cobalt from a 13 m intercept of massive sulfide and disseminated mineralization in float (source still unknown) which averages 0.71% Cu, 0.70 g/t Au and 0.32 g/t PGM.
- Big Valley (100%) - A gold project located near Wells, BC that shares characteristics with the deposits in Barkerville such as quartz-iron carbonate alteration and an association with base metal sulfides, with peripheral zones of strong iron-carbonate alteration. On the CR target an open-ended 800 m long IP anomaly remains untested. Several occurrences of high grade massive sulfide boulders have also been located indicating a good potential for discovering volcanogenic massive sulfide deposits.
- Naggie (100%) - A project located 50 km southwest of Williams Lake where pyrite-sericite altered ryholite-dacite is exposed in a road cuts. Induced polarization surveying has outlined chargeable targets that have not yet been drill tested.
J.W. Morton, P. Geo.
President and CEO
Eastfield Resources Ltd.
Contact: (604) 681-7913 or Toll Free: 888-656-6611
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.
About Eastfield Resources:
Eastfield Resources is a well-funded Canadian mineral exploration company focused on the discovery of large gold and copper deposits with several 100% owned highly prospective projects in British Columbia. Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.
You can view the Previous News Releases item: Fri May 26, 2017, Nevada Claims Sold to Ely Gold
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