Vancouver, B.C., September 2, 2021, Eastfield Resources Ltd. (TSX-V: ETF) (“Eastfield”) and Prophecy Potash Corp. (TSX-V: NUGT) (“Prophecy Potash”) announce that Prophecy Potash will fund a diamond drilling program on the Indata copper-gold property located approximately 120 kilometers northwest of the community of Fort St. James, British Columbia. The Indata property, totaling 3,189 hectares (7,880 acres), is situated adjacent to the Pinchi Fault Zone with its northern boundary being approximately 7 kilometers south of the southernmost boundary of the Stardust-Kwanika Project (Northwest Copper Corp.: TSX-V: NWST). Terrain is flat to hilly and access is excellent with logging operations currently occurring in the southern region of the property.
The project is permissive for copper-gold porphyry related mineralization, orogenic gold mineralization and limestone hosted CRD mineralization. Previous results have included drill intercepts of 47.26 g/t gold over 4.0 meters (with many lesser values) and porphyry copper mineralization with drill intercepts including 0.20% copper over 148 meters (with 0.37% copper over 24 meters at the bottom of the hole) and trench intercepts of 0.36% copper over 75 meters.
The proposed 2021 program will focus on the Albert Lake copper target where sampling completed in 2019, 500 meters to 1,000 meters to the south of historic results, included a number of significantly mineralized samples grading up to 0.48% copper, 0.24 g/t gold and 5.95 g/t silver coincident with a strong 1.x km by x km induced polarization response obtained in a 2012 survey.
The Indata project is subject to a 2018 option agreement between Eastfield and Prophecy Potash which grants Prophecy Potash the right to earn a 60% interest by paying $400,000 (cash and shares) and completing $2,000,000 in work over a five year term.
Eastfield also provides a summary of its other activities:
Zymo (100% owned), 27.2 km of new grid line was established in June and July with most of it soil sampled and surveyed with induced polarization. The IP/Magnetics survey was placed to fill in large gaps in the earlier surveys and locally extend lines to close open-ended parts of the 8 km long chargeability anomaly. Along with fill-in soil sampling the results will be compiled with the historical data but early interpretation appears to show a confirmation of the strength and large scale of the overall anomaly which hosts several significant copper-gold occurrences and targets.
Iron Lake (51% or 80% interest optioned to Tech-X Resources Inc.) [a private company]. To earn the full interest work commitments of $12 million are required. An airborne magnetotelluric survey costing approximately $250,000 was completed in June. Planned geological fieldwork and ground truthing the geophysics were interrupted by fires but are planned for later in the season.
Hedgehog (60% interest optioned to West Oak Gold Corp.). Fieldwork at the project, located 15 kilometers north of Barkerville, began the first week of August. The 2021 program will explore an area of the claim called Golden Sky where a grab sample from an exposure in a road cut sampled in 2013 returned 1.51 g/t gold, 1.27% zinc, 0.48% lead, 1203ppm arsenic and 1313ppm antimony. Little work in this area has been completed since the discovery. The immediate neighbour to this project is the Cariboo Gold Project owned by Osisko Gold Royalties.
Recent Financial Activity (July 22, 2021). A flow through private placement of 4,450,000 units priced at $0.10 per unit, each unit consisting of one flow-through common share and one non-flow-through share warrant exercisable for one additional common share at a price of $0.15 was completed. Funds will be used predominantly to fund work at Zymo.
Non- Project Assets
|Company||Shares||Current Price||Total Value|
|Consolidated Woodjam Copper||11,751,805||$0.15||$1,762,770|
|WCC Warrants @ $0.05||3,250,000||$0.10 in $||$325,000|
|Northwest Copper Corp.||216,615||$0.61||216,614|
|GK Resources Ltd.||333,333||$0.17||$56,667|
|Prophecy Potash Corp||243,369||$0.21||$51,107|
|Cariboo Rose Resources||208,000||$0.055||$11,440|
This news release has been reviewed by J.W. Morton P.Geo who is the Qualified Person within the context of NI43-101 and who takes responsibility for the technical content in it.