TheNewswire - Eastfield Resources Ltd. (TSXV:ETF) is the "mother ship" of the Eastfield Group of companies which include Eastfield Resources Ltd, Cariboo Rose Resources Ltd. (TSXV:CRB) and Consolidated Woodjam Copper Corp. (TSXV:WCC). Eastfield operates with two business strategies. Firstly it conducts mineral exploration both independently and in option/joint venture agreements with other companies and secondly it invests in companies with significant attractive and undervalued assets. The largest single corporate investment is 12.5 million shares of Consolidated Woodjam Copper Corp. representing approximately 14% of that company's stock. The company holds other strategic investments in companies including Sun Metals Corp. (TSXV:SUNM). Some of the investments owned by Eastfield relate to previous spin out transactions.
In 2019 Eastfield with option partners GK Resources Ltd. (TSXV:GK) completed exploration on the Iron Lake copper-gold-palladium project located northeast of the community of 100 mile House, BC (see news release dated Dec 6, 2019 for more details) and with option partner Prophecy Potash Corp. (TSXV:NUGT) on the Indata copper gold project located northwest of the community of Fort St. James BC. Highlights of work completed at Indata included the discovery of a new area of mineralization where rock sampling returned grab samples of diorite that included 3.64% copper and 5.95 g/t gold (very little additional sampling has yet been completed in this area and its significance cannot yet be determined; see news release dated Nov 26, 2019 for more details). In 2019 Eastfield solely funded a small program on its 100% owned Zymo project located west of the community of Smithers BC. Zymo, totalling 9,194 hectares (22,718 acres), is Eastfield's most advanced project and has had more than $4,000,000 in exploration completed on it since Eastfield acquired this project in 2007. Zymo is a copper-gold porphyry with distal base metal precious metal veins. Drill intersections have included 72.0 meters of 0.72% copper and 0.54 g/t gold within a larger intercept of 253.0 meters grading 0.32% copper and 0.23 g/t gold (hole ZY08-09). Auriferous base metal veins up to 100 metres in length have also been discovered from which grab sample results have included 17.6 g/t gold, 568.0 g/t silver and >10% lead-zinc (other samples have returned lesser values). A small soil sampling program was completed on the CR gold property, near the town of Wells, BC, to expand on previous grid sampling where an open-ended, 800 meter long IP chargeability anomaly has been outlined.
Eastfield continues to look for new opportunities and advance its portfolio of projects.
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 its content.
J.W. Morton, P. Geo.
President and CEO
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 precious metal and copper deposits. Eastfield currently has six mineral projects located in British Columbia of which two are currently optioned to third parties. Eastfield also holes a strategic position in Consolidated Woodjam Copper consisting of approximately 14% of its outstanding shares and smaller strategic potions in several other TSX-V companies
For more information, please visit the company's website at www.eastfieldresources.com.
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