Eastfield Resources Update on Iron Lake Project, BC
Vancouver, BC, July 22, 2010 - Eastfield Resources Ltd. "Eastfield" (TSX-V: ETF) is pleased to provide an update regarding its Iron Lake project. The Iron Lake property is located in the Clinton mining division approximately 45 kilometres northeast of 100 Mile House in south-central British Columbia.
The Iron Lake project is under option to Cobre Exploration Corp. "Cobre" (TSX-V: CKB-H) who can earn a 60-per-cent interest in Iron Lake claims by completing $1.5-million in exploration ($100,000 completed), making payments to Eastfield of $175,000 ($10,000 paid), issuing 600,000 shares to Eastfield (issued), issuing 66,666 post consolidated shares to Eastfield (33,333 issued) and issuing shares with a value of $100,000 to Eastfield before June 1, 2013.
On July 16, 2010, the TSX Venture Exchange advised Cobre that the Iron Lake mineral property has been reviewed by the exchange and accepted as a property of merit acceptable for graduating the Cobre to Tier 2 status on the TSX-V. The company is instructed to file the approved NI 43-101 report on SEDAR and to proceed with additional filings to effect this graduation. A 1,000-metre drill program with a budget of $200,000 has been recommended in the approved 43-101 report in order to target disseminated and massive sulphide styles of mineralization on the property. An exploration permit to conduct the program has also been approved. The $200,000 of exploration expenditure is required by June 1, 2011.
The Iron Lake property consists of 15 mineral claims encompassing 7,116 hectares. The ground is typical of interior British Columbia and consists of Douglas fir, pine and spruce dominant forests occurring on a flat to undulating and moderately hilly landscape. Much of the area of the claims have been clearcut logged resulting in the establishment of excellent access to the property.
The Iron Lake property covers a large mafic to ultramafic intrusive body in which pyroxenite, olivine pyroxenite, gabbro, sodic pegmatite and diorite occur in contact with a large dominantly granodiorite batholith. In 2000, significant copper, gold, palladium and platinum-rich disseminated mineralization was discovered in several samples of olivine pyroxenite rubble (average: 7,173 ppm Cu, 676 parts ppb Au, and 312 ppb Pd plus Pt, plus 402 ppm Ni from six samples). In 2004 the Iron Lake property was flown by Fugro Airborne Surveys and a number of conductors were identified. The conductors were further defined by a 2006 UTEM ground survey. Targets from both surveys were drill tested in 2005-2006 identifying intersections of significant thicknesses of pyrrhotite-dominant massive sulphides. The most recent drill program completed at the Iron Lake property was in 2006.
J.W. Morton, PGeo, a qualified person within the meaning of National Instrument 43-101, has read and takes responsibility for this news release.
Bill Morton, P.Geo.
CEO and DirectorEastfield Resources Ltd.
Contact: Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
About Eastfield Resources:
Eastfield is a Canadian mineral exploration company focused on the discovery of large gold and copper deposits; it currently has seven projects in British Columbia and one in Nevada. Current projects include an option to earn a 100% interest in the Zymo gold-copper project; a 40% ownership in the Okeover copper-molybdenum project with 60% partner Prophecy Resource Corp. (TSX-V: PCY) and a 100% interest in the Tonopah gold project in Nevada. Projects currently optioned out include Kilometre 26, optioned to Oroandes Resource Corp. (TSX-V: OAR); Indata, optioned to Oceanside Capital Corp. (TSX-V: OCC.P) (subject to TSX Venture Exchange approval); Iron Lake, optioned to Cobre Exploration Corp. (TSX-V: CKB-H) and Crowsnest and Howell, optioned to MAX Resource Corp. (TSX-V: MXR). Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.