Eastfield Resources Enters Lease/Purchase Agreement with West Kirkland Mining Ltd.
1Vancouver, BC / TNW-ACCESSWIRE / September 29, 2014 / Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) is pleased to announce that a staged purchase agreement was completed on September 10, 2014 with WK Mining (USA) Ltd., a wholly-owned subsidiary of Vancouver based West Kirkland Mining Ltd. (TSX-V: WKM), whereby WK Mining will purchase a 100% interest in seven patented mineral claims in the Tonopah Mining District in Nevada from Eastfield. The purchase may be completed by making staged payments to Eastfield of $280,000 over a three-year period. These claims lie adjacent to the Three Hills gold deposit.
In April, 2014 West Kirkland Mining Ltd. completed the purchase of the Hasbrouck and Three Hills properties from Allied Nevada. The purchase totaled $20 million for a 75% interest with an option to purchase the remaining 25% for an additional $10 million. West Kirkland immediately began a program to complete a prefeasibility study and to initiate permitting discussions with the US Bureau of Land Management (BLM) toward the goal of putting the property into production.
Eastfield still maintains a 100% interest in the remaining 18 patented claims (subject to a net smelter royalty) and is seeking exploration partners for those claims. In 1997 Eastfield completed drill hole TH-97-16, collared on its Protection claim, which returned two separate intercepts of 7.55 g/t gold and 288.0 g/t silver over 3.1 m from 153.9 m to 157.0 m and 1.89 g/t gold and 102.9 g/t silver over 3.1 m from 189.0 m to 192.1 m. No further work has since been completed.
The Tonopah area was one of the most important gold-silver lode mining districts in the State of Nevada with reported production between 1900 and 1942 of 1.8 million ounces of gold and 174 million ounces of silver from 8.2 million tons of ore (implying an average recovered grade of 8.23 g/t gold and 795.4 g/t silver per ton processed). The Eastfield-owned claims represent a large portion of the hypothesized western (and un-mined) extension of the historic Tonopah district.
The company is pleased with the option to WK Mining and wish them success on their development project.
G. L. Garratt, P. Geo.
V. P., Director
Contact: Paul Way, Business Development Manager
(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; it currently has a number of significant projects in British Columbia and in Nevada. Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.
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