Eastfield Resources Ltd.: Exploration to Commence on the Hedge Hog Project
Vancouver, August31, 2018 - Eastfield Resources Ltd. ("Eastfield" (TSX-V: ETF)is pleased to announce that it expects to commence field work on its Hedge Hog copper-gold-silver-cobalt project located in central British Columbia within the next few weeks. The company and its option partner, Surge Exploration Inc. ("Surge") (TSX-V: SUR) , are in receipt of a multiyear exploration permit authorizing a wide spectrum of activities including geochemical and geophysical surveys, mechanical excavator trenching and diamond drilling. The terms of the option agreement allow Surge to earn a 60% interest in Hedge Hog by making cash and/or share payments totalling $500,000 and completing exploration expenses totalling $2,500,000 over a five year term. A cash advance to initiate 2018 exploration has recently been issued to Mincord Exploration Consultants Ltd., the exploration contractor for the project. The Hedge Hog project is located in central BC approximately 15 kilometres north of the historical community of Barkerville, BC (see Barkerville Gold Mines Ltd. (TSX-V: BGM for additional current activity in this area). The nearest major centre is the city of Quesnel, BC located 60 kilometers to the west.
Central to the Hedge Hog project is an area where massive sulfide boulders with high concentrations of copper, silver and cobalt were discovered nineteen years ago. The most extensive exploration in the area of the current Hedge Hog claims was completed by Hudson Bay Exploration and Development ("Hudbay") between 1999 and 2001 during which time Hudbay completed airborne and ground based geophysical surveys, extensive geochemical surveys, mechanical excavator trenching and four short diamond drill holes (556 meters total). The most successful undertaking by Hudbay was trenching in an area called the Lottie target where a massive sulfide boulder (chalcopyrite rich) grading 24.3% copper and 19.6 g/t silver had been discovered in 1999. In one mechanical trench near the 1999 discovery five additional massive chalcopyrite rich boulders were sampled with an average grade of 8.8% copper, 9.6 g/t silver. In addition to the chalcopyrite rich boulders two pyrite rich massive sulfide boulders where discovered, one of which graded 0.13% cobalt. Hudbay was however unsuccessful in locating the bedrock source of these boulders and ceased exploration here in 2001. Much of the area has since been clear-cut logged.
The prime target type at Hedge Hog is a "Cyprus Style" volcanic massive sulfide deposit comparable in genesis and character to deposits in Cyprus, the Windy Craggy deposit in British Columbia, the Kudz Ze Kayah deposit in the Yukon Territory and the Lokken deposit in Norway. An active placer gold mine on the property suggests additional potential for gold mineralization similar to what occurs near Barkerville 15 kilometers to the south where historical gold production is approximately 1.2 million ounces from hard rock deposits and 3.8 million ounces from placer deposits.
J.W. (Bill) Morton P.Geo is the Qualified Person within the context of the requirements of NI43-101 who takes responsibility for the content of this news release.
J. W. Morton, P.Geo,President
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.
Copyright (c) 2018 TheNewswire - All rights reserved.
