Eastfield Resources Signs Letter of Intent on Indata Gold-Copper Property, BC
Vancouver, BC / TheNewswire / April 13 2015, Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) announces it has signed a letter of intent ("LOI") to grant Rise Resources Inc. ("Rise") (OTCMKTS: RYES) an option to earn an interest on the Indata project located approximately 130 kilometres northwest of Fort St. James in central British Columbia. The option allows Rise to earn an initial 60% interest by paying $350,000 and completing exploration expenditures of $2,000,000 over a four year period. Rise may earn a further 15% (75% total) by paying a further $100,000 and completing a feasibility study.
Eastfield has owned the Indata property since 1986, having acquired Indata from Imperial Metals Corp. (TSX-III) who had originally staked it in 1983 and who still retain an 8.24% working interest. Since its acquisition Eastfield has completed more than $2,500,000 in exploration including 73 diamond drill holes and more than 70 kilometres of geochemical and geophysical grid. Over the last three years programs have included geochemical and geophysical surveying and drill access road construction resulting in the identification and logistical development of a number of new targets for both copper and gold.
Indata is situated in a geologically active setting adjacent to the Pinchi Fault, a major structure separating the Cache Creek Terrane rocks to the west from the Quesnel Terrane rocks to the east. Two types of mineralization have historically been explored for on the property; Motherlode style gold-silver veins and porphyry style copper mineralization. Drill intercepts have included gold intercepts to 47.26 g/t gold over 4 metres and porphyry copper intercepts to 0.20% copper over 145.4 metres.
Under the LOI, exploration is expected to start in June with work focused on expanding the grid coverage in the new target areas.
J.W. Morton, P. Geo.
President and CEO
Eastfield Resources Ltd.
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 with several highly prospective 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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