Eastfield Resources Corporate Update
Vancouver, BC / TheNewswire / April 7, 2016 - Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) would like to provide an update on proposed plans for 2016.
Eastfield remains active on a number of fronts and maintains a property portfolio of mineral projects particularly sensitive to copper and gold. These projects include the 100% owned Zymo copper-gold porphyry located near Smithers, BC, the 100% owned Iron Lake copper-gold and PGM property located near 100 Mile House, BC, and the 100% owned Big Valley reconnaissance gold project located near Barkerville, BC. In addition to these projects, the company holds a 40% interest (Prophecy Development Corp. 60%) in the OK copper-molybdenum porphyry project located near Powell River, BC.
In 2015 Eastfield granted Rise Resources Inc. ("Rise") (CSE: RYES) an option on the 91% owned Indata property located 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% interest (75% total) by paying an additional $100,000 and completing a feasibility study. Rise recently made the 2016 option payment and is planning a field program this summer budgeted at $200,000.
Eastfield recently received a $125,000 payment from West Kirkland Mining Ltd. (TSX-V: WKM) in partial compensation for the sale of eight of Eastfield's claims adjacent to West Kirkland's Three Hills gold deposit located near Tonopah Nevada. A further $125,000 is due later this year which will complete the sale. Eastfield maintains a 100% interest in the remaining 18 patented 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 and 1.89 g/t gold and 102.9 g/t silver over 3.1 m.
Eastfield remains financial strong with current assets, consisting primarily of cash and investments, valued at $1.1 million. Selective fieldwork is planned in 2016 for several of its projects.
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 owns a 100% interest in seven mineral projects in British Columbia and one in the state of 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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