Business
Crew Mobilized to Zymo Copper-Gold Property, BC
(via Thenewswire.ca)
About this update from Eastfield Resources Ltd.
[{"type":"text","content":"Crew Mobilized to Zymo Copper-Gold Property, BC\n\n(via Thenewswire.ca)\nVancouver, BC, July 2, 2008 - Eastfield Resources Ltd. (\"Eastfield\") (TSX-V: ETF) is pleased to announce that Canadian Gold Hunter (\"CGH\") (TSX: CGH), part of the Lundin Group, has commenced this year's exploration program at the Zymo property, located 40 km west of Smithers, BC. The 10,250 hectare property is accessed by good quality logging roads from Smithers.\n\nThe Zymo property hosts at least two large copper-gold-porphyry, or intrusion-related, mineralized zones, both of which will see detailed exploration in 2008. The program this year will include extensive geochemical sampling, IP geophysical surveying and diamond drilling. The reconnaissance program that led to a new discovery last year (Hobbes Zone) will continue over a number of prospective target areas. More detailed work, followed by diamond-drill testing, will be completed in the Main and Hobbes Zones.\n\nThe Main Zone is defined by a large geochemical anomaly measuring approximately 1.0 km by 1.0 km. In 2007 in the Main Zone area, chip sampling along a creek exposure returned 0.13% copper and 0.26 g/t gold. Grab samples in this area have returned up to 1.0% copper. About 800 metres southeast of the Main Zone, prospecting located a new showing, where a grab sample returned a grade of 0.92% copper, 0.26 g/t gold and 4.5 g/t silver. The nearest drill holes to this new showing are over 500 m to the southeast and to the west, respectively.\n\nThe Hobbes Zone is a 2007 discovery of porphyry-style mineralization approximately 4.5 km west of the Main Zone. Grab samples returned copper grades to 0.33% and gold grades to 1.13 g/t, indicating a significant copper-gold system associated with a magnetic high that measures 1.0 km in length. The host rocks are intensely altered intrusives. In this area, a soil sample survey on the outer edges of a magnetic high outlined strong copper, gold and molybdenum anomalies over an area of at least 1.0 x 1.0 km.\n\nCGH may earn a 60% interest in the property by completing exploration expenditures of $4 million over five years. CGH may earn an additional 10% interest by completing a feasibility study and an additional 5% by arranging mine financing for Eastfield. A minimum exploration expenditure of $800,000 must be completed in calendar 2008.\n\nG.L. Garratt, P...