Business
Eastfield Options Iron Lake Copper-Gold-Palladium Claims to Tech-X Resources Inc.
(TheNewswire) Vancouver, B.C. - TheNewswire - May 6 , 2021 - ...
About this update from Eastfield Resources Ltd.
[{"type":"text","content":"Eastfield Options Iron Lake Copper-Gold-Palladium Claims to Tech-X Resources Inc.\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Vancouver, B.C. -\n \n \n TheNewswire\n-\n \n \n May\n \n \n 6\n \n \n , 2021 -\n \n \n Eastfield Resources Ltd.\n \n (\n \n TSXV:ETF\n \n )\n \n (OTC:\n \n ETFLF\n \n )\n \n (“Eastfield”)\n \n and privately owned Tech-X Resources Inc.\n \n (“Tech-X”) provide an update on the status of the\n \n Iron Lake and Canim claims\n \n .\n \n \n The Iron Lake claims (“Iron Lake”) owned by Eastfield, totaling\n8,033\n \n hectares, are contiguous with the Tech-X owned\nCanim claims (“Canim”), totalling 7,116 hectares. The combined\nland package covering 15,159 hectares (37,433 acres) is located\napproximately 50 kilometers northeast of the community of 100 Mile\nHouse British Columbia. The project is permissive for\ncopper-gold-palladium-platinum-nickel-cobalt in ultramafic rocks, and\nfor porphyry copper-gold related to monzonite and diorite intrusive\nrocks.\n \n \n \n Eastfield has entered into an agreement with Tech-X whereby Tech-X can\nearn a 51% interest in “Iron Lake” by incurring escalating\nexploration expenditures totalling $4,500,000 and making escalating\noption payments totalling $520,000 over a five year term. Thereafter\nTech-X can earn an additional 29% (80% total) by completing an\nadditional $7,500,000 in exploration and paying an additional $480,000\nover a further two year period.\n \n \n Tech-X has also entered into an agreement with the original vendors of\n“Iron Lake” who hold a 1.5% net smelter return on production from\nthe Eastfield claims (“the Royalty”). The Production Royalty\nPurchase Agreement allows Tech-X to purchase up to two thirds of the\n“Royalty” for $3,000,000 and retain a first right of refusal to\npurchase the balance. Escalating advance royalty payments totalling\n$500,000 are payable over 80 months as a credit towards the purchase\nfollowing commencement of commercial production. In the event that\nTech-X elects not to exercise its purchase option then the advance\nroyalty payments are repayable to Tech-X out of production and\nEastfield will then be allowed to purchase it for $3,000,000 and if it\nso chooses to purchase the entire Royalty for $4,500,000.\n \n...