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Eastfield Resources Announces Option Granted on the Zymo copper-gold project, BC Planned Program of $2,000,000
Jun. 20, 2011 (TheNewswire.ca) -- Vancouver, BC, June 20, 2011: Eastfield Resources (TSXV:ET...
About this update from Eastfield Resources Ltd.
[{"type":"text","content":"\nEastfield Resources Announces Option Granted on the Zymo copper-gold project, BC Planned Program of $2,000,000\n\n Jun. 20, 2011 (TheNewswire.ca) -- Vancouver, BC, June 20, 2011: Eastfield Resources (TSXV:ETF) Ltd. \"Eastfield\" (TSX-V: ETF) is pleased to announce that Bearing Resources Ltd. \"Bearing\" (TSX-V: BRZ) has been granted an option to earn up to a 65% interest in the 12,113 hectare Zymo copper-gold property, located 45 km west of Smithers, BC.To earn an initial 51% interest Bearing will make cash payments totaling $500,000, issue 500,000 shares to Eastfield and complete exploration expenditures totaling $8,000,000 over a five year period. Bearing may earn an additional 9% by completing a feasibility study and maintaining minimum annual expenditures of $500,000. Should Bearing make the decision to put the property into production, Bearing will have an option to earn an additional 5% interest by paying Eastfield $10,000,000, issuing to Eastfield 2,000,000 shares and arranging Eastfield's financing for mine development. The option agreement remains subject to the approval of the TSX Venture Exchange.Eastfield optioned the property in 2007 and completed a reconnaissance exploration program during the same year that resulted in the discovery of a new copper-gold porphyry occurrence now named the Hobbes Zone. In 2008 an extensive exploration program of geochemical sampling, geophysical surveying, geological mapping and core drilling significantly expanded the property potential. An IP chargeability anomaly associated with extensive rock alteration was outlined, extending for over 6.0 km (open ended) with widths of 2.0 to 3.0 km. This IP anomaly was extended to 8.0 km in the 2010 program. Within this large target area are four exploration targets now known as the FM (where Freeport McMoRan drilled six holes in 1999), Hobbes, RD and URC. Prospecting to the west of this area in 2010 resulted in the discovery of mineralized float that returned 0.74% copper and 0.70 g/t gold. The sample was taken approximately 1.5 km west of the URC target and indicates a new target areaThe Hobbes Zone is the most advanced to date and has been tested with nine drill holes. All holes intersected significant mineralization and have outlined an east-west-trending and open-ended mineralized zone that extends more than 600 m. The most westerly hole...