Business
Eastfield Resources Clarifies its Activities as a Tier 1 Issuer
(via TheNewswire) Vancouver, BC / TheNewswire / Nov 22 2017 - Eastfield Resources Ltd. (...
About this update from Eastfield Resources Ltd.
[{"type":"text","content":"Eastfield Resources Clarifies its Activities as a Tier 1 Issuer(via TheNewswire)\n\n \nVancouver, BC / TheNewswire / Nov 22 2017 - Eastfield Resources Ltd. (\"Eastfield\") (TSX-V: ETF) is a Tier 1 Issuer on the TSX-V stock exchange (the Exchange\"). The Company doesn't currently meet the Tier 1 Continued Listing Requirements \"CLR\" with respect to the Activity criteria, pursuant to Exchange Policy 2.5. The Company's total project expenditures in 2017 of $62,231 are less than $500,000 which is the minimum expenditures required for a Tier 1 Company, pursuant to Exchange Policy 2.5. Due to wildfires in the Cariboo/Chilcotin district during the recent field season and to the Company being barred from the area of the Iron Lake project, the Exchange has granted an extension to the Company to complete the necessary work and address its CLR deficiency into 2018. \n\n \n \nEastfield currently satisfies Tier 1 requirements with regard to its net financial assets and has submitted a NI 43-101 technical report concerning the Iron Lake Project recommending a program with a budget exceeding $500,000 and proposes to satisfy the CLR deficiency by completing this program. The Exchange has asked Eastfield to provide an update of the 2017 work program so far completed so far at the Iron Lake Project.\n\n \n \nWork completed to date in 2017 has only completed a portion of the recommended budget owing to access limitations caused by the 2017 forest fire season. The access road into the Iron Lake project was closed from mid July to mid September and was, as of August, cautioned to possibly be closed until the end of October. The company intends to commence work on the magmatic sulfide targets located on the northern portion of the property by the end of May, predominantly focusing on 12 fully permitted drill sites. Assuming normal operational field conditions this work should be finished by late July or early August.\n\n \n \nThe recommended budget in the April 18, 2017 technical report is $516,700 to drill test the magmatic sulfide target and $44,720 to complete surface sampling and trenching on the southern gold target. Work completed in 2017 before being suspended occurred predominantly on the southern gold target with approximately $62,231 being spent establishing geochemical grids and completing hand trenching. The company anticipates that appr...