Business
Eastfield Resources Corporate Update
(via Thenewswire.ca) Vancouver, BC / TheNewswire / April 7, 2016 - Eastfield Resources L...
About this update from Eastfield Resources Ltd.
[{"type":"text","content":"Eastfield Resources Corporate Update(via Thenewswire.ca)\n \n \nVancouver, BC / TheNewswire / April 7, 2016 - Eastfield Resources Ltd. (\"Eastfield\") (TSX-V: ETF) would like to provide an update on proposed plans for 2016.\n\n \n \nEastfield 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.\n\n \n \nIn 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.\n\n \n \nEastfield 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.\n\n \n \nEastfield 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.\n\n \n \nJ.W. Morton, P. Geo.\n\n\n \nPresident and CEO\n\n\n \nEastfield Resources Ltd.\n\n \n \nContact: Paul Way, Business Development Manager \n\n\n \n (604) 681-7...