Business
Eastfield Resources Options Iron Lake Project
(via Thenewswire.ca)
About this update from Eastfield Resources Ltd.
[{"type":"text","content":"Eastfield Resources Options Iron Lake Project\n\n(via Thenewswire.ca)\nVancouver, BC - June 13, 2008 - Eastfield Resources Ltd. (\"Eastfield\") (TSX-V: ETF) is pleased to announce that Cobre Exploration Corp. (\"Cobre\") (TSX-V: CXV-H) has signed an agreement to explore and develop the Iron Lake copper-gold-nickel-platinum group metals and magnetite project located in southcentral British Columbia.\n\nEastfield has granted Cobre an option which will allow Cobre to earn a 60% interest in the 7,116 hectare Iron Lake project by incurring $1,500,000 in exploration, making $165,000 in option payments, making $130,000 in cash payments and/or equivalent in share issuances and issuing 500,000 shares before June 1, 2012. The Iron Lake property is located 45 kilometres northeast of 100 Mile House, BC and has been owned outright by Eastfield, subject to a 1.5% NSR royalty, since 2000.\n\nThe Iron Lake property is underlain by a 5.0 by 7.0 km magnetic high that is interpreted as outlining a large multiphase ultramafic intrusive complex. Mapping of the limited outcrop has shown to include olivine pyroxenite, diorite, peridotite and pegmatitic phases. Geochemical sampling to date has covered less than half of this complex and has outlined several large anomalies for copper, platinum and palladium. At least three of these anomalies are 1.0 km in length and follow-up exploration by drilling has only been carried out on the most southeasterly anomaly where a massive sulphide body has been discovered coincident with an airborne EM anomaly.\n\nIn 2000, disseminated copper-gold-platinum group metals mineralization hosted in an average of seven samples of the mineralized olivine pyroxenite rubble returned a value of 0.72% copper, 0.68g/t gold, 0.31 g/t Pd+Pt along with anomalous values in nickel. The source of the mineralized olivine pyroxenite, which is a common rock type on the property, has not yet been located but will be an important objective of the 2008 program.\n\nIn 2004, the Iron Lake property was flown with high resolution magnetic and multi-channel electromagnetic instruments resulting in the identification of a number of conductive anomalies. In 2005, diamond drill testing of two of these conductors intersected massive sulphides in two of four holes with hole 05-I-02 returning six metres of massive sulphide mineralization. The pyrrhotit...