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Eastfield Resources Update on Iron Lake Project, BC
Eastfield Resources Update on Iron Lake Project, BC
About this update from Eastfield Resources Ltd.
[{"type":"text","content":"\nEastfield Resources Update on Iron Lake Project, BC\n\n\n Jul. 22, 2010 (TheNewswire.ca) -- Vancouver, BC, July 22, 2010 - Eastfield Resources Ltd. \"Eastfield\" (TSX-V: ETF) is pleased to provide an update regarding its Iron Lake project. The Iron Lake property is located in the Clinton mining division approximately 45 kilometres northeast of 100 Mile House in south-central British Columbia.The Iron Lake project is under option to Cobre Exploration Corp. (OOTC:CVXHF) (TSXV:CKB'H) \"Cobre\" (TSX-V: CKB-H) who can earn a 60-per-cent interest in Iron Lake claims by completing $1.5-million in exploration ($100,000 completed), making payments to Eastfield of $175,000 ($10,000 paid), issuing 600,000 shares to Eastfield (issued), issuing 66,666 post consolidated shares to Eastfield (33,333 issued) and issuing shares with a value of $100,000 to Eastfield before June 1, 2013.On July 16, 2010, the TSX Venture Exchange advised Cobre that the Iron Lake mineral property has been reviewed by the exchange and accepted as a property of merit acceptable for graduating the Cobre to Tier 2 status on the TSX-V. The company is instructed to file the approved NI 43-101 report on SEDAR and to proceed with additional filings to effect this graduation. A 1,000-metre drill program with a budget of $200,000 has been recommended in the approved 43-101 report in order to target disseminated and massive sulphide styles of mineralization on the property. An exploration permit to conduct the program has also been approved. The $200,000 of exploration expenditure is required by June 1, 2011.The Iron Lake property consists of 15 mineral claims encompassing 7,116 hectares. The ground is typical of interior British Columbia and consists of Douglas fir, pine and spruce dominant forests occurring on a flat to undulating and moderately hilly landscape. Much of the area of the claims have been clearcut logged resulting in the establishment of excellent access to the property.The Iron Lake property covers a large mafic to ultramafic intrusive body in which pyroxenite, olivine pyroxenite, gabbro, sodic pegmatite and diorite occur in contact with a large dominantly granodiorite batholith. In 2000, significant copper, gold, palladium and platinum-rich disseminated mineralization was discovered in several samples of olivine pyroxenite rubble (average: 7,173 ppm Cu, 676 ...