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Eastfield Signs Agreement to Option Out Indata Gold-Copper Project, BC
Eastfield Signs Agreement to Option Out Indata Gold-Copper Project, BC
About this update from Imperial Metals Corporation
[{"type":"text","content":"\nEastfield Signs Agreement to Option Out Indata Gold-Copper Project, BC\n\n\n May 18, 2010 (TheNewswire.ca) -- Vancouver, BC, May 18, 2010 - Eastfield Resources Ltd. \"Eastfield\" (TSX-V: ETF) is pleased to announce that it has signed a letter agreement dated May 14, 2010 with Oceanside Capital Corp. (TSX-V: OCC.P) in which Oceanside has been granted an option to acquire a 60% interest in the Indata property, located in the Omineca Mining Division, British Columbia.The Indata PropertyThe Indata property is located in north central British Columbia north of the regional centre of Fort St. James, BC and consists of 15 claims covering 3,060 hectares. The property, with both a lode gold and porphyry copper target, has been owned by Eastfield since 1986 on claims that were staked by Imperial Metals Corp. (TSX:III) (TSX-V: III) in 1983 (Imperial retains a 10.1% working interest in the property). Cumulative exploration expenditures completed by Eastfield and its partners in this project since 1987 total $2.3 million dollars, including $351,000 in 2008.The Indata property is situated in a complex geological setting adjacent to the Pinchi fault. Two styles of mineralization are known to occur on the property:1.) Lode gold of a \"Mother Lode\" characteristic (similar to the Mother Lode district in California), probably related to the Pinchi Fault; and2.) \"Porphyry Copper\" style mineralization, possibly related to a Cretaceous aged intrusive event or alternatively to Triassic-Jurassic plutonism as is the case at Kwanika Creek located ten kilometers to the north.Previous drill highlights at Indata include hole 1988-11 which intersected 4.0 metres grading 47.26 g/t gold and hole 1998-4, located 1,500 metres to the west of 1988-11 which intersected 145 metres grading 0.20% copper including 24 metres grading 0.37% copper.A robust multi-element geochemical anomaly, identified in 2007 on the north-eastern edge of the grid, has a signature which may reflect a precious metal vein or vein system and has not yet been geophysically surveyed or drill tested. A permit has been authorized to complete the line cutting and induced polarization surveying in this area and to complete two reconnaissance lines five kilometers to the south. A \"table top\" archeological assessment has been requested as a precursor to permitting road construction or drilling...