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Eastfield Resources Update on Kilometre 26 Gold Nickel Project, BC
Eastfield Resources Update on Kilometre 26 Gold Nickel Project, BC
About this update from Max Resource Corp
[{"type":"text","content":"\nEastfield Resources Update on Kilometre 26 Gold Nickel Project, BC\n\n\n Jun. 7, 2010 (TheNewswire.ca) -- Vancouver, BC, June 7, 2010 - Eastfield Resources Ltd. \"Eastfield\" (TSX-V: ETF) is pleased to provide an update regarding the Kilometre 26 gold-nickel project, located in central British Columbia, approximately 55 kilometres northwest of Fort St. James. Oroandes Resource Corp. (OOTC:OARFF) (TSX-V: OAR) has the option to earn a 60% interest in Kilometre 26 from Eastfield by spending $1,575,000 on exploration, issuing 275,000 shares and making $107,500 in payments by September 25, 2013.The Kilometre 26 property was initially staked by Eastfield in 2008 to cover the area where, in 1983, Cominco discovered a quartz-magnesite-mariposite boulder which repeatedly graded 8.1 g/t gold. This boulder was interpreted to contain mineralization comparable to an important style occurring in the Motherlode district of California.Subsequent to the staking of the Kilometre 26 claims, the area became additionally significant because of exploration being undertaken in similar rocks 30 kilometres to the west at the Decar project being explored by First Point Minerals Corp. (TSXV:FPX) (TSX-V: FPX) and Cliffs Natural Resources Inc. (NYSE: CLF), a major iron ore company based in Cleveland, Ohio. At Decar, ultramafic rocks similar to those which occur at Kilometre 26 host an unusual iron-nickel alloy that is being explored as a potential new source of nickel (non-sulphide). Preliminary prospecting has encountered mineralized ultramafic boulders containing up to 0.21% nickel at Kilometre 26.The Kilometre 26 claim group was recently expanded to 4,862 hectares and is centered on a strong magnetic anomaly indicated on the Quest West helicopter-borne magnetic and electromagnetic survey flown for the B.C. government (Geoscience B.C.) and published in January, 2009.Oroandes completed twenty-six line kilometres of grid in 2009, preparatory to ground surveys planned for 2010. The company expects to commence its 2010 Kilometre 26 exploration program in the coming weeks. The property is easily accessible by a major industrial road and recent logging has resulted in the addition of logging roads.J.W. (Bill) Morton, PGeo, a qualified person for the purposes of National instrument 43-101, has read and taken responsibility for this news release.Bill Morton, P....