Eastfield Resources Acquires Three Gold Prospects
March 31 2014 - 2:19PM
Access Wire
1Vancouver, BC / ACCESSWIRE / March 31, 2014 /
Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) would like to
report the recent staking of three gold prospects
approximately 20 km north of the historic gold mining towns of
Wells and Barkerville, British Columbia. The
surrounding area has surprisingly little exploration history with
some placer gold mining documented and still continuing on a small
scale. A rush of exploration in the 1980's and 1990's focused on
the search for Besshi type VMS deposits in the Antler Formation of
the Mississippian to Permian Slide Mountain Terrane.
The well known placer (~4
million ounce production) and lode (~1.2 million ounce production)
gold deposits of the Wells/Barkerville area are hosted within
meta-sedimentary rocks of the Upper Proterozoic-Paleozoic
Barkerville Group which structurally underlies the Slide Mountain
Terrane. Barkerville Gold Mines Ltd. (TSX-V: BGM) has
published resources at Cow Mountain comprising: Measured +
Indicated 1.04 million ounces gold grading 2.0 g/t
Au and inferred resources of 3.94 million ounces
grading 2.74 g/t Au. Additional but smaller resources occur at the
Bonanza Ledge deposit which grades 7.0 to 8.0 g/t Au hosted in a
massive pyrite lens. These massive pyrite lenses tend to occur on
the flanks of vein systems.
The properties recently acquired
share characteristics with the deposits in Barkerville such as
quartz-iron carbonate alteration and an association with base metal
sulphides, with peripheral zones of strong iron-carbonate
alteration. Brief summaries of these early stage exploration
properties are as follows:
Antler Property:
Gold mineralization was first
discovered on the property in 1981 by Esso Minerals while following
up a government regional geochemical survey. A rubbly outcrop of
pyritic, iron carbonate altered volcanic rock returned an assay of
0.359 oz/ton (12.3 g/t) gold across a 1.1 m sample width associated
with elevated arsenic. A soil sampling grid over this area outlined
a 500 m long arsenic anomaly with the mineralized outcrop at the
south end of the anomaly. This work was not followed up. Another
discovery of mineralization was made by a prospector in 1997 and is
approximately 1.5 km northwest of the Esso discovery. Float
boulders were located along a road cut. Two grab samples were taken
with the following analytical results: 97-RK10: 4.72 g/t Au, 330 ppm As,
6.96% Cu, 0.85% Zn; and 97RK11: 4.80 g/t Au, 100 ppm As,
1.90% Cu, 0.55% Zn. Subsequent soil and stream geochemical sampling
indicated a broad area of elevated gold and arsenic values. A hand
trench on one soil anomaly uncovered a 6.0 m long outcrop of
faulted, Fe-carbonate altered rock with a zone of quartz-carbonate
veining across 2.0 m of the trench. A sample across one metre of
the veining returned 0.23 g/t Au, 1985 ppm As, 46 ppm Cu and 84 ppm
Zn. No detailed geophysical surveying or drill testing has been
completed on this extensive area of anomalous geochemical
sampling.
CR Property:
In 1986 Noranda carried out a
regional exploration program following up a BC government
geochemical sampling survey and located an area strongly anomalous
in gold and arsenic in an area of historical placer gold
mining. Of note in their initial work was the
discovery on a number of logging road cuts and landings of
chalcedonic quartz veinlets and vugs associated with red-brown
weathered quartz-carbonate altered zones. Follow-up
grid soil sampling outlined a 1.0 km by 0.5 km arsenic anomaly with
scattered anomalous gold values up to 1300 ppb gold. No outcrop was
located on the grid. Heavy mineral soil/till sampling by Noranda
along road cuts elsewhere on the CR property returned highly
anomalous gold values up to 3,300 ppb gold in areas with little to
no outcrop. No further exploration work has been undertaken since
1989 on the property and the source of the extensive geochemical
anomalies remains unknown.
14 Mile Creek
Property:
The first recorded work on the
property involved the discovery of massive sulphide float boulders
by a prospector in August, 1996. He outlined an area of 150 m by
300 m in which he located numerous ferricrete encrusted boulders
many of which had massive sulphide cores of fine grained pyrite
with lesser chalcopyrite. Cobbles and boulders of fine grained
massive magnetite were also found at this site. Selected samples
from the site taken in 1997 gave the following results:
----------------------------------------------------------------
|Sample No. |Gold |Silver |Copper |Lead |Zinc |Arsenic|
|--------------------------------------------------------------|
|Bow97-RK-09|0.125 g/t|4.0 g/t |5440 ppm|185 ppm|95 ppm|110 ppm|
|--------------------------------------------------------------|
|5439 |0.25 g//t|10.6 g/t|3.10% |0.01% |0.03% |na |
|--------------------------------------------------------------|
|5440 |0.10 g/t |7.7 g/t |1.27% |0.01% |0.02% |na |
----------------------------------------------------------------
(na = not assayed)
Soil and stream sediment
geochemical sampling was carried out in a sporadic manner and
did define an area of anomalous arsenic in the
vicinity of the float boulders; gold was not analysed in this
sampling. In 1987 Eureka Resources Inc. undertook EM geophysical
surveys over a portion of the property on a reconnaissance scale
and outlined three linear anomalies one of which was 300 m in
length and open ended. No further work has been undertaken on the
property. The large area of the mineralized boulders indicates a
good potential for discovering significant mineralization in
bedrock by applying exploration methods that will penetrate the
overburden.
Eastfield is excited to be
developing grass roots exploration targets at low cost to the
company that offer significant upside exploration potential. It is
believed that all three properties can be brought to a
drill-testing stage quickly and at low cost. The company is seeking
joint-venture participation in these projects
G. L. Garratt, P.
Geo.
V. P., Director
Eastfield
Resources Ltd.
Contact: Paul Way, Business
Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
Neither the TSX Venture Exchange
nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
About Eastfield
Resources:
Eastfield Resources is a
well-funded Canadian mineral exploration company focused on the
discovery of large gold and copper deposits; it currently has a
number of significant projects in British Columbia and in Nevada.
Eastfield trades on the TSX Venture exchange under the symbol
"ETF". For more information, please visit the company's website
at www.eastfieldresources.com.
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