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ETF Eastfield Resources Ltd

0.035
0.01 (40.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Eastfield Resources Ltd TSXV:ETF TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.01 40.00% 0.035 0.03 0.035 0.035 0.03 0.03 242,014 18:51:03

Eastfield Confirms Nickel Alloy (Awaruite) and Nickel Sulfide at Kilometre 26

19/01/2011 2:30pm

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Eastfield Resources Ltd. "Eastfield" (TSX-V: ETF) would like to provide an update regarding the Kilometre 26 gold-nickel project, located in central British Columbia, approximately 55 kilometres northwest of Fort St. James.

Eastfield has been given a report by geological consultant, Micron Geological Ltd. of North Vancouver, BC, that eleven samples of nickel mineralized serpentinite submitted for examination using scanning electron microscope techniques contain either the nickel sulphide pentlandite or the nickel alloy awaruite (pentlandite was observed in ten samples while one sample was observed to be dominated by awaruite and contained only minor pentlandite).

Nickel mineralized boulders were first sampled at Kilometre 26 in 2009 and traced to two source bedrock areas in 2010. One of the bedrock source's areas has now been sampled at six sites with total values varying from 0.15% to 0.23% nickel.

The Kilometre 26 Property covers an area of the central British Columbia interior where two geological terranes meet. The juncture of the two terranes, the predominantly Paleozoic Cache Creek Group rocks to the west and the predominantly Mesozoic Takla Group rocks to the east (part of the Cache Creek Terrane and Quesnel Terrane respectively) are separated within the project land by the north-trending Pinchi Fault Zone, one of the pre-eminent bounding structures of the Canadian Cordillera. The western two-thirds of the Kilometre 26 property is underlain by largely ophiloitic ultramafic rocks that originated in mantle beneath a Palaeozoic ocean (now the Cache Creek Group Assemblage).

The Kilometre 26 claims are prospective for both nickel and gold mineralization. Recent exploration began in 2008 exploring for ophiolite-related gold, and led to the discovery of nickel mineralized serpentinite late in the 2009 season. Exploration for ophiolite-hosted nickel potentially similar to that occurring at the Decar Project, 30 kilometres to the west (owned by First Point Minerals Corp. and under option to Cliffs Natural Resources Inc.) began in earnest in 2010. At Decar ophiolitic serpentinite hosts awaruite, a nickel-iron alloy that is being explored as a potential new source of non-sulphide nickel.

Awaruite (nickel-iron alloy) is essentially a natural occurring stainless steel that contains no sulphur. As a result the product can be shipped directly to steel mills without incurring costly smelting charges. This would greatly reduce the environmental impact that traditional sulphide deposits experience. It is envisioned that mining awaruite could be similar to large bulk tonnage open pit mines on the same scale as copper mines currently operating in BC.

A summary of significant nickel mineralized samples collected at Kilometre 26 in 2010 is as follows:

------------------------------------------------------------
Sample    Ni        Co        Cr        Mg        Au
Number    ppm       ppm       ppm       %         ppb
------------------------------------------------------------
3-27-05   1,461     84        824       > 10      < 5
------------------------------------------------------------
6-7-6     2,181.0   100.6     711.9     18.45     0.6
------------------------------------------------------------
9-7-6     1,850.1   98.7      874.7     17.85     45.9
------------------------------------------------------------
1-7-7     2,304.7   120.3     1,323.9   16.97     1.4
------------------------------------------------------------
2-16-9    872.5     62.1      867.1     11.22     0.5
------------------------------------------------------------
3-16-9    751.7     39.3      567.9     8.77      0.8
------------------------------------------------------------
4-16-9    1,204.0   74.5      954.9     11.99     34.1
------------------------------------------------------------
7-16-9    1,930.5   97.4      759.1     13.4      0.4
------------------------------------------------------------
10-16-9   1,961.8   85.4      1,259.7   15.14     0.6
------------------------------------------------------------
11-16-9   2,337.8   85.9      757.1     11.72     0.3
------------------------------------------------------------
12-16-9   2,143.1   86.2      624.7     11.53     < 0.2
------------------------------------------------------------
13-16-9   1,584.6   87.8      948.6     11.01     < 0.2
------------------------------------------------------------
14-16-9   1,274.2   70.6      956.9     10.98     250.0
------------------------------------------------------------
16-16-9   2,260.4   109.3     391.5     12.77     0.7
------------------------------------------------------------
1-27-10   2,102.2   97.5      1,070.1   13.28     < 0.2
------------------------------------------------------------
2-27-10   1,730.9   84.4      774.9     10.62     < 0.2
------------------------------------------------------------
7-27-10   1,612.4   79.3      916.3     12.88     2.0
------------------------------------------------------------
5-28-10   1,589.3   77.5      1,158.2   13.05     < 0.2
------------------------------------------------------------
6-28-10   858.1     49.6      1,764.2   7.23      0.3
------------------------------------------------------------

The Kilometre 26 property has recently been expanded by staking nine additional claims and now covers 9,819 hectares (24,263 acres). It is road accessible and only 26 kilometers from a paved road.

Oroandes Resource Corp. 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.

J.W. (Bill) Morton P.Geo, a Qualified Person for the purposes of National instrument 43-101, has read and taken responsibility for this news release. Analytical results reported in this news release were completed by Acme Analytical Laboratory of Vancouver.

Bill Morton, P.Geo. CEO and Director Eastfield Resources Ltd.

About Eastfield Resources: Eastfield is a Canadian mineral exploration company focused on the discovery of large gold and copper deposits; it currently has seven projects in British Columbia and one in Nevada. Current projects include an option to earn a 100% interest in the Zymo gold-copper project; a 40% ownership in the Okeover copper-molybdenum project with 60% partner Prophecy Resource Corp. and a 100% interest in the Tonopah gold project in Nevada. Projects currently optioned out include Kilometre 26, optioned to Oroandes Resource Corp.; Indata, optioned to Oceanside Capital Corp.; Iron Lake, optioned to Cobre Exploration Corp. Eastfield trades on the TSX Venture exchange under the symbol "ETF." For more information, please visit the company's website at www.eastfieldresources.com.

The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact: Paul Way Business Development Manager (604) 681-7913 Toll Free: 888-656-6611

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