Eastfield Resources Ltd. provided an update late yesterday regarding their Iron Lake project. The Iron Lake property is located in the Clinton mining division. It is approximately 45 kilometers northeast of 100 Mile House in south-central British Columbia, Canada. The Iron Lake property consists of 15 mineral claims encompassing 7,116 hectares.
The Iron Lake property covers a large mafic to ultramafic intrusive body. Pyroxenite, olivine pyroxenite, gabbro, sodic pegmatite and diorite occur in contact with a large dominantly granodiorite batholith. The most recent drill program completed at the Iron Lake property was in 2006.
The Iron Lake project is under option to Cobre Exploration Corp., who can earn a 60-percent interest in Iron Lake claims. They can earn this 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 underwent review by the exchange and was accepted as a property of merit acceptable for graduating the Cobre to Tier 2 status on the TSX-V. They were 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. Its purpose is to target disseminated and massive sulphide styles of mineralization on the property. An exploration permit to conduct the program has also received approval. The $200,000 of exploration expenditure is required by June 1, 2011.
Eastfield Resources Ltd. is a Canadian mineral exploration company. The Company focuses on the discovery of large gold and copper deposits. Eastfield currently has seven projects in British Columbia and one in Nevada. Current projects include an option to earn a 100 percent interest in the Zymo gold-copper project, a 40 percent ownership in the Okeover copper-molybdenum project with 60 percent partner Prophecy Resource Corp., and a 100 percent 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. (subject to TSX Venture Exchange approval), Iron Lake, optioned to Cobre Exploration Corp., and Crowsnest and Howell, optioned to MAX Resource Corp.
For more information visit: www.eastfieldresources.com