Amerigo Resources Ltd. press release
Eastfield Resources Corporate Update
TSX - Toronto Stock Exchange · Copper · Molybdenum · Silver · Canada
(via Thenewswire.ca)
Vancouver, BC, October 9, 2008 - Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) is pleased to provide an update on exploration activities in 2008. This year's accomplishments include:
Active exploration on five of the company's seven projects. An aggregate of $2.14 million has been spent on Eastfield's projects by option partners. An aggregate of 5,314 metres were drilled (including Indata drilling which is in progress).
· Spin out to shareholders of a new public company called Lorraine Copper Corp (TSX-V: LLC).
All of Eastfield's properties are located in mining friendly jurisdictions with easy access to road, rail and power. Eastfield follows a low risk/high leverage business model that is based on funding exploration by optioning its properties to other companies and this business model has been followed successfully since 1987. The successful spinout of Lorraine Copper demonstrates the success of the business model. Listed since 1987, Eastfield has less than 45 million shares issued.
Bill Morton, President and CEO of Eastfield states, "This year at Eastfield has been among the busiest in our 20 years as a public company. Not only did we successfully spin out our ownership in the Lorraine property to shareholders, but we have also managed to drill four of our other properties. Option partners, not shareholders, paid for all of this year's exploration and we have ended the year with the same working capital we started with. We expect to have assay results come in over the fall and spring from our programs and be able to use these assays to plan our 2009 programs."
Updates of the company's projects follows:
Zymo
Drilling has been completed and assays pending on the Zymo copper-gold property 45 km west of Smithers, BC. The drill program totaled 1,550 metres in six holes and focused on the newly discovered Hobbes target located 4.5 km northwest of the original discovery area (FM grid). The Hobbes target consists of copper-gold mineralization associated with magnetite and quartz stockworks. The 2008 season also included geochemical sampling, IP geophysical surveying and geological mapping. The IP chargeability anomaly extends over an area of 6.0 km by 3.0 km, defining a very large sulphide/alteration system. Zymo is optioned to Canadian Gold Hunter Corp. "CGH" (TSX: CGH)
Indata
Drilling is underway on the Indata gold-copper project located in central British Columbia, 130 kilometres north of Fort St. James with approximately 1,000 metres to be drilled. Two target types occur on the Indata property - a lode gold target related to subsidiary structures along the adjacent Pinchi Fault system and a porphyry copper target probably related to Jurassic intrusions, which have intruded these same structures. In the current program, a hole is planned to test below a drill hole completed in 1988 that intercepted four metres grading 47.26 g/t gold. The property is optioned to MAX Resource Corp. (TSX.V: MXR).
Howell
The Howell gold project in southeast British Columbia was the subject of a recent exploration program with 1,316 metres of drilling completed in 12 holes that are currently out for assay. At Howell, a new area of carbonate hosted mineralization is evident in soil sample results which indicate an area of highly anomalous gold, silver, zinc and lead results with maximum values for soil samples exceeding 10,000 ppm lead and 100 ppm silver. The property is optioned to MAX Resource Corp. (TSX.V: MXR).
Iron Lake
The Iron Lake property is located 45 kilometres northeast of 100 Mile House, BC. Iron Lake is optioned to Cobre Exploration Ltd. (TSX-V: CHV-H). Cobre anticipates some prospecting and field work in 2008.
Okeover
Okeover is a copper-molybdenum project over 5,233 hectares in size and located on the coast near Powell River, BC. The drill program in 2008 totaled approximately 1,448 metres in six holes. In 2006, Dr. Nick Carter authored a NI 43-101 compliant resource estimate for the North Lake Zone totaling 86.8 million tonnes grading 0.31% copper and 0.014% MoS2 (one of several zones of mineralization). The most significant result of the 2008 program was hole OK-08-03, which intersected 45.5 metres grading 0.33% copper and 0.003% molybdenum including 12 metres grading 0.41% copper and 0.001% molybdenum. This hole was drilled 90 metres to the south of the nearest hole in the North Lake resource area and indicates a potential for further southerly extension for the mineralized zone. Okeover is optioned to Prophecy Resource Corp. (TSX-V: PCY). Prophecy plans to commission Dr. Carter to evaluate a revised North Lake resource later in the year.
Crowsnest
Active in 2006, this 2,282 hectare lode gold project is located in southeastern BC approximately 10 kilometres southeast of the Howell Project. A trench sample taken in 2000 returned 10.6 g/t gold across 16.0 metres. Crownest is available for option and access roads to the project were opened up in June to prepare for a review by several interested parties.
Tonopah
A lode gold-silver project consisting of 25 patented claims located near Tonopah Nevada. Total area 350 acres, last active in 1997. Tonopah is available for option.
J.W. (Bill) Morton P.Geo is the qualified person pursuant to National Instrument 43-101 guidelines who takes responsibility for this news release.
Bill Morton
J.W. (Bill) Morton, P. GeoPresident and CEO
Eastfield Resources Ltd.
Contact: Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
Web: http://www.eastfieldresources.com/
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