Drilling opens Lorraine potential for Eastfield (November 08, 2004)

Vancouver — Eastfield Resources (ETF-V) has expanded copper-gold mineralization at the Lorraine project in north-central British Columbia.

Results from stepout drilling indicate that three zones, previously believed to be separate, are in fact one deposit that extends for 4 km.

Hole 82 intersected four distinct intervals of copper-gold mineralization. A 19-metre intercept (from a depth of 3 metres) averaged 0.85% copper and 0.09 gram gold per tonne; a second, 19.5-metre section (from 28 metres) cut 0.94% copper and 0.06 gram gold; farther down-hole, a 9.6-metre interval (from 67 metres) graded 0.63% copper and 0.06 gram gold; and a higher-grade intersection of 23 metres (from 89 metres) assayed 1.46% copper and 0.11 gram gold.

Southeast of the Upper Main zone, a couple of drill holes tested the new South Main zone, an interpreted offset of the Upper Main zone. The holes intersected multiple “stacked” tabular intervals of copper-gold mineralization. Hole 74 cut 19 metres (from 14.5 metres) grading 0.55% copper and 0.27 gram gold, including 10.7 metres of 0.84% copper and 0.35 gram gold.

Northwest, toward the All Alone Dome area, Eastfield cored three widely spaced holes to test a 500-by-500-metre coincident geophysical and geochemical anomaly. Two of the holes intersected a new zone of chalcopyrite and bornite mineralization, returning grades greater than 0.1% copper over intervals of 12-13 metres.

Copper and gold mineralization at Lorraine is associated with alkalic porphyries of the Quesnel Terrane, a 1,200-km-long package of volcanics that hosts many large deposits.

Eastfield is earning up to a 75% interest in the Lorraine/Jajay project from Lysander Minerals (LYM-V).

Eastfield has 39.7 million shares outstanding. The stock recently increased by more than 43%, or 6.5, to close at 21.5 per share on a volume of 714,000 shares.