NewsEastfield begins drilling at Iron Lake today
2005-02-04 12:50 ET - News Release
Mr. Bill Morton reports
DRILLING TO START AT IRON LAKE COPPER-GOLD -PLATINUM GROUP METAL PROJECT
Eastfield Resources Ltd. is scheduled to begin diamond drilling at the Iron Lake property on Feb. 4, 2005. It is anticipated that approximately 500 metres (1,600 feet) of drilling in four holes will be completed before mid-February.
The Iron Lake property is located 45 kilometres northeast of 100 Mile House, B.C., and is bisected by recently constructed logging roads. A major regional aeromagnetic high is centred on the largely till covered property. Exploration completed between 1971 and 1992 established that the magnetic anomaly is due to a mafic intrusive several kilometres in diameter. Soil sampling (1989 and 2003) has defined a strong soil copper anomaly measuring 1,500 metres by 1,200 metres with associated palladium and or gold anomalies. An accumulation of rubble was discovered in 2001 that, while not yet known to exist in outcrop, consistently yields analysis ranging between 0.55 per cent and 1.15 per cent copper, 0.40 and 1.1 grams per tonne gold, 0.15 and 0.45 gram per tonne palladium, and 0.10 and 0.25 gram per tonne platinum (six select samples collected and analyzed). The mineralization in the rubble consists of disseminated chalcopyrite and bornite in olivine pyroxenite accompanied by elevated (350 to 550 parts per million) nickel values.
In the summer of 2004, Argent completed a 603-kilometre helicopter-borne geophysical survey employing a Dighem multicoil, multifrequency electromagnetic system. The current drill program will test three conductors detected by this survey that occur within a total magnetic field anomaly measuring approximately six kilometres by four kilometres.
Under the terms of a 2002 option agreement, Argent Resources Ltd. may earn a 55-per-cent interest in the Iron Lake property from Eastfield by issuing 300,000 shares (180,000 now issued), making option payments totalling $85,000 ($25,000 now paid) and completing exploration totalling $1.01-million by July 9, 2007 ($100,000 now completed). Argent may increase its interest by an additional 15 per cent to 70 per cent by spending an additional $1-million by the same date (July 9, 2007).
Bill Morton is the qualified person who prepared and takes responsibility for this news.