Here comes our shot at summer riches.
Eastfield partner starts exploration at Jajay-Lorraine
2007-07-16 14:20 ET - News Release
Mr. G.L. Garratt reports
EASTFIELD RESOURCE'S JAJAY-LORRAINE PROJECT UNDERWAY
Eastfield Resources Ltd. has started the 2007 exploration program at the Jajay-Lorraine project, which is being run by Teck Cominco Ltd., which holds the property under option. Jajay-Lorraine is a large property located in the Omineca region approximately 250 kilometres northwest of Prince George, B.C. A crew has nearly finished setting up camp and additional crews are due to arrive this week to begin a large, focused target identification program on the property.
Teck Cominco has informed the company that it will be carrying out a large-scale target development program on the property with a view to tying several smaller survey areas together to create a more unified data set for deeper-looking target definition.
An induced polarization geophysical survey will be completed over an area of approximately 14 kilometres by five kilometres. The IP survey will be capable of investigating to depths of up to 400 metres. Geologic mapping (with a crew of four geologists), geochemical sampling and relogging of historical core will also be undertaken.
The most significant copper, gold and silver occurrences on the property all occur within this survey area and include the Upper and Lower Main, Bishop, Ekland, Slide, Boundary, Page and Copper Creek zones. These zones are all alkalic intrusion related and belong to a deposit style that includes the Galore Creek deposit, which is now under development by Teck Cominco and Nova Gold Resources Inc. Other significant alkalic deposits in British Columbia include the Mount Polley, Afton and Copper Mountain mines.
Teck Cominco will also be undertaking a drilling program on the Slide zone. This zone was newly discovered in 2006 with intersections in two holes located one kilometre apart, which returned 55.5 metres grading 0.72 per cent copper, 0.07 gram per tonne gold, 5.5 g/t silver and 22.9 metres grading 0.64 per cent copper, 0.15 g/t gold and 30 g/t silver. These drill intervals represent core sample length and the true width of the zones has not been determined.
Teck Cominco is earning a 51-per-cent interest in the Jajay-Lorraine project by spending $9-million by 2011, and may earn up to a 65-per-cent interest by completing a feasibility study and arranging project financing. Teck Cominco has incurred exploration expenditures of approximately $3.8-million to date.
G.L. Garratt, PGeo, is the qualified person who has reviewed and takes responsibility for this news release.
We seek Safe Harbor.
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