Eastfield Resources (ETF-V) Cheapie with chance.
www.eastfieldresources.com
44.8 million o/s
$2.3 million cash (as of Aug 31, 2012)
No debt
Eastfield pleased with nearby property's drill results
Dec 3, 2012 - News Release
Recent activity in the Tonopah area of Nevada has resulted in Eastfield Resources Ltd. re-evaluating its Tonopah property, now renamed the Tonopah-Hughes property. The Tonopah-Hughes consists of 25 fee simple claims (patented claims) acquired from Echo Bay Mines Ltd. (now Kinross Gold Corp.) in 1996. The claims, which encompass an area of approximately 162 hectares (400 acres) had, prior to Echo Bay, been assembled by Summa Corp. under the direction of the late Howard Hughes.
On Nov. 27, 2012, Allied Nevada Gold (ANV-T). announced a new discovery to the east and south of the historic resource area of its Three Hills gold project located immediately west of the community of Tonopah and south of the Eastfield-owned claims. Allied Nevada reported the discovery of two new areas of mineralization in this area including an intercept of 66.0 metres grading 3.3 grams per tonne gold and 2.4 g/t silver with a higher-grade core of 11.0 m grading 18.5 g/t gold and 9.2 g/t silver. The Eastfield-owned claims are partly contiguous with the Allied Nevada Gold claims and overlie a portion of the north end of the historic Three Hills resource.
Tonopah-Hughes
The Tonopah-Hughes Project consists of 25 patented mining claims located near the town of Tonopah, Nevada. Eastfield owns (via direct ownership and agreement) a 100% interest in these patented claims, subject to certain royalties. There exists good potential to discover significant high-grade gold-silver ores at Tonopah. In addition, the Eastfield owned claims are partly contiguous with the Allied Nevada Gold claims and overlie a portion of the north end of the historic Three Hills resource.
The Tonopah District, in which the property lies, was one of the preeminent silver producers in the U.S. In the first third of the 1900's 1.8 million oz. gold and 174 million oz. silver were mined at a recovered average grade of 0.21 oz/t gold and 19.7 oz/t silver.
Allied Nevada's neighboring Three Hills deposit has an indicated and inferred mineral resource of 147,800 ounces of gold (MDA, 08/14/06 Technical Report). Allied Nevada has recently published a positive preliminary economic assessment for heap leach gold production from the Hasbrouck (eight km southwest of Eastfield's Tonopah-Hughes claims) and Three Hills (immediately adjacent to Eastfield's Tonopah-Hughes claims) deposits. In 2012 on the Three Hills claims, Allied Nevada drilled 66 m of 3.3 g/t gold and 2.4 g/t silver which included 11 m of 18.5 g/t gold and 9.2 g/t silver.
Geology
Exploration work by Eastfield has shown that several bonanza gold-silver targets remain unexplored, including the Ohio, Bermuda and Merton veins. The Ohio vein was mined at plus 50-foot widths up to a fault, which offsets the zone and this offset presents an enticing drill target.
In 1997 Eastfield completed drill hole TH-97-16, collared on its Protection claim which returned separate intercepts of 7.55 g/t gold and 288.0 g/t silver over 3.1 m from 153.9 m to 157.0 m and 1.89 g/t gold and 102.9 g/t silver over 3.1 m from 189.0 m to 192.1 m, respectively. No further work has since been completed.
The main controls on the bonanza mineralization have been traced for approximately one mile west of the historic production and this area is largely unexplored.
Access
The Tonopah-Hughes property lies adjacent the town of Tonopah which lies approximately halfway between the cities of Reno and Las Vegas, Nevada. Tonopah is accessed by paved two-lane state highway.
Comparables
Bonanza Silver-Gold: the district has produced 174 million ounces silver and 1.8 million ounces gold from ore averaging 19.7 oz/t silver and 0.21 oz/t gold (recovered grade). |
