Matt or anyone. Does this news have any meaning for this thread and the action in ECO prices lately?:
News Release - April 27, 1998 New Land Purchase adjacent to Tonopah,
Nevada Project
web page: direct.ca
Eastfield Resources Ltd. and Prism Resources Inc., joint venture
partners in the Three Hills property at Tonopah, Nevada, have recently
completed the acquisition of eight patented mineral claims from Echo Bay
Mines. The claims lie adjacent the northeastern boundary of the
existing property and add excellent exploration potential. The cash
purchase gives the joint venture 100% title, subject to a 3% net smelter
royalty. The Three Hills property holds potential for discovering new
high-grade silver-gold lode systems.
The newly acquired claims date back to the hey-day of mining in this
historic district and cover an area holding the potential to discover
extensions of some of the most significant high grade silver-gold lodes
of the Tonopah district, the Ohio veins. The Ohio averaged 0.15 to 0.20
oz/ton Au and 15 to 20 oz/ton silver, with stopes reaching 80 foot
widths. These are recovered grades and at $300/oz gold and $6/oz silver,
give a gross value of US$135 to $180/ton. The Tonopah district as a
whole produced 1.8 million ounces gold and 174 million ounces silver at
an average grade of 0.21 oz/ton gold and 20 oz/ton silver.
The new claims also cover the potential extension of the Merton vein
system, on which Eastfield/Prism did some exploration drilling in 1997.
The 1997 program resulted in an intercept of 10 feet grading 0.22 oz/ton
gold and 8.4 oz/ton silver; this intercept was approximately 200 to 300
feet vertically above the old workings.
The Tonopah Project also holds well defined gold resources of
approximately 184,000 ounces that are estimated to become economic in
the US$350-380/oz range. A feasibility study remains to be completed on
these resources. The joint venture has met with a number of junior and
major companies who have shown an interest in funding further
exploration work on the project.
FORT PROJECT, BRITISH COLUMBIA
Planning for the implementation of the exploration program on the Fort
property, under option to Ascot Resources Ltd., is well underway. A crew
will be mobilized to construct a camp on the property as soon as snow
and road conditions allow, likely by mid-May. A contract has been let
for induced polarization and magnetic geophysical surveys, which will
begin once the grids have been placed and cut; this should occur in the
first week of June. Geochemical sampling will be undertaken during this
time and a drilling program is planned once the phase one results have
been evaluated. The Fort Project lies approximately 85 kilometers
west-northwest of Fort St. James, B. C., and comprises 492 claims
covering the new discovery of significant copper-molybdenum porphyry
style mineralization. See earlier news releases for more detail.
G. L. Garratt, P. Geo.
Eastfield Resources Ltd.
The Vancouver Stock Exchange has not received and does not accept
responsibility for the adequacy or accuracy of this release. |
