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Gold/Mining/Energy : Eastfield Resources Ltd. -- Ignore unavailable to you. Want to Upgrade?

To: CLK who wrote (29)	1/10/1998 2:22:00 PM
From: Eastfield Resources Ltd.	Respond to of 59

NEWS RELEASE - January 7, 1998 - NEW DISCOVERY AND ACQUISITION Web site: direct.ca Eastfield has taken an option to earn a 100% interest in a new mineral discovery in north-central B. C. The property, located east of Babine Lake, was optioned from a prospector who staked the property in the late fall of 1997 after discovering extensive base metal mineralization during the construction of a logging road. To date, mineralization has been located within an area of 700 meters by 400 meters, remaining open in every direction. This area is characterized by subdued topography and extensive, but locally thin, overburden cover. The new road exposed three large outcrops along an interval of approximately 700 meters, with the longest exposure being over 400 meters in length. It appears that the road crosses the main trend of mineralization which is well developed throughout the exposures. Grid rock and soil sampling by the prospector indicates that the system extends at least 400 meters to the southeast and is under deeper overburden cover to the northwest. While sampling results are preliminary, being limited to 27 soil samples and 18 rock samples, the tenor of the copper, molybdenum, lead, zinc and silver values indicate a significant new discovery. Little is yet known about the geology as it appears that government mapping has not been undertaken in any detail in the property area, due to overburden cover and the previous lack of access. It is unlikely that this area had ever been prospected. Road Cut #1 exposed approximately 50 meters of outcrop, and four soil samples along the road returned 80 to 2669 ppm Cu, 2 to 12 ppm Mo and 0.7 to 8.5 ppm Ag. A pit sampling grid was established above the road cut and nine samples were taken from near bedrock surface. These samples returned 113 to 5589 ppm Cu, 2 to 12 ppm Mo, and 0.9 to 12.2 ppm Ag over an area of approximately 200 by 400 meters. Road Cut #2 exposed approximately 400 meters of outcrop some 200 meters from Cut#1 and 18 soil samples were taken to determine the upslope extension of the mineralization exposed in the road cut. Fifteen of these samples were anomalous, returning 118 to 2350 ppm Cu, 1 to 277 ppm Mo and 0.3 to 1.4 ppm Ag over an area of 200 by 500 meters. Two soil samples in the area of Road Cut #3 returned 568 and1193 ppm Cu, 101 and 325 ppm Mo and 0.9 and 1.8 ppm Ag. Nine rock grab samples from various portions of the outcrop exposures returned some significant results. The highest grade sample ran 15740 ppm Cu, 1515 ppm Mo, and 270 ppm Ag and was not assayed for lead and zinc. Excluding this high sample, the other eight samples averaged 3377 ppm Cu, 175 ppm Mo and 72.3 ppm Ag. Three samples that were assayed for Pb and Zn carried from 3288 ppm to 4756 ppm Pb and from 3591 ppm to 10083 ppm Zn with from 2367 ppm to 8474 ppm Cu. The lowest copper value was 145 ppm which also carried 815 ppm Mo. Gold values are generally low, with the highest value in rock being 98 ppb. While it is very preliminary to model the occurrence, the mineralogy and alteration suggest that this mineralization may represent a peripheral zone to a large copper-molybdenum porphyry type of deposit. The enormous extent of the mineralizing system observed to date suggests that a serious exploration effort must be made to attempt to define the limits and overall tenor of the zones, as well as the yet undiscovered extensions. 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.