Eastfield starts program at Takla-Rainbow

Field work is about to begin on the Takla-Rainbow property, north of Fort St. James, B.C., one of several properties that will be explored by Eastfield Resources (VSE) this season. The Vancouver-based junior holds interests in about 35,000 acres in the Nation Lakes-Omineca River district which forms part of the Quesnellia Terrane, a geologic belt hosting a number of large porphyry copper-gold deposits.

Under the terms of an option agreement with Cathedral Gold (TSE), Eastfield can acquire a 50% interest in the Takla-Rainbow property which already has a gold reserve (in all categories) reported as 320,000 tons grading 0.25 oz. gold.

Recent sampling of an intrusive complex adjacent to the gold deposit has returned copper-gold values which Eastfield considers encouraging. As a result, the exploration focus will be for copper-gold porphyry mineralization and precious metal deposits.

Eastfield recently reviewed a report outlining Falconbridge’s exploration work on the property in the early 1970s. The major company’s limited drill program was carried out in an area adjacent to Cathedral’s gold zone where an open-ended 2.5×0.5-km copper geochemical anomaly was outlined.

This area is one of the key targets to be further tested in Eastfield’s 1990 program which will include geophysical and geochemical surveys, trenching and drilling.

Eastfield recently acquired a 100% interest in the adjacent Nell property which overlies a portion of the contact between the Takla volcanics and the intrusives hosting copper-gold mineralization on the Takla-Rainbow property. The company is seeking a joint venture partner for this grassroots exploration project.

In a separate project, Northair Mines (TSE) plans to fund an exploration program to earn a 50% interest in Eastfield’s Swan project. This property hosts a sizable copper deposit explored several decades ago that is being re-examined for its gold potential.

Eastfield also plans to explore its Indata property for copper-gold mineralization, either on its own or with a joint venture partner. Most of the work on this property to date has been focused on a “Mother Lode” style precious-metal-bearing vein system.

In May, Golden Rule Resources (TSE) announced its intent to acquire an equity interest in Eastfield through the purchase of flow- through shares in two tranches. As a result of the investment, a Golden Rule representative will be appointed to Eastfield’s board of directors.