Avoiding comments while reading file in powershell

Hi Experts,

I am reading a host file file using getcontes cmdlet.

$lines = Get-Content myfile.txt | Where {$_ -notmatch '^\s+$'} 
foreach ($line in $lines) {
    $fields = $line -split '\s+'
    $ip = $fields[0]
    for ($i = 1; $i -lt $fields.Length; $i++) {
        $ESXHost = $fields[$i]

But in actual host file comments will be there starting with "#"

How to avoid those blank lines and comments while reading the file? Any regular expression to just read the line starting with IP address "127.0.0.1"?