Providence Resources/Eagle Plains Conduct Geophysical and Geochemical Surveys on Iron Range Project
14 9월 2011 - 10:00PM
Marketwired
Providence Resources Corp. (TSX VENTURE: PV) and Eagle Plains
Resources Ltd. (TSX VENTURE: EPL) have now completed the majority
of the planned fieldwork program for the Iron Range project in
southeastern British Columbia. This ground based work is to be
followed in September and October by airborne geophysics.
Field work completed to date consists of the following:
-- Induced polarization geophysics ground and borehole surveys at the Talon
Zone
-- 28.0 line km of contour soil sampling along the west flank of the Iron
Range Structure
-- Contour and grid soil sampling south and southeast of the Talon zone
-- 2.0km X 800m Talon zone soil grid
-- 2.5km X 800m soil grid immediately north of the Talon zone grid, labeled
the Six-Mile grid
-- 1:10,000 scale geological mapping and associated sampling
IP Survey
The Talon Zone induced polarization ground survey shows two
areas of high chargeability. The westerly area coincides with the
significant mineralization encountered in drilling at the Talon
zone. The second area is approximately 300m to the southeast of the
Talon zone and is expressed as a near surface anomaly measuring
approximately 200m in width. This anomaly may continue to the south
beyond the southern limit of the geophysical survey. The borehole
geophysics is slated for additional interpretation with respect to
the ground survey.
Soil Geochemistry
A 28.0 line km contour soil sampling program was completed along
the west flank of the Iron Range Structure. These lines are
parallel to the regional scale north trending Iron Mountain Fault
to exploit base and precious metal mineralization from northeast
oriented splay faults.
The Talon zone soil grid is oriented north-south, positioned to
cover the southern IP chargeability anomaly and north along the
inferred extension of the Talon zone fault.
A 2.5km X 800m soil grid immediately north of the Talon zone
grid (labeled the Six-Mile grid) begins at the northern end of the
Talon zone grid in a northeast orientation. This grid covers
prominent northeast topographic linears and coincident trending
newly discovered alteration zones (see Geological Mapping).
Geochemical results from the soil surveys are expected by mid to
late October.
Geological Mapping
Surface mapping has identified the following features of
interest:
-- A westerly shift of the Iron Range Structure, in proximity to sericite-
albite alteration and possible extension of IP chargeability anomaly.
-- Discovery of pervasive sericite-albite-quartz alteration zone
approximately 30m in width, 1.65km N-NE of the Talon Zone. The trend of
the zone shares that of the Talon Zone. Similar alteration located 700m
to the south along the strike extension of the new zone. The Six-Mile
grid was positioned over these two zones. Hematite-albite-sericite
breccia 2.0km NE of the Iron Mountain Structure, and approximately 6.0km
from the Talon Zone.
-- Finely disseminated and acicular stratiform tourmaline within the Lower-
Middle Aldridge contact (LMC) 150m and 600m west of the Talon Zone. The
latter underlies a grouping of upper anomalous lead, zinc, and arsenic
soil anomalies.
Airborne Surveys
A combination of VTEM, ZTEM and airborne gravity surveys will be
employed over specific targets areas and is based on specific host
rocks and structural settings. The ZTEM is scheduled to start
September 13th with the VTEM survey to immediately follow. A
property scale gravity survey is expected to be completed by the
end of October, subject to weather conditions and contractor
availability. The surveys are being flown in conjunction with Eagle
Plains Resources Ltd. surveys, of which Providence Resources Ltd.
survey area totals 1576 line kilometres.
Geological exploration contracting services on the Iron Range
property during 2011 are being provided by TerraLogic Exploration
of Cranbrook, B.C. (a wholly owned subsidiary of Eagle Plains). All
fieldwork is under the supervision of geologist J.K. Ryley while
C.C. Downie, P.Geo., is hereby identified as both the overall
project supervisor and as a qualified person under National
Instrument 43-101.
Iron Range Project Summary
The Iron Range deposits were originally staked in 1897, and were
covered by Crown grants held by Cominco Ltd. and the Canadian
Pacific Railway. Eagle Plains staked the current claims immediately
after the Crown grants reverted in 2000, and has been exploring the
property since then. Exploration work to date includes geological
mapping, geochemical surveys, diamond drilling and a
690-line-kilometre airborne geophysical survey. The Iron Range
project is owned 100 per cent by Eagle Plains and holds no
underlying royalties or encumbrances. An additional 35,800 hectares
of claims were added to the existing land package, resulting in a
total of 56,200 hectares - an area approximately 11km by 50km. The
land package now covers over 30km of the Iron Range structure, most
of it unexplored. The claims also overlie rocks of the Aldridge
formation, including the same stratigraphic time horizon which
hosts the world-class Sullivan deposit located 70km to the
northeast. Over its 100-year lifetime, Sullivan produced
approximately 150 million tonnes of ore including three billion
ounces of silver, eight million tonnes of zinc and eight million
tonnes of lead, collectively worth over $30-billion at current
metal prices. The parties caution that past results or discoveries
on proximate land are not necessarily indicative of the results
that may be achieved on the Iron Range property.
Providence Option Agreement
The Iron Range project is owned 100% by Eagle Plains and holds
no underlying royalties or encumbrances. Providence holds the
option to earn a 60% interest in the Property by spending
$3,000,000 on exploration, making $500,000 in cash payments and
issuing 1,000,000 shares to EPL over 4 years.
Vince Sorace, President, Providence Resources
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Providence Resources Corp. Vince Sorace President
info@providenceresources.ca www.providenceresources.ca
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