Providence/Eagle Plains Identify Multiple New Drill Targets Based Upon Historical Soil Data and Provides an Update for 2011 D...
17 1월 2012 - 10:00PM
Marketwired Canada
Providence Resources Corp. (TSX VENTURE:PV) ("Providence" or the "Company") and
Eagle Plains Resources Ltd. (TSX VENTURE:EPL) are pleased to announce that a
systematic compilation and analysis of historical soil geochemistry data has
identified eight anomalous zones including two high priority, multi-element soil
anomalies that are slated for drill testing in 2012, and six additional
anomalous zones, that have been selected for field evaluation as part of the
2012 exploration program (Fig. 1, Table 1). For maps and figures related to his
news release please visit our website www.providenceresources.ca.
To view Figures 1 and 2, please visit the following link:
http://media3.marketwire.com/docs/PV117i.pdf.
"Our analysis of the historic soil data confirms our belief that the Iron Range
Property displays an anomalously high background metal endowment and
demonstrates that the entire property is prospective for gold mineralization in
addition to the traditionally explored for Sullivan-style lead-zinc
mineralization," stated Providence Resources Corp.'s President and CEO Vince
Sorace. "The results from the soil data compilation are highly encouraging; we
are looking forward to comparing these anomalies with those obtained from
electromagnetic and gravity surveys when results are available."
The final 3 drill holes of the 2011 drill program (1,044.2 metres) were
completed in August, 2011. Drill holes IR11-027 - IR11-029 intercepted the Talon
Zone at depth (Fig. 2). IR11-27 was drilled oblique to the Talon Zone and
returned 3 meters @ 3.29 g/t gold and 4.6 g/t silver, IR11-028 and -029 were
drilled perpendicular to the zone and returned 12.0 meters @ 0.59 g/t gold, 2.5
g/t silver and 2 meters @ 2.34 g/t gold, 61.2 g/t silver respectively (Fig. 2).
2012 Exploration Program
The Company intends to execute a full exploration program in 2012 with the
objective of systematically evaluating all existing exploration data, utilizing
newly acquired 2011 geophysical surveys, field evaluating all resulting
anomalies and ultimately drill testing the highest priority targets.
-- Systematic compilation and analysis of historical soil geochemistry -
this work and the resulting anomalies are the focus of this news
release.
-- Geophysical electromagnetic and gravity surveys - it is anticipated that
results from this work will be available in February 2012.
-- Winter drilling (Phase I) of high-priority geophysical and geochemical
anomalies. Two targets have been identified during the evaluation of
historical geochemistry and additional targets are anticipated.
-- Field work will be completed in summer 2012 with the objective of
bringing remaining targets to the drill testing stage for Phase II
drilling in late 2012.
Historic Iron Range Soil Surveys
Soil anomalies were identified as part of ongoing compilation of historical data
on the Iron Range Project. Data compilation work is producing exploration
targets in advance of gravity and electromagnetic survey results that will be
available in February, 2012. All available geological, geochemical and
geophysical data will be used to delineate priority targets which will be tested
during 2012 Phase I and Phase II drilling.
A total of 12,201 soil samples were collected by various operators between 1986
and 2010 within the limits of the Providence Option agreement (Fig.1, Table 2).
These data have been systematically compiled by TerraLogic Exploration Services
and re-evaluated by Providence Resources Corp. Soil anomalies were selected
where assay values exceed the mean value of the survey by at least 1 standard
deviation and where an anomaly can be traced across at least two soil lines
within a given survey or an adjoining survey. Priority is assigned to anomalies
that are present within multiple elements in a given survey.
A total of eight geochemical anomalies have been identified. Anomalies are
described and summarized in Table 1 below. Two anomalies (Canyon and Row) are
considered high priority at this early stage of evaluation and are already
slated for drill testing. The remaining six anomalies will be further evaluated
throughout 2012.
2011 Talon Zone Drill Results
Drill intercepts from 2011 diamond drilling for holes IR11-027, IR11-028 and
IR11-029 within the Talon Zone are summarized in Figure 2, Table 2 and in the
text below. The Talon Zone is a 30 meter-wide, steeply west-dipping,
northeast-striking fault zone marked by moderate to intense silica-sericite
(minor albite) alteration zone and hosts precious and base metal mineralization.
The object of the 2011 diamond drill program was to determine the thickness,
strike and depth extent of the gold and base metal mineralization within the
Talon Zone.
IR11-027 (543,257mE, 5445755mN/1396mElev.)
IR11-027 shares the same collar as previous drill hole IR11-026 and was drilled
-87 degrees toward 080 degrees. This hole was designed to test the continuity
and intensity of mineralization within the steeply west-dipping Talon Zone at
depth. IR11-027 defines the western limit of the intense silica-sericite-albite
alteration zone intersected in IR11-026 drill hole (101.4m of 0.5g/t Au),
defined by three narrow intervals of significant gold values. Mineralization
occurs in fractures and within a quartz-carbonate breccia matrix with localized
narrow sections of semi-massive sulphide. Mineralization is dominantly pyrite
with minor arsenopyrite +/- sphalerite and rare galena.
----------------------------------------------------------------------------
Anomaly Size Elements
Name L x W (km) (ppb) Description
----------------------------------------------------------------------------
Canyon 3.0 x 3.0 Lead, Zinc, Copper The Canyon Anomaly is a 3.0
km by 3.0 km area defined by
a coincident lead and zinc
anomaly centered over a
large (2 km by 1.5 km)
arsenic anomaly.
----------------------------------------------------------------------------
Row 5 x 0.75 Lead, Zinc, Copper The Row Anomalies consist
of two parallel north-
northeast trending,
coincident lead, zinc, and
copper anomalies. The
eastern anomaly, the larger
of the two measures 5 km in
length and 0.75 km in width.
The smaller anomaly to the
west measures 2 km by 0.5
km.
----------------------------------------------------------------------------
IRFZ 9.0 x 0.5 Lead, Zinc, Arsenic The Iron Range Fault Zone is
a narrow, 9 km-long 0.5 km-
wide zone of anomalous lead
soil values with 3 isolated
north and northeast-trending
zinc anomalies (each between
1 and 2 km in length) with a
single northeast trending,
2.1 km-long arsenic anomaly
at the northern margin.
----------------------------------------------------------------------------
IRFZ N. 2.3 x 1.7 Zinc, lead, Arsenic The Iron Range Fault Zone
North anomaly is defined by
a 0.85 km-long, northeast
trending arsenic anomaly
flanked to the east and west
by coincident lead and zinc
anomalies that each measure
2 km by 0.5 km.
----------------------------------------------------------------------------
Arrow East 2.0 x 2.3 Lead, Zinc The Arrow East Anomalies
include a 2 km by 1 km lead
anomaly containing northeast
trending approx. 2 km long
zinc anomalies adjacent
along its eastern and
western margins
----------------------------------------------------------------------------
6 Mile 2.0 x 2.0 arsenic, lead, zinc The 6 Mile Anomalies are
defined by two central
arsenic-lead-zinc anomalies
flanked by a series of
isolated lead, zinc and
arsenic anomalies. The
arsenic-lead-zinc anomalies
measure 0.5 by 0.5 km and 2
km by 0.25 km respectively.
----------------------------------------------------------------------------
Kitchener North 3.0 x 2.0 arsenic, lead, zinc The Kitchener North
Anomalies contain two
significant multi-element
anomalies. The northern
anomaly is composed of a two
northeast-trending, 1 km-
long arsenic anomalies that
intersect a 2 km-long,
southeast trending zinc
anomaly. The second anomaly
consists of a 1.3 km by 0.8
km, coincident arsenic-lead-
zinc anomaly flanked to the
east by a series of three
long, narrow, (0.8 km - 2.0
km) north- and northeast-
trending zinc anomalies.
----------------------------------------------------------------------------
Kitchener South 3.0 x 3.0 arsenic, lead, zinc The Kitchener South
Anomalies consist of two
large soil anomalies. The
northern anomaly measures 2
km by 3 km and contains two
arsenic-lead-zinc anomalies.
The southern anomaly
measures 4.5 km by 2 km and
is defined by a central lead
anomaly flanked to the north
and south by zinc and
arsenic anomalies.
----------------------------------------------------------------------------
Table 1. Soil anomalies defined by Providence Resources Corp. using
historical soil data within the current boundaries of the Iron Range
Project.
IR11-028 (543,298mE, 5,445,815mN/1415mElev.)
IR11-028 was drilled approximately 70m northeast of IR11-026/027 at 140 degrees
azimuth and dip -80 degrees. An isolated intercept of 1.0m of 2.87g/t Au is
coincident with the appearance of breccia which is consistent with the down-dip
extension of the sub-vertical (west-dipping) Talon zone. Mineralization consists
of arsenopyrite with lesser pyrite, rare sphalerite, and galena within a
dolomite-calcite-quartz matrix supported breccia.
IR11-029 (543,155mE, 5,445,683mN/1371mElev.)
IR11-029 was the final hole drilled in the 2011 Talon zone drill campaign. In
order to obtain a perpendicular cut through the Talon zone, this hole was
drilled at 135 degrees azimuth and a -55 degree dip angle. This hole returned
2.0m grading 2.34g/t Au (110-112 meters) defining the central portion of the
Talon zone below the surface oxide zone. Mineralization is characterized by a 10
cm interval of massive pyrite and lesser arsenopyrite within an oxidized,
limonitic breccia.
----------------------------------------------------------------------------
Hole From To Length Gold Lead Zinc Silver Lead Zinc
# (m) (m) (m) (g/t) (%) (%) (g/t) (ppm) (ppm)
----------------------------------------------------------------------------
IR11027 221.8 237.1 15.25 0.29 0.05 0.11 3.16 481.99 1053.34
----------------------------------------------------------------------------
Incl. 234.8 237.1 2.3 0.89 0.12 0.11 12.93 1229.95 1076.51
----------------------------------------------------------------------------
IR11027 260 274 14 0.86 0.06 0.05 4.63 550.24 479.91
----------------------------------------------------------------------------
Incl. 271 274 3 3.29 0.21 0.18 18.20 2145.00 1751.00
----------------------------------------------------------------------------
IR11027 344.5 346.9 2.35 1.06 0.09 0.05 7.06 942.64 537.37
----------------------------------------------------------------------------
IR11027 376 385 9 0.14 0.01 0.01 0.49 89.51 84.41
----------------------------------------------------------------------------
IR11028 239 251 12 0.59 0.06 0.14 2.54 632.82 1359.46
----------------------------------------------------------------------------
incl. 239 240 1 2.87 0.32 0.35 9.70 3215.00 3459.00
----------------------------------------------------------------------------
IR11028 260 278 18 0.24 0.025 0.05 2.17 247.57 467.53
----------------------------------------------------------------------------
IR11028 297 304 7 0.19 0.01 0.01 2.27 132.19 119.13
----------------------------------------------------------------------------
IR11028 383 392 9 0.16 0.01 0.03 0.99 127.58 337.96
----------------------------------------------------------------------------
IR11029 100 116 16 0.38 0.06 0.12 13.73 632.37 1150.46
----------------------------------------------------------------------------
Incl. 110 112 2 2.34 0.22 0.37 61.20 2175.28 3650.50
----------------------------------------------------------------------------
IR11029 140 150 10 0.51 0.13 0.18 9.40 1309.00 1785.00
----------------------------------------------------------------------------
Incl. 140 144 4 0.77 0.05 0.13 6.73 505.29 1322.68
----------------------------------------------------------------------------
Table 2. Talon Zone Drill intercepts for drill holes IR11-027 to IR11-029.
Note that there is insufficient drilling to determine the true thickness of
the mineralized zones.
Analytical Details and QAQC
QAQC: Blank material, standard grade base metal and precious metal standards,
and high grade standards were routinely introduced into the sample chain of
custody for analysis of drill core. Statistical analysis of the QAQC data was
completed for Au, Pb, Zn and Ag and the reported results are consistent with all
analytic procedures completed by Acme Analytical Labs Ltd. being within
acceptable parameters.
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). Diamond drilling is being carried out
by F.B. Drilling of Cranbrook, B.C. All fieldwork is under the supervision of
geologist J.K. Ryley while C.C. Downie, P.Geo., is hereby identified as the
overall project supervisor. Technical aspects of this news release have been
reviewed and approved by T.J. Termuende, P.Geo., hereby designated 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
Resources ("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 original land package, resulting in a total of 56,200 hectares
-- an area approximately 11 km by 50 km. The land package now covers over 30 km
of the Iron Range structure, most of it unexplored. The claims also overlie
rocks of the Aldridge formation, including the same stratigraphic time horizon
that hosts the world-class Sullivan deposit located 70 km 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
For further information regarding Providence, please email
info@providenceresources.ca or visit our website at www.providenceresources.ca.
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.
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