Eagle Plains Resources Ltd. (EPL:TSX-V) and Providence
Capital Corp. (TSX-V:PV) have received complete analytical
results for Holes IR10-005 and IR10-010, which are considered to
contain the best mineralization observed to date of the 2010
program. Since September, the partners have completed ten diamond
drill holes for a total footage of 10,945 feet (3,337m). The
partners continue to test structural features and the stratigraphic
interval known to host the Sullivan deposit, located 70km to the
north. Current work is targeting both precious metal and base metal
mineralization.
Highlights:
-- Hole IR10-010 intersected two intervals of gold-bearing
massive sulphide mineralization. The lowermost zone consists of
finer grained, gold-bearing massive sulphide material at a depth of
275.5.0-279.5m (truncated by a fault) within similar host rocks and
at a stratigraphic position interpreted to be at or near the same
interval which hosts the Sullivan deposit. The structural setting,
alteration assemblages (tourmalinite, albite) and accessory
minerals encountered (cadmium, antimony, tin, bismuth, boron,
copper) are also consistent with those associated with Sullivan and
other sedimentary-exhalative (“sedex”) deposits.
-- Selected intervals from Hole 10 include:
- 192.0-206.0m (upper sulphide
interval): 14.0m @ 5.1g/t Au, 1.86% Pb, 2.1% Zn, 75.3g/t
Ag
- Including 196.9-204.0m: 7.1m @
8.13g/t Au, 2.84% Pb, 3.07% Zn, 86.6g/t Ag
- Also Including 196.9-198.5m: 1.6m @
9.9g/t Au, 6.06% Pb, 7.18% Zn, 181.0g/t Ag
- Also Including 201.4-204.0m: 2.6m @
8.4g/t Au, 2.6% Pb, 2.54% Zn, 56.4g/t Ag
- 224.0-280.5m: 56.5m @ 1.9g/t Au,
0.44% Pb, 0.59% Zn, 21.5g/t Ag
- Including 240.0-245.0m: 5.0m @ 3.7g/t
Au, 1.34% Pb, 0.13% Zn, 69.2g/t Ag
- Including 272.0-280.5m: 8.5m @ 6.0g/t
Au, 1.45% Pb, 2.56% Zn, 47.8g/t Ag
- Also including 277.5-279.5m (lower
sulphides-interpreted Sullivan time horizon): 2.0m @ 12.8g/t Au,
4.18% Pb, 5.06% Zn, 122.5g/t Ag; elevated Cd, Sb, Sn, Bi, B,
Cu
-- Holes IR10-005 and IR10-010 are located near a major
transportation corridor; with rail, road, gas and hydro-electric
power situated within 3km from the drill collar locations.
Widths of altered and mineralized intervals are apparent
thicknesses only. True thicknesses will be established with the
completion of additional drilling.
Detailed Drill-hole Descriptions
IR10-005: Length: 394.72m, azimuth 260°, angle -80°. Upper 95m
is altered and brecciated quartzite, with lesser siltstone to 135m
which marks the onset of fracture hosted sulphides and strong
alteration to 163m. Lesser alteration of finer grained sediments
occurs to 210m, underlain by 95m of increased alteration and
numerous veins and veinlets variably with sulphides to 305m.
Sixteen metres of mineralized breccia mark the interval to the top
of the Lower Aldridge Formation at 321m. Minor albite and
tourmaline with disseminated sulphides occur over the interval to
the base of the hole at 394.7m
Complete analytical results from Hole IR10-005 have been
returned, and include the following highlights:
- 62.5-89.5m: 27.0m @ 0.644g/t Au, 0.14%
Pb, 0.19% Zn, 13.0g/t Ag
- *Including 74.5-78.5m: 4.0m @ 1.488g/t
Au, 0.30% Pb, 0.15% Zn, 22.5g/t Ag
- *Including 86.5-87.5m: 1.0m @ 6.05g/t
Au, 0.56% Pb, 0.35% Zn, 33.9g/t Ag
- *144.0-163.0m:19.0m @ 0.841g/t Au,
8.7g/t Ag
- *Including 148.0-155.0m: 7.0m @
1.793g/t Au, 0.3% Pb, 0.59% Zn, 15.7g/t Ag
- Including 151.0-154.0m: 3.0m @ 3.17g/t
Au, 0.42% Pb, 1.11% Zn, 22.9g/t Ag
- 276.0-320.0m: 44.0m @ 0.355g/t Au
- Including 300.0-320.0m: 20.0m @
0.543g/t Au
- Also Including 306.0-309.0m: 3.0m @
0.951g/t Au
* Previously reported in EPL/PV news release December 1st,
2010
IR10-010: Length: 345.6m, azimuth 040°, angle-70°. Upper third
is oxidized, fractured, and intensely altered. Weak disseminated
mineralization in veins occurs to 183m, underlain by 23m of
mineralized breccia and local sections of massive sulphide to
208m.(see EPL/PV news release December 1, 2010). Mineralized
fractures, veins and brecciation of varying intensity occur over
68m to the lower massive sulphide intercept at 275.5-279.5m, which
is interpreted to lie at Sullivan Time. Faulted section of Middle
Aldridge sediments, with local alteration and weak mineralization
occurs to the base of the hole.
Drill-holes IR10-001 to 004 were located over 1000m from holes
reported herein and returned no significant economic
mineralization, though contained important alteration minerals
associated with sedex style deposits (see EPL/PV news release
November 16th, 2010). Analytical results from Holes IR10-006 to
-009 will be reported in future updates, but are not expected to
return significant values. Portions of oxide material observed in
some holes will be re-analyzed using a screened-metallic process to
test for the presence of coarse gold. Results of this work will be
reported at a later date. Petrographic and lead-isotope dating is
planned for the massive sulphide intervals in an attempt to better
understand the origin and mode of mineralization as well as the
timing of the emplacement of the lead. These studies could have
significant implications for the potential of the area and the
methodology of future exploration.
Tim J. Termuende, President and CEO of Eagle Plains Resources
stated recently that “we are encouraged by results received from
Holes IR10-005 and IR10-010. The presence of gold mineralization
over significant widths coupled with massive sulphides containing
lead, zinc and silver with key accessory minerals at our target
horizon underscores the potential of the Iron Range property and
provides the impetus for further work. Our partners are both
aggressive and well-funded and share our enthusiasm for the
project”
A complete data package, including analytical results,
drill-hole sections, strip-logs, collar locations and drill-hole
orientations, geophysical data and drill-core photographs is
available on the Eagle Plains website at:
http://www.eagleplains.com
Additional diamond drilling is planned for the property in early
2011. A $500,000 Phase 2 program is intended to commence in mid- to
late January. The objective of the program will be to further
delineate the mineralized zone encountered in Holes IR10-005 and
IR10-010 and to gain an understanding of the geometry and
structural controls of the zone. Down-hole geophysical surveys are
currently being contemplated. Contingent on favourable results,
Phase 3 work will follow immediately thereafter, with a budget to
be determined.
Conference Call
The partners are planning to host a conference call on Tuesday,
December 21st at 9:00am PST. Tim Termuende, President and CEO of
Eagle Plains and Jim Ryley and Dave Pighin of TerraLogic
Exploration will be present to answer questions. The call will be
recorded and will be available on the Eagle Plains website for
later review.
Participant toll-free dial-in
number (North America): 1-866-809-5793
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. Past work on the Iron Range deposits by Cominco
focused on the considerable iron oxide resource with trenching and
very shallow (20m depth) diamond drilling along the Iron Range
Mountain ridge. Eagle Plains staked the current claims immediately
after the Crown Grants reverted in 2000 and have been exploring the
property since then. Exploration work to date includes geological
mapping, geochemical surveys, diamond drilling and a 690 line-km
airborne geophysical survey.
Drill programs were carried out by Eagle Plains in 2005 and
2008. Drilling on the property in 2008 intersected gold
mineralization including drill hole IR08006, which returned 7.0m
grading 51.52 g/t (1.50 oz/ton) gold from 20.0m to 27.0m (see EPL
news release dated April 20th, 2009). This intercept is located
approximately 10km north of 2010 drilling locations. Swift
Resources optioned the property in late 2009 and completed a total
of 580 m of drilling in 7 holes. One hole was drilled in close
proximity to IR 08006 and returned 1.0m grading 7.53 g/t gold. (see
EPL news release dated March 5th, 2010). Swift subsequently
relinquished their option on the property.
DDH IR05-03, drilled in 2005, was collared 175m away from DDH
IR10-10 and returned values of 3.82 g/t Au and 46g/t Ag over a 2m
interval (see EPL NR June 13, 2005). The mineralization encountered
in this hole was associated with a silicified, veined and altered
breccia unit with associated galena, sphalerite and arsenopyrite,
and appears to be similar to material observed in the current
drill-holes as described above.
The Iron Mountain structure has been mapped with widths of up to
150m and a strike length of over 50km. Copper and gold
mineralization has been discovered previously along the structure,
highlighting the potential for iron-oxide copper-gold (“IOCG”)
mineralized systems associated with the structure. 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 150,000,000 tonnes of ore including
300,000,000 ounces of silver, 8,000,000 tonnes of zinc and
8,000,000 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.
Analytical Details and QAQC
All material was shipped to ISO17025-accredited AGAT
Laboratories in Vancouver for rush analysis. Core samples were
analyzed via AquaRegia / ICP-OES multi-element analysis and 30g
Fire Assay / AAS analysis for gold. Over-detection limit results
for base metals (>10000ppm) and silver (>100 ppm) were
reanalyzed utilizing AquaRegia / ASS techniques. Due to the
presence of significant intercepts of semi-massive to massive
sulphides in hole IR10-010, the interval from 192.0m to 280.5m was
also analyzed via a sodium peroxide fusion / ICP-OES analysis for a
variety of base metals
QAQC: Blank material and 3 different base metal and precious
metal standards were routinely introduced into the sample chain of
custody for analysis. Statistical analysis of the QAQC data was
completed for Au, Pb, Zn and Ag and the results are consistent with
all analytic procedures completed by AGAT being within acceptable
parameters.
Geological exploration contracting services on the Iron Range
property during 2010 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.
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. As announced on
November 2nd, an additional 35,800 ha of claims were added to the
existing land package, resulting in a total of 56,200 ha – an area
approximately 11km x 50km. The land package now covers over 30km of
the Iron Range structure; most of it unexplored.
About Providence Capital
Providence Capital Corp. is a junior mining exploration company
focused on delivering shareholder value through project acquisition
and development. Currently the company is focused on its Iron Range
Project in British Colombia, Canada.
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore
metal projects throughout western Canada. In addition to holding
mining royalties on various projects, Eagle Plains controls over 35
gold, base-metal and uranium projects, several with third parties
including Excelsior Mining Corp (TSX:MIN.P), Sandstorm Resources
Ltd. (TSX-V:SSL), Sandstorm Metals and Energy Ltd. (TSX-V:SND),
Providence Capital Corp., Waterloo Resources Ltd. (TSX-V:WAT.P),
Windstorm Resources Inc., 0802906BC Ltd. (a private B.C. company);
Heemskirk Canada Ltd., Touchdown Capital Inc. (TSX-V: TDW), Active
Growth Capital (TSX-V:ACK) and 99 Capital Corp.
(TSX-V:WDG). In recent years, Eagle Plains has completed option
agreements with Teck Limited (TSX:TCK.B), Alexco Resource Corp.
(TSX-V:AXR), Billiton Metals, Rio Algom Exploration, NovaGold
Resources, Kennecott Exploration and numerous other junior
exploration companies, resulting in over 53,600m (163,370’) of
drilling and over $28.3 million in exploration spending on its
projects since 1998.
Expenditures during 2008 and 2009 on Eagle Plains’ projects were
approximately $7,300,000, funded by Eagle Plains and third party
partners. This work resulted in approximately 6,900m of drilling
and extensive ground-based exploration work and facilitated the
advancement of numerous projects at various stages of
development.
On behalf of the Board of Directors of Eagle Plains, we would
like to wish everyone a Merry Christmas and all the best in the
coming year.
Signed,
“Tim J. Termuende”
President and CEO
For further information on EPL, please contact
Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website
at http://www.eagleplains.com
On behalf of the Board of Directors of Providence Capital
Corp.,
Signed,
“Steve Bajic”
President and CEO
For further information on PV, please contact
Steve Bajic at (604) 628-5614
or visit our website at
www.providencecapital.ca
Cautionary Note Regarding Forward-Looking
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. 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.
Eagle Plains Resources (PK) (USOTC:EGPLF)
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