Eagle Plains Resources Ltd. (EPL:TSX-V) and Providence
Capital Corp. (TSX-V:PV) report that drilling has now
recommenced on the Iron Range Project. A $1.5M budget has been
approved and will consist of approximately 5000m in 12-16 holes.
The partners continue to test structural features and the
stratigraphic interval known to host the Sullivan deposit, located
70km to the north. Current drilling will target both precious-metal
and base-metal mineralization, following up on recent work which
intersected two intervals of gold-bearing massive sulphide
mineralization, the lower interval which resides at a stratigraphic
position interpreted to be at or near the same interval which hosts
the Sullivan deposit (see EPL/PV news release December 21st,
2010).
A complete data package from the previous drill program
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
TerraLogic Exploration Services of Cranbrook, BC (a wholly-owned
subsidiary of Eagle Plains) has been contracted to carry-out
fieldwork, with FB Drilling, also of Cranbrook, providing diamond
drilling services. J.K. Ryley, Project Geologist, is responsible
for drill-hole planning, permitting and logistics, with C.C.
Downie, P.Geo. the overall Project Supervisor. David Pighin, P.Geo.
and Paul Ransom, P.Geo. have been retained to provide geological
consulting services to the project. Both have extensive backgrounds
with the former Cominco Ltd. and are considered experts in the
geology, mineralogy and exploration of the Sullivan and similar
deposits in the Purcell Basin.
Iron Range Project Summary
The Iron Range property is located 15km NE of Creston, BC. The
property hosts numerous iron deposits which were originally staked
in 1897 and were covered by Crown Grants held by Cominco Ltd. and
the Canadian Pacific Railway for over 100 years. Past work on the
deposits by Cominco Ltd. 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 systematically 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 2010/2011 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.
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.
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 2, 2010, 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.
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
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)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Eagle Plains Resources (PK) (USOTC:EGPLF)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
