Eagle Plains and MMG Announce Letter of Intent on the Findlay Property
09 3월 2011 - 12:57AM
Business Wire
Eagle Plains Resources Ltd. (EPL:TSX-V) is pleased to
announce that a letter of intent has been executed with Minerals
and Metals Group (“MMG”) whereby Eagle Plains has agreed to
grant an option to MMG to earn a 60-per-cent interest in Eagle
Plains' 100-per-cent-owned Findlay/Greenland Creek
properties (the “Project”), located 30 kilometers north of
Kimberley, in south-eastern B.C.. Under terms of the proposed
agreement, MMG may earn a 60% interest in the 33,500 ha property by
making staged cash payments to EPL totalling $500,000 and
completing $5,000,000 in exploration expenditures over 5 years. MMG
may earn an additional 15% interest (for a total of 75%) by
delivering a bankable feasibility study by 2021.
The Findlay Project overlies Aldridge Formation stratigraphy,
considered prospective for sedimentary-exhalative (“sedex”)
deposits. Structurally, this area has been identified as an
extension of the North Star-Sullivan corridor which hosts the world
class Sullivan deposit 30km to the south. The Findlay property
displays Sullivan-style exhalative tourmalinite (boron) horizons,
massive fragmental sections, anomalous lead, zinc, and indicator
geochemistry, and base metal occurrences. This “Sullivan smoke”
occurs throughout the Lower to Upper Aldridge formation and
indicates the potential for Sullivan style mineralization at
multiple stratigraphic levels. Fieldwork by Eagle Plains has
identified a number of target including :
- North Findlay: 100 meter thick multi
kilometer scale mineralized / tourmalinized exhalative horizon
related to hydrothermal venting within the Upper Aldridge
stratigraphic interval.
- Greenland Creek: Diamond drilling by
Eagle Plains in 1997 intersected numerous thin stratabound sulphide
bands associated with albite / garnet / chlorite alteration, some
of which display continuity over 60m, and are open down-dip and
along strike. Dating indicates Sullivan age for Pb mineralization
in the Greenland Creek area.
- Mid-Fork: Evidence for deep-seated
structures including arched gabbros and thickened, mineralized
fragmental sequences at or near “Sullivan time”.
The property also includes the historic Silver Key Mine, which
produced 31 tons of selected ore averaging 3431 g/t silver from
structurally-controlled narrow quartz veins within the Lower
Aldridge Formation. (B.C. Minfile).
Property scale mapping by Cominco Ltd. and Eagle Plains has
established excellent Aldridge marker control and many of the drill
targets developed are within the 500 – 1000m range, considered to
be shallow for Sullivan type targets in the Purcell Basin.
Project History
The Findlay property has been explored sporadically since the
1930’s.Government assessment reports show exploration programs by
Cominco (1959-69, 1977, 1984-1988), Texas Gulf Sulphur (1971),
Kerr-Addison Mines (1971-1975), Amax (1977-79), Four Tops Mining
(1982-1985), Billiton Canada (1983-1984) and Teck Corp.(1990).
Commodities sought were skarn related tungsten from Cretaceous
intrusions and base and precious metals from SEDEX style
deposition. Eagle Plains Resources began acquiring claims in the
Findlay - Doctor - Greenland Creek area in 1996.
Between 1997 and 2000, parts of the current Findlay property
were under option to Kennecott Canada Ltd. Billiton Canada Ltd. and
Rio Algom Ltd. Work by these groups as well as extensive work
funded exclusively by Eagle Plains included property scale
geological and structural mapping, soil geochemical sampling,
prospecting and limited diamond drilling. Total expenditures on the
property since 1996 are in the order of $ 4 million.
About MMG
Mineral Metals Group (MMG) is part of the Minmetals Resources
Limited group of companies (HKEx: 1208); MMG is the third largest
zinc producer in the world and operates a portfolio of world-class
base metal mining operations, development projects and exploration
projects. Operating mines include the Century mine in Queensland,
Australia's largest open pit zinc mine; the Golden Grove
underground mine in Western Australia and the Rosebery underground
mine in Tasmania, both of which produce zinc, copper, lead and
precious metals; and the Sepon gold and copper operations in Lao.
Development projects include the Dugald River zinc, lead and silver
deposit in north western Queensland. In Canada, MMG is focussed on
development of the Izok Lake polymetallic deposit in Nunavut, as
well as systematic exploration in the area of the High Lake and
Izok Lake projects. Target commodities include copper, zinc-lead
and nickel.
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 Aben Resources Ltd. (TSX-V:ABN), 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., Blackrock Resources Ltd.
(a private B.C. company); Heemskirk Canada Ltd., Touchdown Capital
Inc. (TSX-V: TDW), Active Growth Capital (TSX-V:ACK) and
Giyani Gold 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 2010 on Eagle Plains’ projects were
approximately $3,240,000, funded by Eagle Plains and third party
partners. This work resulted in approximately 3,580m 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
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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부터 3월(3) 2025 으로 4월(4) 2025
Eagle Plains Resources (PK) (USOTC:EGPLF)
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부터 4월(4) 2024 으로 4월(4) 2025
