Providence Resources Corp. (TSX-V:PV) and Eagle Plains
Resources Ltd. (TSX-V:EPL) (Pink Sheets: EGPLF) 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, PGeo, 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 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
which 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.
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, many with third parties
including MMG (owned by Minmetals Resources Ltd HKSE:1208), Aben
Resources Ltd. (TSX-V:ABN), Providence Capital Corp. (TSX-V:PV),
Waterloo Resources Ltd. (TSX-V:WAT.P), Blackrock Resources Ltd. (a
private B.C. company); Turnberry Resources Ltd. (TSX-V:TUR.P);
Heemskirk Canada Ltd., Drexel Resources Ltd. (TSX-V), Rosedale
Resources Ltd (a private B.C. company), Slater Mining Corp
(TSX-V:SLM), Olympic Resources Ltd. (TSX-V: OLA.P), Touchdown
Capital Inc. (TSX-V: TDW), Bluefire Mining Corp. (a private BC
company), 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 2011 are expected to be approximately
$8,000,000 to be funded by Eagle Plains and third party partners.
This exploration work will result in approximately 9400m diamond
drilling and extensive ground-based exploration work facilitating
the advancement of more than 15 projects at various stages of
development.
Signed,
“Tim J. Termuende”President and CEO
For further information on Eagle Plains
ResourcesPlease 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
StatementsNeither 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
