Eagle Plains Resources Commences Summer Field Programs
Eagle Plains Resources (TSX-V: EPL) has mobilized crews to commence work in both British Columbia and NWT on projects in various stages of development. $6M in exploration expenditures are planned for the year, with 14 individual projects scheduled for work. 6 projects are expected to see diamond drilling this year, with approximately 5500m (18,000′) in total footage planned to date. Approximately 1/2 of the total expenditures will be incurred by third parties under various option agreements currently in place. Summaries of planned programs will be provided by EPL as work progresses.
Four individual programs have been initiated this week, namely the Mackenzie Mountain (geology, geophysics; western NWT-Teck Cominco Strategic Alliance), Iron Range (drilling; south-eastern BC; Fe, Cu, Au), Acacia (airborne geophysics; central BC; Pb, Zn, Ag), and Karin Lake/Eagle Lake/Kulyk Lake projects (geology, prospecting; Saskatchewan; uranium).
Mackenzie Mountain program, western NWT
The work program will be carried out within a Strategic Alliance agreement as announced on May 7th, 2008 between Teck Cominco Ltd and EPL. An exploration budget of $2.3 million has been approved for the 2008 program, which will run between June and late August.
Eagle Plains has been active in the region since 2000, and controls permits and claims covering an area of over 8,000 square km, including 20 new prospecting permits issued on February 01, 2008. Results from the 2006-2007 reconnaissance programs have identified over 20 geochemically anomalous areas and mineralized zones which will be followed up for their base-metal potential. Total 2007 expenditures on the Area of Mutual Interest (“AMI”) were $1,500,000, funded by Teck Cominco under the existing Strategic Alliance agreement.
2008 fieldwork will involve defining targets for 2009 drill testing, following up on areas of interest generated by 2007 fieldwork and continuing the successful grass roots reconnaissance program. The Eagle Plains/Teck Cominco Area of Mutual Interest (“AMI”) overlies a series of folded and thrusted Proterozoic to Devonian carbonates and shales. These rocks are time-equivalent to giant base-metal deposits in the region such as Howard’s Pass, currently controlled by Selwyn Resources Ltd. Other priority exploration targets include Mississippi Valley type (MVT) base metal deposits and sedimentary copper deposits.
A $100,000 budget has been set to carry out exploration work on the Bronco property, owned 100% by EPL and not subject to terms of the Strategic Alliance agreement. The program will consist of a follow-up of work completed in 2007 on mineralization discovered by EPL crews in late 2006. The Bronco-Golf Ball corridor of mineralization contains a 7km trend of promising new carbonate-hosted Zn-Pb showings. Drilling carried out in 2007 returned encouraging results (see April 10th NR), and confirms the potential of the area. Numerous untested regional silt geochemical anomalies remain to be investigated and a number of the new showings and strong Zn-Ag soil geochemical anomalies discovered in 2007 will be targeted in 2008.
Iron Range program, south-eastern BC
A $350,000, 1500m diamond drilling program is now underway on the Iron Range property, located near Creston in south-eastern BC. The property consists of 191 units (11,540 acres) owned 100% by Eagle Plains and holds no underlying royalties or encumbrances. The claims are well situated with respect to infrastructure; with a high pressure gas pipeline, high voltage hydro-electric line, railway and major highway located within property boundaries.
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 deposit 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. Results from 2000 – 2006 exploration work including geological mapping, geochemical surveys and a 690 line-km airborne geophysical survey were used to define targets for drill testing.
The Iron Range Fault system represents a major structural feature that is markedly different from other structures in the region in terms of deformation and alteration. Structural, mineralization and alteration relationships indicate that the property has potential for both Olympic Dam type Cu-Au-U-REE deposits and Sullivan type sedimentary-exhalative deposits. The Olympic Dam deposit in Australia is known as the world’s largest multi-mineral ore deposit, while the nearby Sullivan deposit was a world class silver-lead-zinc deposit which saw continuous production for over 100 years, closing in December, 2001. The mineralized zone on the Iron Range Property is exposed over approximately 4 kilometers strike length and is up to 150 meters wide.
Acacia program, central BC
An 840 line-km airborne geophysical survey has commenced on the Acacia property, owned 100% by EPL with no underlying royalties, located 45km northeast of Kamloops. The 203 unit (12,000 acre) property is considered to have high potential for hosting volcanogenic massive sulphide (VMS) deposits. These deposits typically contain both base- and precious metals, and occur in clusters and/or stacked lenses. The project area covers a stratigraphic assemblage which hosts a number of nearby past-producing base and precious metal deposits including the Samatosum, Rea Gold, and Homestake mines. The property currently has at least three known target areas.
Most recent work on the property was carried out under option to Amarc Resources, who in 2004 completed a single drill-hole prior to terminating their option.
Karin Lake/Eagle Lake/Kulyk Lake projects, Saskatchewan
Field crews are mobilizing this week to continue exploration of these three separate properties located north of LaRonge, Saskatchewan. Work will be focused on geological mapping and follow-up prospecting of anomalies generated by extensive airborne geophysical programs completed in 2007 over the entire project area. Diamond drilling was completed in March/April 2008 on the Karin Lake property, with results to be released shortly.
Overall project supervision is provided by C.C. Downie, P.Geo., Director and Exploration Manager of Eagle Plains, who is identified as a Qualified Person under National Instrument 43-101.
For additional information on these and other Eagle Plains projects, please refer to our website at www.eagleplains.com.
Eagle Plains Resources continues to conduct research, acquire and explore metal projects in western Canada. The Company controls over 35 gold, base-metal and uranium projects, many with third parties including Teck Cominco Limited (TSX: TCK.B), Alexco Resource Corp. (TSX-V: AXR), Sandstorm Resources Ltd. (TSX-V: SSL.P), Mountain Capital Inc (TSX-V: MCI.P), Blue Sky Uranium Corp. (TSX-V: BSK) and XO Gold Resources Ltd. These agreements expose Eagle Plains to over $27.0 million in exploration expenditures over a five year period. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration and numerous other junior exploration companies, resulting in over 47,000m (154,200′) of drilling and over $21,000,000 in exploration spending on its projects since 1998. Eagle Plains management anticipates approximately $6,000,000 in expenditures on its projects in 2008, funded equally between Eagle Plains and third party partners.
This news release has been reviewed and approved by C.C. Downie, P.Geo., hereby designated as a “Qualified Person” under National Instrument 43-101.
On behalf of the Board of Directors Signed "Tim J. Termuende" President and CEO
The TSX Venture Exchange has not reviewed and does not accept 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.
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For further information, please contact Mike Labach 1 866 HUNT ORE (486 8673) Email: Email Contact or visit our website at http://www.eagleplains.com
SOURCE: Eagle Plains Resources Ltd.