Eagle Plains Resources Commences Summer Field Programs
* Reuters is not responsible for the content in this press release.
CRANBROOK, BC, Jun 19 (MARKET WIRE) --
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.
Distributed by Filing Services Canada and retransmitted by Marketwire
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
Copyright 2008, Market Wire, All rights reserved.
-0-
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.



Follow Reuters