CRANBROOK, BC, Feb 15 (MARKET WIRE) --
Eagle Plains Resources Ltd. (TSX-V: EPL) and Blind Creek Resources Ltd. (a
private B.C. company) jointly announce that they have completed fieldwork and
received final assay results from a 15-hole, 11,191 ft (3,411 m) diamond
drilling program on the Blende property, located in central Yukon approximately
65km NE of Keno Hill.
Highlights:
- drill hole BE07116 returned 8.5% Pb+Zn , 67.1 g/t Ag over 8.0m from 8.9
mto 16.9 m. (including 22.8% Pb+Zn, 193.0 g/T Ag over 1.0m from 10.9m to
11.9m)
- drill hole BE07118 returned 12.3% Pb+Zn, 19.1 g/t Ag over 1.0m from 67.1 m
to 68.1 m
- drill hole BE07120 returned 10.9% Pb + Zn, 10.2 g/t Ag over 1.0m from 24.4
m
to 25.4 m.
- drill hole BE07112, the first hole to test the Shanghai Zone, returned
0.9%
Pb+Zn , 1.2 g/t Ag over 11.0m from 227.5 m to 239 m.
2007 work follows a 4233m, 23-hole program completed in 2006. Since
acquiring
the property in 2000, Eagle Plains and its partners have completed geological
and geophysical surveys and an extensive re-examination, sampling and
interpretation of existing drill-core stored on the property since the
mid-1980s.
Overview
2007 work consisted of geological mapping, prospecting, geochemical sampling
and
diamond drilling. Diamond drilling in 2007 was focused on exploration and
targeted the Shanghai, Central, and Far West Zones. The Central and Far West
Zones have seen limited drilling while the Shanghai Zone, discovered by EPL in
2005, had never been drill tested. The primary goal of the program was to
delineate new economically viable targets outside of the current resource. A map
showing 2007 drill hole locations and a detailed technical report completed
prior
to 2007 work may be found at:
http://www.eagleplains.com/projects/yukon/blende/
TABLE 1 2007 DRILL RESULTS
Blende DDH ID From To Length Zn+Pb Ag
Zone (m) (m) (m) (%) (g/MT)
------------------------------------------------------------------
Central BE07111 201.9 204.9 3.0 6.5 25.8
------------------------------------------------------------------
BE07112 227.5 238.5 11.0 0.9 1.2
Including 234.5 237.5 3.0 1.6 1.4
Shanghai BE07113 No Significant Results
BE07114 336 337 1.0 4.3 4.2
------------------------------------------------------------------
BE07115 17.7 19.7 2.0 6.0 41.4
25.7 28.7 3.0 8.6 43.4
42.7 44.7 2.0 7.7 140.5
101 108 7.0 7.2 23.2
Far West Including 103 106 3.0 9.4 8.0
Zone BE07116 8.9 16.9 8.0 8.5 67.1
Including 9.9 14.9 5.0 10.2 76.2
Also Including 10.9 11.9 1.0 22.8 193.0
36.9 40.9 4.0 6.3 65.2
BE07117 6.1 9.1 3.0 5.0 34.2
15.1 16.1 1.0 8.7 94.8
BE07118 18.1 20.1 2.0 5.4 19.5
66.1 68.1 2.0 8.9 11.7
Including 67.1 68.1 1.0 12.3 19.1
Far West BE07119 33.1 35.1 2.0 5.3 3.8
Zone BE07120 24.44 25.4 1.0 10.9 10.2
59.4 61.4 2.0 5.2 5.2
64.4 71.4 7.0 6.5 6.5
76.4 78.4 2.0 5.7 5.7
BE07121 No Significant Results
BE07122 No Significant Results
BE07123 No Significant Results
BE07124 No Significant Results
------------------------------------------------------------------
Blind Creek may earn a 60% interest in the 73-unit (3700 acre)
property,which is owned 100% by EPL (subject to a 1% NSR). To earn its 60%
interest,Blind Creek has agreed to complete a total of $5,000,000 in exploration
expenditures,
pay EPL $250,000 cash and issue 1,000,000 common shares by December 31st,
2010.
The Blende is a carbonate-hosted deposit on the south edge of the
MackenziePlatform, hosted by Middle Proterozoic Gillespie Group dolomite. A N.I.
43-101
compliant report was completed on the property in 2004 by B. Price, P.Geo. In
his technical report, Price used calculations prepared in 1991 by Billiton
Metals Canada Ltd., which identified an inferred resource estimate for the
property comprising a total of 19,600,000 tonnes (21,500,000 tons) grading 56.0
g/T silver, 3.04% Zn and 2.80%Pb at a cut-off based on an in-situ gross
metal value ("GMV") of $25 (based on 1990 metal prices and exchange rates)*.
Within this resource is 15,300,000 tonnes grading 67.5 g/T silver, 3.04% Zn and
3.23% Pb (note: this inferred resource does not consider metallurgical
recoveries).
Table 1-Inferred Resource Summary**
-----------------------------------------------------------------------
Inferred Contained Contained Contained
Resource Silver Zinc Lead
-----------------------------------------------------------------------
19,600,000 tonnes 38,700,000 oz 1,300,000,000 lbs 1,200,000,000 lbs
-----------------------------------------------------------------------
*These resource estimates were prepared by Billiton Canada Explorations
In., a large integrated international exploration company prior to the
introduction of National Instrument 43-101. Nevertheless, in (Price's)
opinion, the estimates are relevant and reliable.
**These figures represent in-situ resources and do not account for mining
or metallurgical recoveries.
Although initially explored as an open pit target, Eagle Plains and
BlindCreek management believe that there is excellent potential to outline
additional
resources, and possibly develop the deposit as an underground operation, which
would
allow mining of a smaller tonnage with higher grade. By adjusting the cutoff
grade of the blocks calculated previously, the current inferred resource
could be reduced in tonnage, but increased in grade. The deposit is open along
strike to the east and west as well as down-dip of the existing zones.
Numerous high-grade intersections have been reported by past operators,
including
hole 88-02 which assayed 282 g/t (8.22 oz/t) silver, 12.2% lead, and 4.4% zinc
over 19.8m from a depth of 70.7 to 90.5m. Hole 88-03 returned 8.5m grading
550.1 g/t (16.04 oz/t) silver, 15.3% lead and 4.6% zinc from 118.0 to 126.5m,
and hole 90-15 intersected 9.5m grading 351.2 g/t (10.24 oz/t) silver, 14.11%
lead, and 6.59% zinc from 60.1 to 69.6m. Step-out drilling in 1994 confirmed the
continuation of ore-grade mineralization westward, with the addition of
significant
copper values. Hole 94-81 contained 14.9 m of mineralization which assayed 228.4
g/t (6.66 oz/t) silver, 9.71% lead, 5.48% zinc, and 0.78% copper from 9.2m to
24.1m,while hole 94-84 intersected 8.5m which returned 136.1 g/t (3.97 oz/t)
silver,
6.74% lead, 3.65% zinc and 2.43% copper from 45.5-54.0m.
The 2007 program was carried out under the supervision of C.C. Downie,
P.Geo.,
hereby identified as the "Qualified Person" under N.I. 43-101. Drilling services
were carried out by Apex Diamond Drilling Ltd. of Smithers, B.C.
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 Ltd. (TSE:
TCK), Alexco Resource Corp. (TSX-V: AXR), Wellstar Energy Corp. (TSX-V: WST),
and
Blue Sky Uranium Corp. (TSX-V: BSK). 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
andover $21,000,000 in exploration spending on its projects since 1998.
Duringthe 2007 season, EPL and its partners completed over 9,000m (29,500') of
diamond drilling on its properties.
This news release has been reviewed and approved by Tim J. Termuende,
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
Cautionary Note Regarding Forward-Looking Statements
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
http://www.eagleplains.com
Copyright 2008, Market Wire, All rights reserved.
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