1999 Program Completed on Eagle Plains' South Findlay Property, Southeastern British Columbia
Cranbrook, B.C.:Eagle Plains Resources Ltd. (EPL:ASE) is pleased to announce that it has received notification from optionee Rio Algom Exploration Inc. that it has successfully completed a first phase exploration program on Eagle Plains' 100% owned South Findlay property, located 35km northwest of Kimberley, B.C.. Rio Algom may earn a 60% interest in the 271 claim unit (16,460 acre) property by completing $2,000,000 in exploration expenditures and making cash payments of $310,000 to Eagle Plains over 4 years. The claims are bounded to the north by Eagle Plains' 208 unit (12,600 acre) North Findlay property, currently under option to Billiton Metals Canada Inc. (see May 20th, 1999 News Release), and contiguous with the 247 claim (15,000 acre) Greenland Creek project to the south. Greenland Creek is also owned 100% by Eagle Plains and is currently under option to Kennecott Canada Exploration Inc. (see February 2, 1999 News Release). This area is considered highly prospective for the discovery of new zinc sedex deposits located within the Proterozoic Aldridge Formation. The Sullivan deposit, located near Kimberley, is owned by Cominco Ltd. and contained reserves of 149,000,000 tonnes grading 6.3% lead, 5.9% zinc, and 69 g/T silver. The mine has seen continuous production for over 100 years and is scheduled for shut-down in December, 2001.
The focus of exploration by Rio Algom on the South Findlay property was concentrated along the Lower-Middle Aldridge Formation contact ("LMC"), which is the approximate stratigraphic location of the Sullivan deposit. Fieldwork was carried out between August 21, 1999 and September 6, 1999, and consisted of geological mapping and selected lithogeochemical sampling. The mapping located and delineated the LMC in the southern sector of the property. A stratabound fragmental unit that is interpreted to be a time-stratigraphic equivalent to the Sullivan mine stratigraphy marks the contact. Sampling and analysis of the fragmental from outcrops and boulders suggests the unit to be locally anomalous in lead and zinc mineralization. The highest values obtained within the fragmental are 0.88% lead and 1.43% zinc.
Rio Algom geologists report that "sufficient geological encouragement is present on the property to recommend follow-up exploration by diamond drilling in the year 2000. A three-hole program to test the Lower Aldridge-Middle Aldridge contact at depth is proposed".
On behalf of the Board of Directors
“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.