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1999 Program Completed on Eagle Plains'
North Findlay Property, southeastern British Columbia
Cranbrook, B.C.:Eagle Plains Resources
Ltd. (EPL:ASE) has successfully completed a $400,000
two-phase exploration program on its 100% owned North
Findlay property, located
40km northwest of Kimberley, B.C.. Billiton Exploration
Canada Inc. ("Billiton")
may earn a 50% interest in the 208 unit (12,600 acre)
property by spending $2,000,000 on exploration over
four years. Billiton may secure another 20% interest
(for an aggregate 70% interest) by providing Eagle Plains
with project financing to the start of commercial production
from the property (see May 20th, 1999 news release).
The claims are bound on the south by Eagle Plains' 271unit
(16,460 acre) South
Findlay property, currently under
option to Rio Algom Exploration Ltd. (see November
16, 1999 news release). Target mineralization on the property
is modeled after Cominco's sedex-type Sullivan deposit,
which 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.
Work on the property was conducted from July to late
October 1999, and included geologic mapping, soil
geochemical sampling, and diamond drilling. A total
of 714 soil
samples were collected from the property, and together
with previous sampling outline a continuous silver-lead-zinc-arsenic
soil geochemical anomaly over six kilometers. Geologic
mapping confirmed the presence of a metal-enriched,
tourmaline-altered sequence of sedimentary rocks throughout
the anomaly area. Diamond-drilling was initiated in
August, and was designed to test the mineralized sequence
in order to locate a probable vent source. Six holes
for a total of 5,303' (1617m) were drilled at roughly
1km spacing along the trace of the soil anomaly. Three
of five holes intersected significant metal enrichment,
two intersected weakening mineralization along strike,
while one hole (NF9906) failed to intersect target
stratigraphy. A summary of results is as follows:
- NF9901: 131.63m* grading 2.8 ppm Ag, 1730 ppm As,
2315 ppm Pb, and 124 ppm Zn
- NF9902: 137.47m* grading 0.2 ppm Ag, 202 ppm As,
271 ppm Pb, and 167 ppm Zn
- NF9905: 123.36m* grading 1.8 ppm Ag, 1591ppm
As, 1644 ppm Pb, and 47 ppm Zn
Results are comparable to a drillhole collared in
the area by Kennecott Canada Exploration Ltd. in 1998,
which returned 5.5 ppm Ag, 1460 ppm Pb, and 42 ppm
Zn over 105.2m.* Eagle Plains intends to continue diamond drilling in 2000
to locate a vent source for the mineralization. In order
to maintain its option
on the property, Billiton must complete total exploration expenditures of $400,000
by November 1st, 2000.
*true thickness
On Behalf of the Board of Directors
Tim J. Termuende, P.Geo.
President and CEO
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