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Eagle Plains Acquires 100% Interest
in Yukon Silver/Base-Metal Deposit
Cranbrook, B.C.: Eagle
Plains Resources Ltd. (EPL:CDNX) has completed an option agreement
that will allow it to earn a 100% interest in the Sprogge
(Justin) gold property, located in east-central Yukon
Territory about 35 kilometres south of the recently
re-opened Cantung Mine. To earn its interest, Eagle
Plains must make cash payments totaling $215,000 and
complete exploration expenditures of $500,000 over 7
years. A 2% NSR is reserved for the vendor, half of
which may be purchased at any time for $1,000,000.
The Sprogge property consists of 25 claims located
11 kilometres east of the recently re-activated Cantung
road. It is host to numerous styles of intrusive and
sediment hosted gold mineralization located within
three
main bulk-tonnage target areas. The Kangas Zone consists
of a 75m x 400m zone of skarn and replacement style
mineralization within calcareous siltstone, which
has returned widespread anomalous values of up to 1.6
g/t
gold. At the Discovery Zone gold-bearing pyritic mineralization
occurs within a quartz monzonite dyke and adjacent
calcareous siltstone. Chip sampling across this zone
has returned
2.38 g/t gold over 22.5 metres. This zone remains
open to the east and along strike to the north into
overburden-covered
areas. The Confluence Zone consists of a 600m x 250m
area of coarse clastics hosting considerable fracture
controlled chalcedonic veining. Anomalous values of
up to 15.8 g/t gold have been returned from outcrop
within this overburden and till covered area.
Previous operators Viceroy Resources and Battle Mountain
Gold recommended drill testing for the Confluence
and Discovery Zones, but did not follow-up on this work.
The Kangas Zone requires further mapping and sampling
to bring it to the drill stage. The property is almost
entirely surrounded by claims held by Novagold Resources,
with the ground position being well situated to allow
for development of the various zones.
On Behalf of the Board of Directors
Tim J. Termuende, P.Geo.
President and CEO
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