Eagle Plains Acquires Cranbrook, BC
Area Gold Occurrences
Cranbrook, B.C.: Eagle Plains Resources
Ltd. (EPL:TSX-V) has completed staking activity and received
100% title to an 8-unit claim block (486 acres) located
in the Wildhorse River area, 30 km northeast of Cranbrook,
BC. The Wildhorse was the site of British Columbia’s
third largest placer gold rush, and saw extensive placer
mining activity beginning in 1864, with over 1,500,000
ounces of gold extracted from its gravels. Active placer
mining operations are currently in place along the river,
though no major hard-rock source has ever been identified.
The claims acquired by EPL are located near the upstream
limit of historic placer mining operations.
The claims cover two high-grade gold occurrences named “Dardenelles” and “Tit
for Tat”. At the Dardenelles showing, high-grade
gold values have been reported from a 1m wide vein hosted
by sedimentary rocks. The original crown grants overlying
mineralization were located in 1892. The property has
seen limited past-production in the late 1800s and early
1900s, with the most recent development carried out
in 1975, consisting of a 95-ton bulk sample shipped
to the Cominco smelter in Trail which averaged .463
o/t (15.87 g/T) Au. Two short inclined development tunnels
are present on the property, and are at this time inaccessible.
However, a 1935 Annual Report to the Minister of Mines
recorded grades from within one of the tunnels of 0.8
o/t (27.43 g/T) Au over 4 feet (1.22m). Chip samples
of high-grade vein material have been reported by past
operators of up to 4.93 oz/t (169.0 g/T) Au over 0.3m
(MEMPR Assessment Report #16327). Sampling completed
in 1996 returned anomalous gold values in soils over
375m near the workings, with a peak value of >1000
ppb (1.0 g/T) returned from a single sample site (sample
may be contaminated from past development activity).
The Tit for Tat (Lily May) occurrence is located 800m
south of the Dardenelles, and consists of gold-bearing
quartz vein material. The structure varies in width
from .25 to 1.0m and can be traced over 140m, exhibiting
strong structural features with minor pinching. The
vein is thought to be faulted off in the southerly
direction. Four shallow inclined shafts follow the
the hillside. High grade gold values are commonly
recovered from this structure, with grab samples to
Au reported from 1991 work completed by past operators
(MEMPR Assessment Report # 25011).
In light of the recent discovery of significant gold
mineralization in the Cranbrook area by Chapleau Resources
Ltd. (CHI:TSX-V), Eagle Plains personnel have commenced
a thorough re-examination of the Company’s extensive
area database, focusing attention on regional geology
and gold mineralization. Additional acquisitions are
expected to be announced in the near future.
Eagle Plains Resources continues to conduct research,
acquisition and exploration projects in western Canada.
Through a network of prospectors, consultants and
experienced contractors in addition to seasoned employees
well-rounded Board of Directors, the Company has assembled
a diverse portfolio of gold and base-metal properties.
EPL seeks to attract joint-venture participation on
it’s properties, thereby leveraging exploration
spending to the ultimate benefit of the Company’s
shareholders. In recent years, Eagle Plains has completed
option agreements with Billiton, Rio Algom, Kennecott,
Novagold Resources, Viceroy Resources and numerous other
junior exploration companies, resulting in nearly 10,000m
(33,000’) of drilling and over $5,000,000 in exploration
spending on its properties since 1998.
On Behalf of the Board of Directors
Tim J. Termuende, P.Geo.
President and CEO