2014 Fieldwork Commences on Eagle Plains’ Tarku Property
Cranbrook, B.C., 05 August, 2014: Ituna Capital Corp. (TUN:TSX-V) (operating as Tarku Resources Ltd.) has recently notified Eagle Plains Resources Ltd. (EPL:TSX-V) that exploration activity has commenced on Eagle Plains' 100-per-cent-owned Tarku property (the “Project”), located immediately south of the Athabasca Basin, 40 kilometers south of Cameco’s Centennial deposit, in north-central Saskatchewan. Ituna/Tarku holds the exclusive right to earn up to a 75% interest in the 45,000 ha property.
2014 exploration work will consist of a comprehensive data compilation (completed), a 900 line-km airborne time-domain electromagnetic (TDEM) geophysical survey and follow-up geological mapping and prospecting.
The Tarku property comprises ten mineral claims which overlie a large northeast-trending area along the Virgin River Fault, a major structure which demarcates the boundary between the Virgin River and Lloyd Domains. This feature creates a favorable setting for the deposition of significant structurally-related mineral deposits including the Dufferin Lake and Centennial deposits located 10km and 40km north of Tarku, respectively. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Tarku property.
The area is underlain by mixed metasedimentary units, intermediate volcanics and significant felsic intrusive bodies, all of which have been affected by numerous structural events related to re-activation of the Virgin River Fault. Several poorly to well defined northeast trending geophysical conductors, verified locally by geological mapping, have been identified by historic airborne surveys. All of these features, in conjunction with significant gold values up to 2.26 g/t and anomalous base metal and uranium values throughout the property highlight the significant exploration potential for both gold and uranium deposits.
Tarku Option Agreement Summary
Ituna/Tarku have the exclusive right to earn a 60% interest in the property by completing exploration expenditures of $5,000,000, making cash payments to EPL of $500,000 and issuing 1,200,000 common shares over a five year period. Ituna/Tarku may make a one-time election to earn a further 15% interest in the property (for a total of 75%) by making a $1,000,000 cash payment to Eagle Plains and completing a bankable feasibility study. Ituna/Tarku has certain directors in common with Eagle Plains.
Update on other Eagle Plains projects
Eagle Plains has been notified by option partner MMG that the option agreement relating to Eagle Plains’ 100%-owned Findlay project in south-eastern British Columbia has been terminated. MMG recently attempted to complete two drill holes in the Phoenix area of the property, but failed to reach target depth in both holes due to poor ground conditions. This target area remains untested. EPL management plans to continue future exploration of the Findlay property.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early-stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 40 properties, EPL invites joint-venture participation to expedite development, reduce risk and enhance exposure to discovery.
Current third-party agreements if maintained to completion will have exposed EPL to over $38M in exploration expenditures, $3.7M cash and 13M shares in partner companies. Completed agreements have yielded over $27M in exploration spending, $1.8M cash to EPL and a total of 22M shares of partner companies.
Expenditures from 2011-2013 on Eagle Plains-related projects were approximately $15M, which was funded by Eagle Plains and for the most part, by third-party partners. This exploration work resulted in approximately 15,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of more than 23 projects at various stages of development.
Technical aspects of this news release have been reviewed and approved by C.C. (Chuck) Downie, P.Geo.
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.