Eagle Plains Announces Bronco Results
Cranbrook, B.C. 10 April, 2008: Eagle Plains Resources Ltd. (“Eagle Plains”) (EPL:TSX-V) is pleased to announce the results of the 2007 exploration program at its 100% owned “Bronco” project.
The 2007 Bronco program evaluated five prospecting permits and 168 Yukon mineral claims covering a seven km structural trend hosting two significant Zn-Pb-Ag showings discovered by Eagle Plains' exploration crews in 2006. Field crews prospected, mapped and sampled along the mineralized trend and carried out regional reconnaissance surveys. Ground geophysical magnetometer, gravity and Horizontal Loop Electromagnetic surveys carried out by Aurora Geosciences Ltd. identified a significant gravity anomaly associated with the Golf Ball Zn-Pb showing.
Five NQ diamond drill holes totalling 888 m (2900’) were completed at the Bronco and nearby Mustang Showing during 2007. These drill holes tested the depth extent, continuity and grade of two showings at the Bronco site and indicate that Zn-Pb-Ag mineralization follows a deep seated fault system containing base metal sulphides in altered and brecciated limestones. Significant results from the drilling are tabulated below.
|DDH ID||From (m)||To (m)||Length (m)||Pb (%)||Zn (%)||Ag (g/MT)|
The Bronco-Golf Ball corridor of mineralization contains a trend of promising new carbonate-hosted Zn-Pb showings and the close association of structure and dissolution textures suggests a substantial fluid event follows these deep rooted structures. The impermeable shale formations which overlie the area created a barrier resulting in the precipitation of base metals near the crest of a large anticlinal fold. This geological environment is believed favourable for generating a large, high-grade, Zn-Pb deposit within limestones. Considerable SEDEX style Zn-Pb-Ag potential also exists within unexplored horizons contained in black shale basins which underlie much of the permit areas. Numerous untested regional silt geochemical anomalies remain to be followed-up and a number of the new showings and strong Zn-Ag soil geochemical anomalies discovered in 2007 will be targeted in 2008.
The Bronco project is part of a larger regional-scale exploration project undertaken by Eagle Plains since 1999, when EPL staked the Gayna River deposit and began accumulating data in the area. The general area now controlled 100% by EPL was once subject to extensive exploration during the 1970s and early 1980s and was the site of numerous drilling programs, dozens of grassroots examinations, and thousands of individual claims held by various junior and major exploration companies including RTZ, Placer Dome Inc., Bethlehem Copper, Cominco, Noranda, Amax, Serem and others. Recent announcements regarding the proposed Mackenzie Valley pipeline and dramatically improved base-metal prices dictate that the area must now be viewed in an entirely new economic framework. Exploration technology and the understanding of the occurrence and genesis of carbonate-hosted deposits have also been advanced over the past 30 years, increasing the potential for new discoveries.
Eagle Plains has secured tenure over some 7,500 square kms covering much of the area of past exploration activity, and has acquired public and proprietary data associated with millions of dollars of exploration work. Much of the work is being carried out within the Tulit’a District of Sahtu lands as well as Gwich’in First Nations lands.
On June 15th 2007, Eagle Plains announced that it had entered into an agreement with Teck Cominco Ltd. whereby the two companies would form a strategic alliance to explore for minerals in the Mackenzie Mountain area. The Bronco project is excluded from this agreement and remains 100% owned by Eagle Plains with no underlying royalties or encumbrances.
Eagle Plains Resources continues to conduct research, acquire and explore metal projects in western Canada and is committed to continuously work with First Nations, stakeholder groups and local communities in the development of its exploration projects. The Company controls over 35 gold, base-metal and uranium projects, many with third parties including Teck Cominco Ltd. (TSE:TCK), Alexco Resource Corp. (TSX-V:AXR), Wellstar Energy Corp. (TSX-V:WST), Sandstorm Resources Ltd. (TSX-V:SSL.P), Mountain Capital Inc (TSX-V:MCI.P), Blue Sky Uranium Corp. (TSX-V:BSK) and XO Gold Resources Ltd. These agreements expose Eagle Plains to over $27.0 million in exploration expenditures over a five year period. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration and numerous other junior exploration companies, resulting in over 47,000m (154,200’) of drilling and over $21,000,000 in exploration spending on its projects since 1998. Eagle Plains management anticipates approximately $6,000,000 in expenditures on its projects in 2008, funded equally between Eagle Plains and third party partners.
This news release has been reviewed and approved by C.C. (Chuck) Downie, P.Geo., hereby designated as a “Qualified Person” under National Instrument 43-101.
On behalf of the Board of Directors
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.