Eagle Plains Commences Exploration at Wollaston Project, Saskatchewan
Cranbrook, B.C.; 21 July, 2015: Eagle Plains Resources (TSX-V:EPL) has mobilized field crews to commence 2015 exploration on its’ Wollaston uranium project, located within the Athabasca region of north-central Saskatchewan. Access to the property area north of LaRonge was recently opened by officials as the risk from forest fires has abated.
The Wollaston claims are located along Highway 905, an all-season road with access to the nearby Rabbit Lake and Cigar Lake uranium mines. The 6300 ha, road-accessible property was staked by Eagle Plains in early 2011, based on prospective airborne radiometric anomalies and coincident lake-sediment U and REE anomalies proximal to a published Saskatchewan Mineral Index showing. The mineral claims are 100% owned by Eagle Plains Resources and carry no underlying royalties or encumbrances.
Fieldwork by Eagle Plains from 2011-2014 revealed anomalous radioactivity along a 460 m strike length of Wollaston metasediments intruded by numerous sills and mineralized fractures. Ten grab samples were collected along the 460 m strike length, two of which returned very significant mineralization: 7.05% and 1.40% U3O8 respectively, with up to 2.93% ThO2, 16700 ppm lead, and 1167 ppm TREE (total rare-earth elements).
The claim group region is comprised of Archean granite inliers, overlain by calc-silicate and graphite-bearing metasedimentary rocks of the Wollaston Group, all of which have been intruded by pegmatite dykes and stocks. This sequence of basement rocks is similar to those that host the lower ore bodies of the Eagle Point Mine, and as such, basement-hosted unconformity-style mineralization remains a viable target deposit type.
2015 Wollaston Exploration Program
The 2015 work program will follow-up on previous work which verified significant uranium mineralization near the SW corner of T-Lake, which returned 125 ppm U- one of the highest uranium in lake-sediment sample results in the region. Five additional lake-sediment samples collected in 2014 returned uranium values between 78 and 164 ppm U, values that far exceed the 99th percentile value of 64 ppm U for 1:250K mapsheet NTS 064E. Prospecting and ground geophysical surveys will be carried out in the vicinity of historical drilling, with silt and water sampling coupled with broad-spaced (50-100 m) property-scale geochemical sampling. Soil and radon-in-water sampling will be employed at appropriate microsite locations. Reconnaissance scintillometer surveys will be completed while prospecting/mapping.
Update on Other EPL Projects
Eagle Plains has recently received notice from option partners Bluefire Mining Corp. and Rosedale Resources Ltd. that option agreements relating to the K-9 and Rohan projects respectively, have been terminated.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. The company’s current focus is to preserve its robust treasury while advancing its most promising projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
Expenditures from 2011-2014 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 15,000 m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
Jarrod Brown, P.Geo. has reviewed and approved the technical contents of this news release.
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.