Eagle Plains Commences Fieldwork on Saskatchewan Gold and Uranium Projects
Cranbrook, B.C., June 5th, 2013: Eagle Plains has mobilized personnel to commence fieldwork on a number of exploration targets which were acquired by staking in early 2013 and are owned 100% by Eagle Plains with no underlying encumbrances. Project acquisition followed a period of in-depth geological research and resulted in six individual properties identified and secured for a total area of 97,000 ha. 2013 fieldwork will consist of digital data compilation (completed) followed by prospecting, geological mapping and soil geochemical sampling. Projects which will see exploration work during 2013 include:
Tarku: This large land package (45,000 ha) covers a 50km strike-length of the Virgin River/Snowbird crustal-scale shear zone. 35km to the north this shear zone is host to Cameco’s Centennial uranium deposit where a “650m-long mineralized zone with drill intersections of up to 8.78% U3O8 over 33.9 metres has been outlined.” (Formation Metals May 30, 2011 news release). Within the new Tarku property, 2 shear-hosted gold showings are known, with historical grab sample assays returning up to 2.4 g/t Au and 12 ppm (12 g/t) Ag (SMDI 2686, and 1111). Readers are cautioned that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Eagle Plains properties.
Spear: This 30,600 ha property was acquired based on geological setting and prospective lake sediment geochemistry similar to the nearby Ithingo Lake Property, located 25km to the north. “The Ithingo Lake Property hosts numerous significant gold values in drill core up to 12.7g/t (0.370 oz/t) over 7.5m including 153.2 g/t (4.468 oz/t) over 0.5m with visible gold in quartz veining” (New Moon Minerals Corp, Technical Report, March 29, 2012). Two gold showings and two banded iron formation showings on the Spear property have returned encouraging historical results in grab samples up to 6.7 g/t Au (SMDI 2463 and 1037).
Truscott: The 14,600 ha Truscott property is contiguous with Claude Resources’ Seabee gold project, located approximately 125km northeast of La Ronge. The 2011 reported head grade at the Seabee deposit is 5.68g/t. Historical grab samples of shear-hosted quartz veins within the Truscott claims returned up to 6.9 g/t Au and 0.68% Cu (SMDI 2255), with numerous on-strike and parallel fault systems possibly related to the Seabee deposit reported. In addition, there are numerous coincident As and Hg lake-sediment geochemical anomalies in the property area which will see follow-up exploration.
Kettle Falls: This 3,430 ha property is underlain by a similar geological setting to the Truscott property, and is located 18 km southeast of Claude Resources’ Santoy gold deposit. Gold and copper mineralization is reported from four showings on the property, with grab sample assays returning up to 0.64 g/t Au and 5.7 ppm (5.7 g/t) Ag (SMDI 1880).
Welsh Lake: The 2,430 ha Welsh Lake property is transected by the Macdonald Creek fault system that separates Amisk Group volcaniclastics (host to the nearby past producing Prince Albert/Monarch mine), from Missi Group metasediments that host the nearby Sam shear-zone hosted gold property (under exploration by Foran Mining). Historical mineralization on the Welsh Lake property includes sheared quartz veins with up 10 to 15% arsenopyrite and pyrite. The best grab sample reported returned 405 ppb Au (SMDI 2490).
Spectral Lake: This 1,221 ha property is underlain by a prominent electromagnetic conductor associated with mafic volcanic rocks of the Amisk Lake Group which also hosts mineralization at the nearby Konuto Lake Cu-Zn-Au-Ag VMS Mine, located 8km to the northwest. Historical diamond drilling on Spectral Lake tested the EM geophysical anomaly intersecting a pyritic graphite conductor in altered meta-volcanic rocks. Assays returned up to 1.6 g/t Au and 1.6 g/t Ag (SMDI 1783 & 1784).
Fieldwork will be completed by Cranbrook-based TerraLogic Exploration Services Ltd. under the supervision of Jarrod Brown, P.Geo.
Technical aspects of this news release have been reviewed and approved by Jarrod Brown, P.Geo., hereby identified as a “Qualified Person” under N.I. 43-101.
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 35 properties, EPL invites joint venture participation to expedite development, reduce risk and enhance exposure to discovery.
Current third party agreements if maintained to completion expose EPL to over $45M in exploration expenditures, $5M cash and 10M shares in partner companies. Completed agreements have yielded over $17M in exploration spending, $1.8M cash to EPL and a total of 18M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp. and numerous others.
Expenditures during 2011 and 2012 on Eagle Plains-related projects were approximately $14M, which was funded by Eagle Plains and 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.
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.