Eagle Plains Reports Results from 2007 Drilling Program on Sphinx Molybdenum Project
Cranbrook, B.C., 16 November, 2007: Eagle Plains Resources Ltd. (EPL:TSX-V) has compiled and interpreted assay results from a 7,688 ft (2,344m), 8 hole diamond drilling program completed in June on it’s 100% controlled Sphinx property, located 60 km west of Kimberley, B.C.
- Hole SX07022 intersected .077% Mo (0.128% MoS2) over 30.0 m including 9.0 m @ 0.104 Mo (0.173% MoS2)
- Hole SX07025 intersected .085% Mo (0.142% MoS2) over 29.0 m including 19.0 m @ 0.104 Mo (0.173% MoS2) also including 3.0 m @ 0.276% Mo (0.460 % MoS2)
- drill holes successfully tested mineralization up dip and along strike and are expected to increase size and grade of mineralized area
- numerous high grade targets remain to be tested
Sphinx Project Summary
The Sphinx property area consists of approximately 15,400 ha, with 14,500 ha acquired by staking by EPL and 900 ha subject to an option to earn a 100% interest (less 1% NSR) from arms-length individuals. The claims are ideally located with respect to local infrastructure. The property is road-accessible, has been logged extensively and is situated along a high-voltage hydro-electric line. Rail facilities are located 60km east of the property. The project is being advanced as a bulk-tonnage target.
The Sphinx molybdenum-tungsten system has been defined by 38 holes for a total of 10,686m of drilling and consists of a tabular, steeply-west dipping intrusive body with a true thickness of 85m and a strike length of 230m (open in two directions and to depth). A pervasive alteration system, 700m by 350m in size, is developed in the host sedimentary and intrusive rocks. Mineralization is hosted in stockwork veins and fractures within the alteration zone.
Past drilling in late 2006 was successful in delineating new sections of higher-grade mineralization (see NR February, 2007) while follow-up drilling in 2007 expanded these higher-grade zones and helped to define the geometry of the mineralized intrusive and adjacent host rocks.
B. Price, P.Geo. submitted a technical report in May, 2006 which outlined an Inferred Resource of 62,005,615 tonnes grading .035% Mo, using a cut-off grade of .01% Mo. This current inferred resource represents 47,884,630 lbs of contained molybdenum metal. The estimate is based on 14 holes drilled in 2005 by Eagle Plains and incorporates data from 10 holes drilled in 1980 and 1997 by past operators. An updated resource calculation is underway, and will include drill holes from the 2006 and 2007 programs. The current inferred resource is considered to have significant potential to increase in grade.
2007 Drill Program Results
|Hole Number||From (m)||To (m)||Length (m)||Mo (%)||MoS2 (5)*|
Update on Coyote Creek Gypsum Project
Eagle Plains has recently received formal notice from CGC Canada Inc. that it has elected to withdraw its offer to complete the purchase of a 100% interest in Eagle Plains’ Coyote Creek Project.
About Eagle Plains
Eagle Plains Resources continues to conduct research, acquire and explore metal projects in western Canada. 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:AXR;AMEX:AXU), Wellstar Energy Corp. (TSX-V:WST), Blue Sky Uranium Corp. (TSX-V:BSK), Blind Creek Resources and Golden Cariboo Resources Inc. (TSX-V:GCC). These agreements expose Eagle Plains to over $20 million in exploration expenditures over the next five years. 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 38,000m (125,000’) of drilling and over $16,000,000 in exploration spending on its projects since 1998. During the 2006 season, EPL and its partners completed over 7,000m (23,000’) of diamond drilling on its properties.
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.