News Release Eagle Plains/Blind Creek Release Results from Drilling Program at Blende Silver/Base-Metal Deposit, Yukon Territory
Cranbrook, B.C. 15 February, 2008: Eagle Plains Resources Ltd. (EPL:TSX-V) and Blind Creek Resources Ltd. (a private B.C. company) jointly announce that they have completed fieldwork and received final assay results from a 15-hole, 11,191 ft (3,411 m) diamond drilling program on the Blende property, located in central Yukon approximately 65km NE of Keno Hill.
- drill hole BE07116 returned 8.5% Pb+Zn , 67.1 g/t Ag over 8.0m from 8.9 m to 16.9 m (including 22.8% Pb+Zn, 193.0 g/T Ag over 1.0m from 10.9m to 11.9m)
- drill hole BE07118 returned 12.3% Pb+Zn, 19.1 g/t Ag over 1.0m from 67.1 m to 68.1 m
- drill hole BE07120 returned 10.9% Pb + Zn, 10.2 g/t Ag over 1.0m from 24.4 m to 25.4 m.
- drill hole BE07112, the first hole to test the Shanghai Zone, returned 0.9% Pb+Zn , 1.2 g/t Ag over 11.0m from 227.5 m to 239 m.
2007 work follows a 4233m, 23-hole program completed in 2006. Since acquiring the property in 2000, Eagle Plains and its partners have completed geological and geophysical surveys and an extensive re-examination, sampling and interpretation of existing drill-core stored on the property since the mid-1980’s.
2007 work consisted of geological mapping, prospecting, geochemical sampling and diamond drilling. Diamond drilling in 2007 was focused on exploration and targeted the Shanghai, Central, and Far West Zones. The Central and Far West Zones have seen limited drilling while the Shanghai Zone, discovered by EPL in 2005, had never been drill tested. The primary goal of the program was to delineate new economically viable targets outside of the current resource.
TABLE 1 2007 DRILL RESULTS
|Blende Zone||DDH ID||From (m)||To (m)||Length (m)||Zn + Pb (%)||Ag (g/MT)|
|Far West Zone||BE07115||17.7||19.7||2.0||6.0||41.4|
|Far West Zone||25.7||28.7||3.0||8.6||43.4|
|Far West Zone||42.7||44.7||2.0||7.7||140.5|
|Far West Zone||101||108||7.0||7.2||23.2|
|Far West Zone||including||103||106||3.0||9.4||8.0|
|Far West Zone||BE07116||8.9||16.9||8.0||8.5||67.1|
|Far West Zone||including||9.9||14.9||5.0||10.2||76.2|
|Far West Zone||also including||10.9||11.9||1.0||22.8||193.0|
|Far West Zone||36.9||40.9||4.0||6.3||65.2|
|Far West Zone||BE07117||6.1||9.1||3.0||5.0||34.2|
|Far West Zone||15.1||16.1||1.0||8.7||94.8|
|Far West Zone||BE07118||18.1||20.1||2.0||5.4||19.5|
|Far West Zone||66.1||68.1||2.0||8.9||11.7|
|Far West Zone||including||67.1||68.1||1.0||12.3||19.1|
|Far West Zone||BE07119||33.1||35.1||2.0||5.3||3.8|
|Far West Zone||BE07120||24.44||25.4||1.0||10.9||10.2|
|Far West Zone||59.4||61.4||2.0||5.2||5.2|
|Far West Zone||64.4||71.4||7.0||6.5||6.5|
|Far West Zone||76.4||78.4||2.0||5.7||5.7|
|Far West Zone||BE07121||No||Significant||Results|
|Far West Zone||BE07122||No||Significant||Results|
|Far West Zone||BE07123||No||Significant||Results|
|Far West Zone||BE07124||No||Significant||Results|
Blind Creek may earn a 60% interest in the 73-unit (3700 acre) property, which is owned 100% by EPL (subject to a 1% NSR). To earn its 60% interest, Blind Creek has agreed to complete a total of $5,000,000 in exploration expenditures, pay EPL $250,000 cash and issue 1,000,000 common shares by December 31st, 2010.
The Blende is a carbonate-hosted deposit on the south edge of the Mackenzie Platform, hosted by Middle Proterozoic Gillespie Group dolomite. A N.I. 43-101 compliant report was completed on the property in 2004 by B. Price, P.Geo. In his technical report, Price used calculations prepared in 1991 by Billiton Metals Canada Ltd., which identified an inferred resource estimate for the property comprising a total of 19,600,000 tonnes (21,500,000 tons) grading 56.0 g/T silver, 3.04% Zn and 2.80%Pb at a cut-off based on an in-situ gross metal value (“GMV”) of $25 (based on 1990 metal prices and exchange rates)*. Within this resource is 15,300,000 tonnes grading 67.5 g/T silver, 3.04% Zn and 3.23% Pb (note: this inferred resource does not consider metallurgical recoveries).
Table 1-Inferred Resource Summary**
|Inferred Resource||Contained Silver||Contained Zinc||Contained Lead|
|19,600,000 tonnes||38,700,000 oz||1,300,000,000 lbs||1,200,000,000 lbs|
*These resource estimates were prepared by Billiton Canada Explorations In., a large integrated international exploration company prior to the introduction of National Instrument 43-101. Nevertheless, in (Price’s) opinion, the estimates are relevant and reliable.
**These figures represent in-situ resources and do not account for mining or metallurgical recoveries.
Although initially explored as an open pit target, Eagle Plains and Blind Creek management believe that there is excellent potential to outline additional resources, and possibly develop the deposit as an underground operation, which would allow mining of a smaller tonnage with higher grade. By adjusting the cutoff grade of the blocks calculated previously, the current inferred resource could be reduced in tonnage, but increased in grade. The deposit is open along strike to the east and west as well as down-dip of the existing zones.
Numerous high-grade intersections have been reported by past operators, including hole 88-02 which assayed 282 g/t (8.22 oz/t) silver, 12.2% lead, and 4.4% zinc over 19.8m from a depth of 70.7 to 90.5m. Hole 88-03 returned 8.5m grading 550.1 g/t (16.04 oz/t) silver, 15.3% lead and 4.6 % zinc from 118.0 to 126.5m, and hole 90-15 intersected 9.5m grading 351.2 g/t (10.24 oz/t) silver, 14.11% lead, and 6.59% zinc from 60.1 to 69.6m. Step-out drilling in 1994 confirmed the continuation of ore-grade mineralization westward, with the addition of significant copper values. Hole 94-81 contained 14.9 m of mineralization which assayed 228.4 g/t (6.66 oz/t) silver, 9.71% lead, 5.48% zinc, and 0.78% copper from 9.2m to 24.1m, while hole 94-84 intersected 8.5m which returned 136.1 g/t (3.97 oz/t) silver, 6.74% lead, 3.65% zinc and 2.43% copper from 45.5-54.0m.
The 2007 program was carried out under the supervision of C.C. Downie, P.Geo., hereby identified as the “Qualified Person” under N.I. 43-101. Drilling services were carried out by Apex Diamond Drilling Ltd. of Smithers, B.C.
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-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. During the 2007 season, EPL and its partners completed over 9,000m (29,500’) of diamond drilling on its properties.
This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a “Qualified Person” under National Instrument 43-101.
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.