Providence Resources/Eagle Plains Provide Analytical Results from Diamond Drill Program at Iron Range Project
Vancouver, B.C., April 11th, 2011: Providence Resources Corp. (TSX-V:PV) and Eagle Plains Resources Ltd. (EPL:TSX-V) have received analytical results from the Iron Range drill program in southeastern British Columbia. Results are from the Talon Zone in which significant gold and base-metal mineralization was reported in Hole IR10-010 by Eagle Plains/Providence (see news release Dec 21, 2010).
Results are as follows:
IR11-015 intersected an additional zone of mineralization 170m below that reported on March 28, 2011. This zone appears to correlate with a southern extension of the mineralization at depth in IR11-011. Drilling direction does not allow for an estimate of true width.
IR11-017, from a similar collar location as IR11-015, was drilled on a westerly azimuth within the oxide zone. This intercept appears to approximate a true width within the oxide zone.
Drill holes IR11-021 and IR11-023 were drilled at 140° and 330°, respectively, to cross the mineralized structure. Both holes intersected weak mineralization inferred to lie above the elevation range noted to host the most well developed mineralization. The IR11-021 intercept is inferred to have a true thickness of approximately 6.0 metres, consistent with narrowing at higher levels. IR11-023 generated insignificant results.
IR11-025 encountered near surface mineralization in proximity to the upper mineralized zone previously announced for IR11-015. Additional drilling is required to determine the actual thickness of the zone.
IR11-026 crossed a section of pervasive silicic and sericitic alteration variably hosting disseminated to locally net-textured sulphide and minor sulphosalts. This intercept is interpreted to lie within a steep west dipping alteration zone. The limited drilling through this zone places a preliminary estimate of actual thickness at 30 metres.
Drill holes IR11-027, 028, and 029 have since been completed and are currently being logged and sampled.
The partners have elected to suspend drilling operations within the Talon Zone during spring break-up. This timeframe will be used to compile structural, lithological, and analytical data to aid in delineating the apparent offset of precious and base metal mineralization encountered in a number of the drill holes. A geophysical survey may be employed to discern zones of conductivity and resistivity.
Drill targets to the south, northwest, and northeast of the Talon Zone are currently being analyzed and planned for. To the northwest, the Sullivan horizon (LMC) will be tested for SEDEX mineralization within a group of upper elevated Pb, Zn, and As soil anomalies. This location lies proximal to the western flank of the structural graben, approximately 600 meters to the west of the Talon zone.
The LMC east of the Talon Zone underlies elevated base metal geochemistry over a near continuous distance of 1.5km. Drilling is planned to target this expression. Additional drill targets to the north and south utilizing airborne magnetic and conductivity signatures with coincident soil geochemistry are currently being detailed as target areas.
Analytical Details and QAQC
QAQC: Blank material, standard grade base metal and precious metal standards, and high grade standards were routinely introduced into the sample chain of custody for analysis. Statistical analysis of the QAQC data was completed for Au, Pb, Zn and Ag and the results are consistent with all analytic procedures completed by Acme Analytical Labs Ltd. being within acceptable parameters.
Geological exploration contracting services on the Iron Range property during 2011 are being provided by TerraLogic Exploration of Cranbrook, B.C. (a wholly-owned subsidiary of Eagle Plains). Diamond drilling is being carried out by F.B. Drilling of Cranbrook, B.C. All fieldwork is under the supervision of geologist J.K. Ryley while C.C. Downie, P.Geo. is hereby identified as the overall project supervisor. Technical aspects of this news release have been reviewed and approved by T.J. Termuende, P.Geo., hereby designated as a qualified person under National Instrument 43-101.
Iron Range Project Summary
The Iron Range deposits were originally staked in 1897, and were covered by Crown Grants held by Cominco Ltd. and the Canadian Pacific Railway. Eagle Plains staked the current claims immediately after the Crown Grants reverted in 2000, and have been exploring the property since then. Exploration work to date includes geological mapping, geochemical surveys, diamond drilling and a 690-line-kilometre airborne geophysical survey. The Iron Range project is owned 100 per cent by Eagle Plains and holds no underlying royalties or encumbrances. An additional 35,800 hectares of claims were added to the existing land package, resulting in a total of 56,200 ha -- an area approximately 11 km by 50 km. The land package now covers over 30 km of the Iron Range structure, most of it unexplored. The claims also overlie rocks of the Aldridge Formation, including the same stratigraphic time horizon which hosts the world-class Sullivan deposit located 70km to the northeast. Over its 100 year lifetime, Sullivan produced approximately 150,000,000 tonnes of ore including 300,000,000 ounces of silver, 8,000,000 tonnes of zinc and 8,000,000 tonnes of lead, collectively worth over $30 billion at current metal prices. The parties caution that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Iron Range property.
Providence Option Agreement
The Iron Range project is owned 100% by Eagle Plains and holds no underlying royalties or encumbrances. Providence holds the option to earn a 60% interest in the Property by spending $3,000,000 on exploration, making $500,000 in cash payments and issuing 1,000,000 shares to EPL over 4 years.
About Providence Resources Corp
Providence Resources Corp. is a junior mining exploration company focused on delivering shareholder value through project acquisition and development. Currently the company is focused on its Iron Range Project in British Colombia, Canada.
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore metal projects throughout western Canada. In addition to holding mining royalties on various projects, Eagle Plains controls over 35 gold, base-metal and uranium projects.
President, Providence Resources Corp.
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.