Eagle Plains/Blackrock Commence Geophysical Survey on Elsiar Copper-Gold Project, West-Central B.C.
Cranbrook, B.C., 9 August, 2011: Eagle Plains Resources Ltd. (TSX-V:EPL) and Blackrock Resources Ltd. (a private B.C. corporation) have commenced a $200,000 exploration program on the Elsiar copper-gold-moly property. Crews are now in place on the property and line-cutting and geophysical surveying (magnetometer and induced polarization “I.P.”) is currently underway. A total of 18 line-km of survey work is planned for the property and will be followed up by prospecting and geological mapping. Drill targets for future exploration are expected to be generated by this season’s work.
2011 fieldwork is funded by Blackrock, which may earn a 60% interest in the property by making exploration expenditures of $3,000,000 and completing payments of 1,000,000 shares and $250,000 cash by 2014.
The Elsiar property is located 40km north of Terrace, B.C. and is held 100% by EPL (subject to a 1% NSR). The project area has seen little historical activity and was acquired by Eagle Plains in 2003 based on the presence of numerous strong multi-element geochemical signatures in stream sediments. The property benefits from excellent infrastructure including logging roads, hydroelectric power lines and close proximity to rail and deep-water international ports in Kitimat and Prince Rupert.
The property hosts widespread mineralization in surface occurrences over a 3.5 sq. km. area. Both surface and drillhole data suggest the presence of a well-developed copper-gold-molybdenum porphyry system with high-grade Au mineralization present in shears and veins. A 2005 drill program intersected high-grade Au mineralization with values ranging from trace quantities to up to 14.0g/T Au over 1.0m (DDH LC05018). Molybdenum mineralization was encountered in most holes, with assay values ranging from trace quantities to .01% Mo over 50.0 m, including 0.4% Mo over 6.0m (DDH LCO5016). Cu mineralization ranged from trace quantities to 0.43% Cu over 6.1m (DDH LC04001). Additional broad areas containing anomalous soil geochemical results were delineated during 2008 work, with soil sample values ranging from trace values up to 31.9 g/t Au.
Fieldwork is being conducted by TerraLogic Exploration Ltd. of Cranbrook, BC, a wholly-owned subsidiary of Eagle Plains.
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, many with third parties including Minerals and Metals Group, Aben Resources Ltd. (TSX-V:ABN), Providence Capital Corp. (TSX-V:PV), Waterloo Resources Ltd. (TSX-V:WAT.P), Blackrock Resources Ltd. (a private B.C. company); Heemskirk Canada Ltd., Drexel Resources Ltd. (TSX-V), Rosedale Resources Ltd (a private B.C. company), Slater Mining Corp (TSX-V:SLM), Olympic Resources Ltd. (TSX-V: OLA.P), Touchdown Capital Inc. (TSX-V: TDW), Bluefire Mining Corp. (a private BC company), Active Growth Capital (TSX-V:ACK) and Giyani Gold Corp. (TSX-V:WDG). In recent years, Eagle Plains has completed option agreements with Teck Limited (TSX:TCK.B), Alexco Resource Corp. (TSX-V:AXR), Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration and numerous other junior exploration companies, resulting in over 53,600m (163,370’) of drilling and over $28.3 million in exploration spending on its projects since 1998.
Expenditures during 2011 are expected to be approximately $8,000,000 to be funded by Eagle Plains and third party partners. This exploration work will result in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development.
“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.