Eagle Plains Acquires “Ringer” Property in North-western British Columbia
Cranbrook, B.C.; 10 May, 2012: Eagle Plains Resources (TSX-V:EPL) has acquired a 100% interest through staking of a 33,000 ha (33sq km) land block located 80km south of Atlin, B.C., along the proposed Tulsequah Chief mine access road. The project has been named “Ringer” and includes a significant portion of prominent regional fault structures known to be related to past gold producers in the area. Staking activity followed research which revealed anomalous stream-sediment sample results in the area. A $100,000 grass-roots exploration program is planned for the property during the 2012 field season.
The Ringer Property was targeted based on the following prospective elements:
- Bounded by major crustal-scale faults with on-strike historical mining operations: e.g. Tulsequah Chief, Engineer Mine and Thorn prospect (readers are cautioned that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Ringer property).
- Geologic scenarios promising for multiple deposit types: i.e. structurally hosted Au veins, stratabound volcanogenic massive sulphides (VMS), Carlin and porphyry-related deposits.
- Highly anomalous RGS results for copper and precious-metal pathfinder elements including antimony, arsenic, mercury and lead.
- Proposed Tulsequah mine haul road transects the Ringer Property.
The property is bound by two crustal-scale NE-trending faults: the Nahlin fault to the NE, and the Llewellyn fault to the SW. The latter marks a major terrane boundary between Paleozoic to Mesozoic Coast Belt rocks, including the Boundary Ranges Metamorphic Suite, from Paleozoic volcanic and sedimentary rocks of the Stikine Terrane to the NE. The Stikine assemblage volcanic rocks in the area are host to the Tulsequah Chief (Zn-Cu-Pb-Ag-Au) deposit and the New Polaris (Au-Ag-Cu-Sb) mine. This assemblage includes a significant limestone marker bed, known as the Sinwa Formation. In the Ringer property area, this formation is associated with the King Salmon fault, and numerous Hg, As+-Sb RGS anomalies. Historical work in the region identified this unit as prospective for Carlin-style mineralization. The above lithologies are cut by Late Cretaceous to Tertiary intrusions and Eocene plugs, dykes and associated volcanic and sedimentary derivatives of the Sloko Group. Sloko Group assemblage rocks are host to high-grade gold-bearing epithermal-style veins at the Engineer Mine, and to Mo-Cu+-Au porphyry-style mineralization at the Titan property, both located 70 km to the NW, along Tagish Lake.
Eagle Plains Future Plans
A reconnaissance field work program of prospecting, geological mapping and infill silt-stream geochemistry is planned for the summer of 2012. This will be followed by an airborne geophysical survey and follow-up detailed groundwork depending on results of the field program.
About Eagle Plains Resources
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 $55M in exploration expenditures, $6M cash and 15M shares in partner companies. Completed agreements have yielded over $5M in exploration spending, $900,000 cash to EPL and a total of 12M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp., and numerous others.
Expenditures during 2011 on Eagle Plains-related projects were approximately $9.1M, which was funded by Eagle Plains and third-party partners. This exploration work resulted in approximately 9,400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development. Exploration work is now underway on an aggressive 2012 exploration season, with many individual exploration programs planned, most to be funded by third parties in relation to ongoing option agreements.
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.