Eagle Plains and Providence Commence Drilling on the Iron Range Project
Vancouver, B.C., April 12, 2012: Eagle Plains Resources (TSX-V:EPL) and Providence Resources Corp. (TSX-V: PV) are pleased to announce that drilling has started on their Iron Range JV project located near Creston, British Columbia. FB Drilling has been retained to complete 8 to 10 diamond drill holes (3,000 meters) in the Canyon, Row, 6 Mile, and Arrow East target areas.
The objective of the drill program is to test high-priority target areas for Sullivan-style lead-zinc-silver mineralization as well as gold mineralization similar to that intersected in the 2010 Talon Zone gold-silver-lead-zinc discovery. Exploration drilling will be executed according to the table below.
|No. of Holes||Meters||Target Area||Target Type||Comments|
|5||1,100||Canyon||Gold-Lead-Zinc-Silver||2km by 2km arsenic + lead and zinc anomalies|
|3||900||Talon||Gold-Lead-Zinc-Silver||Southern margin of Canyon Zone, drill test IP geophysical anomalies associated with and along strike of Talon Zone.|
|3||1,100||Row||Lead-Zinc-Silver||5 kilometer-long lead+zinc soil anomaly. 3 VTEM geophysical anomalies are slated for drill-testing|
Iron Range Exploration Highlights
- Talon Zone Gold-Lead-Zinc-Silver Discovery (2010-2011)
- Talon Zone Surface IP Survey (2011)
- Historical Soil Survey compilation including over 14,000 soil samples (2011)
- VTEM and ZTEM Airborne Geophysical Surveys (2012)
- Completion of Fugro Airborne Gravity Survey (results expected April, 2012)
- Geological Compilation refined location of Aldridge Lower Middle Contact (2011)
2012 Exploration Program
The objective of the Phase 1, 2012 program is to systematically evaluate all existing exploration data, including newly-acquired geophysical data, followed by field evaluation of all resulting anomalies, and ultimately drill testing the highest priority targets.
Field work will be completed in summer 2012 with the objective of bringing remaining targets to the drill testing stage for Phase II drilling in late 2012.
Iron Range Project
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 it has 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.
An additional 35,800 hectares of claims were added to the original land package, resulting in a total of 56,200 hectares -- 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 that hosts the world-class Sullivan deposit located 70 km to the northeast. Over its 100-year lifetime, Sullivan produced approximately 150 million tonnes of ore including three billion ounces of silver, eight million tonnes of zinc and eight million 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.
Technical work on the Iron Range Project is under the supervision of geologist J.K. Ryley while C.C. Downie, P.Geo. and Dan MacNeil are hereby identified as the overall project supervisors. 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.
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., Aben Resources Ltd. and others.
Expenditures during 2011 on Eagle Plains-related projects were approximately $9,100,000 which was funded by Eagle Plains and third party partners. This exploration work resulted in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development. Planning is currently underway for a very aggressive 2012 exploration season, with over 10 individual drilling 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.