Eagle Plains Samples High-Grade Uranium, Increases Land Position at Wollaston Project, Northern Saskatchewan
Cranbrook, B.C.; 14 February, 2012: Eagle Plains Resources (TSX-V:EPL) has completed staking activity following receipt of high-grade assay results from grab samples taken during 2011 fieldwork on its Wollaston Project, located within the Athabasca region of north-central Saskatchewan.
The Wollaston claims are located along highway 905, an all-season road with access to the nearby Rabbit Lake and Cigar Lake uranium mines. The 5000 ha, road-accessible property was originally staked by Eagle Plains in early 2011, based on prospective airborne radiometric anomalies and coincident lake-sediment U and REE anomalies proximal to a published Saskatchewan Mineral Index showing. The mineral claims are 100% owned by Eagle Plains Resources and have no underlying royalties or encumbrances.
Reconnaissance fieldwork by Eagle Plains during summer and fall, 2011, revealed anomalous radioactivity along a 460m strike length of Wollaston metasediments, intruded by numerous sills and mineralized fractures. Ten grab samples were collected along the 460m strike length, two of which returned very significant mineralization: 7.05% and 1.40% U3O8, with up to 2.93% ThO2, 16700 ppm lead, and 1167 ppm TREE (total rare-earth elements).
The claim group region is comprised of Archean granite inliers, overlain by metasedimentary rocks of the Wollaston Group, all of which have been intruded by pegmatite dykes and stocks. This sequence of basement rocks is similar to those that host the lower ore bodies of the Eagle Point Mine, and as such; basement-hosted unconformity-style mineralization remains a viable target deposit type.
Proposed work for 2012 includes detailed mapping and prospecting in the vicinity of the new showings, plus along-strike surface geochemical and geophysical surveys and regional prospecting of several prospective, untested airborne geophysical anomalies.
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.