Eagle Plains/ Partners Complete Major Airborne Geophysical Survey

Cranbrook, BC, December 19th, 2011: Eagle Plains Resources Ltd. (TSX-V:EPL) and various individual option partners have recently completed the largest privately-funded airborne geophysical survey ever carried out in the Kootenay region of British Columbia. A total of 4,280 line-km was flown over Eagle Plains’ various projects in the region, for an overall expenditure of over $1,000,000.

Three separate survey types were flown, with the majority of funding provided by third parties under various option agreements currently in place with Eagle Plains, including VTEM (electromagnetic), ZTEM (electromagnetic) and an airborne gravity system. Geotech Airborne Geophysical Surveys and Fugro Consultants were contracted to carry out the surveys, which were completed during the fall of 2011. Additional geophysical work including processing, analytical and advanced interpretive analysis will be provided by Condor Consulting of Lakewood, Colorado.

A summary of the various projects and specific work applied to each is provided below:

Project Partner VTEM (line kms) ZTEM (line kms) Gravity (line kms)
Iron Range Providence 282 160 1293
Findlay MMG     509
Boundary MMG   125 109
K-9 Bluefire 355    
Hall Lake Bethpage 469    
Goatfell 101191710 Saskatchewan 133   242
Vulcan Navy Resources     353
Car 100% EPL 143   107
Total:   1382 285 2613

A map showing the location of each property and the layout of the geophysical surveys can be found here: East Kootenay Geophysical Survey 2011

The airborne geophysical survey is ongoing, systematic exploration being carried out by Eagle Plains and its partners within rocks of the Belt-Purcell Supergroup for over a decade. The area is host to the world-class Sullivan Deposit, which over its 100 year lifetime, 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 $45 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 these properties.

Increased activity in the area was precipitated by the discovery in late 2010 of gold-rich base-metal mineralization on the Iron Range project by partners Eagle Plains and Providence Resources Corp.

Highlights from drill hole IR10-010 include:

  • 196.9-204.0m: 7.1m @ 8.13g/t Au, 5.91% Pb/Zn, 86.6g/t Ag
  • 224.0-280.5m: 56.5m @ 1.9g/t Au, 21.5g/t Ag
  • Also including lowermost 277.5-279.5m: 2.0m @ 12.8g/t Au, 9.24% Pb/Zn, 122.5g/t Ag; elevated Cd, Sb, Sn, Bi, B, Cu. 

Eagle Plains and its partners will continue to assess the geophysical data as it is interpreted by the independent consultants. Data will be integrated with other information acquired in the area to guide future exploration activity. The various option agreements in the Kootenay region, if carried to fruition, expose Eagle Plains to $20M in exploration expenditures, $1.7M in cash payments to EPL, and 4M shares in third party companies.

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 $50M in exploration expenditures, $5.7M cash and 13M shares in partner companies. Completed agreements have yielded over $17M in exploration spending, $1M cash to EPL and a total of 16M 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 are expected to be approximately $8,000,000, to be funded by Eagle Plains and third party partners. This exploration work is expected to 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.

On behalf of the Board of Directors

“Tim J. Termuende”
President and CEO

For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at http://www.eagleplains.com

 

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.