Providence Resources/Eagle Plains Conduct Geophysical and Geochemical Surveys on Iron Range Project
Vancouver, B.C., September 14th, 2011: Providence Resources Corp. (TSX-V:PV) and Eagle Plains Resources Ltd. (EPL:TSX-V) have now completed the majority of the planned fieldwork program for the Iron Range project in southeastern British Columbia. This ground based work is to be followed in September and October by airborne geophysics.
Field work completed to date consists of the following:
- Induced polarization geophysics ground and borehole surveys at the Talon Zone
- 28.0 line km of contour soil sampling along the west flank of the Iron Range Structure
- Contour and grid soil sampling south and southeast of the Talon zone
- 2.0km X 800m Talon zone soil grid
- 2.5km X 800m soil grid immediately north of the Talon zone grid, labeled the Six-Mile grid
- 1:10,000 scale geological mapping and associated sampling
The Talon Zone induced polarization ground survey shows two areas of high chargeability. The westerly area coincides with the significant mineralization encountered in drilling at the Talon zone. The second area is approximately 300m to the southeast of the Talon zone and is expressed as a near surface anomaly measuring approximately 200m in width. This anomaly may continue to the south beyond the southern limit of the geophysical survey. The borehole geophysics is slated for additional interpretation with respect to the ground survey.
A 28.0 line km contour soil sampling program was completed along the west flank of the Iron Range Structure. These lines are parallel to the regional scale north trending Iron Mountain Fault to exploit base and precious metal mineralization from northeast oriented splay faults.
The Talon zone soil grid is oriented north-south, positioned to cover the southern IP chargeability anomaly and north along the inferred extension of the Talon zone fault.
A 2.5km X 800m soil grid immediately north of the Talon zone grid (labeled the Six-Mile grid) begins at the northern end of the Talon zone grid in a northeast orientation. This grid covers prominent northeast topographic linears and coincident trending newly discovered alteration zones (see Geological Mapping).
Geochemical results from the soil surveys are expected by mid to late October.
Surface mapping has identified the following features of interest:
- A westerly shift of the Iron Range Structure, in proximity to sericite-albite alteration and possible extension of IP chargeability anomaly.
- Discovery of pervasive sericite-albite-quartz alteration zone approximately 30m in width, 1.65km N-NE of the Talon Zone. The trend of the zone shares that of the Talon Zone. Similar alteration located 700m to the south along the strike extension of the new zone. The Six-Mile grid was positioned over these two zones. Hematite-albite-sericite breccia 2.0km NE of the Iron Mountain Structure, and approximately 6.0km from the Talon Zone.
- Finely disseminated and acicular stratiform tourmaline within the Lower-Middle Aldridge contact (LMC) 150m and 600m west of the Talon Zone. The latter underlies a grouping of upper anomalous lead, zinc, and arsenic soil anomalies.
A combination of VTEM, ZTEM and airborne gravity surveys will be employed over specific targets areas and is based on specific host rocks and structural settings. The ZTEM is scheduled to start September 13th with the VTEM survey to immediately follow. A property scale gravity survey is expected to be completed by the end of October, subject to weather conditions and contractor availability. The surveys are being flown in conjunction with Eagle Plains Resources Ltd. surveys, of which Providence Resources Ltd. survey area totals 1576 line kilometres.
Geological exploration contracting services on the Iron Range property during 2011 are being provided by TerraLogic Exploration of Cranbrook, B.C. (a wholly owned subsidiary of Eagle Plains). All fieldwork is under the supervision of geologist J.K. Ryley while C.C. Downie, PGeo, is hereby identified as both the overall project supervisor and as a qualified person under National Instrument 43-101.
Iron Range Project Summary
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 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. The Iron Range project is owned 100 per cent by Eagle Plains and holds no underlying royalties or encumbrances. An additional 35,800 hectares of claims were added to the existing 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 which 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.
Providence Option Agreement
The Iron Range project is owned 100% by Eagle Plains and holds no underlying royalties or encumbrances. Providence holds the option to earn a 60% interest in the Property by spending $3,000,000 on exploration, making $500,000 in cash payments and issuing 1,000,000 shares to EPL over 4 years.
About Providence Resources Corp
Providence Resources Corp. is a junior mining exploration company focused on delivering shareholder value through project acquisition and development. Currently the company is focused on its Iron Range Project in British Colombia, Canada.
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.