Eagle Plains Commences Diamond Drilling on Iron Range Project
Cranbrook, B.C., 17 November, 2004: Eagle Plains Resources Ltd. (EPL:TSX-V) has commenced a three-hole, 3000’ diamond drilling program on the Iron Range project located in the Goat River area 15km NE of Creston, B.C.. The property consists of 175 units (10,815 acres) owned 100% by Eagle Plains and holds no underlying royalties or encumbrances. The property is well situated with respect to infrastructure, with a high pressure gas pipeline, high voltage hydro-electric line, railway and major highway located within property boundaries.
The Iron Range deposits were originally staked in 1897 and were covered by Crown Grants held by Cominco Ltd. and the Canadian Pacific Railway. Past work on the Iron Range deposit by Cominco focused on the considerable iron oxide resource with trenching and very shallow (20m depth) diamond drilling along the Iron Range Mountain ridge. Eagle Plains Resources Ltd. staked the current claims immediately after the Crown Grants reverted in 2000.
Mineralization on the Iron Range property occurs within the Iron Range fault zone and varies from massive lenses of hematite and magnetite to hematite-magnetite breccia bodies within a strongly albitized alteration halo. The Iron Range Fault system represents a major structural feature that is markedly different from other structures in the area in terms of deformation and alteration. The Iron Range deposits are directly linked to this structure which has a strike length of at least 90 kilometers. The mineralized zone on the Iron Range Property is exposed over approximately 4 kilometers strike length and is up to 150 meters wide. Structural, mineralization and alteration relationships indicate that the property has potential for both Olympic Dam type Cu–Au-U-REE deposits and Sullivan type sedimentary-exhalative deposits. The Olympic Dam deposit in Australia is known as the worlds largest multi-mineral ore deposit, while the nearby Sullivan deposit was a world class silver-lead-zinc deposit which saw continuous production for over 100 years, closing in December, 2001.
Eagle Plains Resources retained Lucas Marshall, Ph.D. in 2002 to undertake a compilation study on the Iron Range area and to oversee fieldwork that year. Results of his work conclude that the Iron Range geochemistry compares favorably with that of other Olympic Dam-type deposits. In addition, geochemical sampling in an area of the property known to contain the Sullivan time horizon returned highly anomalous lead and zinc values over 1.5 km, providing the impetus for additional staking during 2003 and 2004.
2004 exploration activities consisted of geological mapping and geochemical surveys over areas of interest recently delineated by a 690 line-km airborne geophysical survey completed in early April (see News Release April 1st, 2004). The survey was conducted by Geotech Geophysical Ltd., and consisted of airborne magnetometer and time-domain electromagnetic (EM) instrumentation. Doug Anderson, P.Geo. was contracted to provide a geologic map of the recently-acquired area of the property, and will oversee the diamond drilling program. Mr. Anderson is considered an expert in his field, having worked for Cominco and others for some 25 years in the search for another Sullivan. The project as a whole will be supervised by C.C. Downie, P.Geo., Exploration Manager of Eagle Plains, who is identified as a Qualified Person under National Instrument 43-101.
Diamond drilling at Eagle Plains Resources 100% owned Bohan base metal project (see EPL News Release 11/01/2004) in SE British Columbia has been completed. A total of 1713 feet (522m) in four holes was drilled. Analytical results will be released when they have been received and compiled.
Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. The Company controls over 30 gold and base-metal projects, many of which are currently optioned to or joint-ventured with third parties including NovaGold Inc., Kobex Resources Ltd., Northern Continental Resources Inc., Shoshone Silver Mining Co., and Golden Cariboo Resources Inc. 18 of these projects have seen exploration work in the past twelve months and Eagle Plains anticipates minimum expenditures of $1.5 million on their projects over the next twelve months. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, Kennecott Exploration, Viceroy Resource Corp. and numerous other junior exploration companies, resulting in over 18,000m (60,000 ft) of drilling and over $6,000,000 in exploration spending on its projects since 1998.
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.