Eagle Plains Reports Assay Results from Kalum Gold-Silver Project

Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:TSX-V) has completed fieldwork and received final assay results on the Company’s 100% owned Kalum project, located 30km northwest of Terrace, near the central coast of British Columbia. Phase One field-work consisted of property-scale geological mapping, prospecting and rock-chip, soil and stream-sediment geochemical sampling. Exploration activity took place over 21⁄2 months, and saw the collection of 1,221 soil samples, 343 stream-sediment samples and 378 rock samples at a total cost of $260,000. 34 additional claims were acquired to cover new areas of interest delineated during the 2003 field program. The claims are 100% owned by Eagle Plains and consist of 523 units (31,700 acres/ 13,000 ha) covering an area of approximately 10 km x 12 km.

The claims cover numerous high-grade gold-silver vein occurrences related to a Cretaceous-aged intrusive stock that has surface dimensions of approximately 7 x 12 km. The project is accessed by a network of logging roads and transected by a hydro-electric power-line. It is located 90 km by road from port facilities in Kitimat, or 100 km by rail from Terrace to port facilities in Prince Rupert. Extensive logging activity has taken place throughout the project area, with additional road-building and logging activity planned over the next three years.

The results from the 2003 exploration program are extremely encouraging, and indicate the potential for a major system or systems of high-grade Au-Ag mineralization in several areas of the property. Most of the best prospects occur near the margins of the Allard Pluton, both within the surrounding sedimentary rocks and the intrusive itself. Geological mapping and sampling was completed by Julian Stephens, who recently completed a Doctorate degree at James Cook University in Queensland, Australia with emphasis on intrusion-related Au systems world-wide. Additional samples were collected by contract personnel under the supervision of C. Downie, P.Geo., identified as a “Qualified Person” in accordance with National Instrument 43-101. Samples were sorted and stored at a secure facility in Terrace prior to shipping. Analyses were performed by Acme Analytical Laboratories in Vancouver, BC.

Highlights of the 2003 program include:

Rico Zone: Contour soil sampling in the western area of the property returned values of up to 4948 ppb Au. A coherent, NNW-trending, greater than 100 ppb Au soil anomaly with a minimum length of 400 m and a width of up to 130 m was defined. Hand-trenching in this area resulted in the discovery of multiple mineralized quartz veins up to 2.5 m in thickness. The Rico Vein returned high-grade gold values, with best results of 2.5 m @ 11.0 g/t Au, including 1 m @ 23.7 g/t Au. Another area of the vein returned 0.8 m @ 12.7 g/t Au and a grab sample returned 27.3 g/t Au.

Tuppie Zone: Prospecting in the west-central area of the property resulted in the discovery of a new zone of poorly exposed high-grade silver-gold mineralization. The area contains numerous epithermal, high-sulphide veins up to 1 m wide, with associated zones of stockwork veining and hydrothermal breccia within an area of at least 200 x 200 m. Best grab sample assay results to date include 975.2 g/t Ag with 2.8 g/t Au, 872.3 g/t Ag with 2.3 g/t Au, 776.6 g/t Ag with 2.2 g/t Au and 666.5 g/t Ag with 3.1 g/t Au.

Tojo Zone: Prospecting in the north-western area of the property resulted in the discovery of a new zone of high-grade gold-silver mineralization. This is an area of sheeted quartz veins over an area of least 30 x 80 m, hosted in strongly ankerite-altered granodiorite. The best grab sample results include 73.1 g/t Au with 495.4 g/t Ag, 6.8 g/t Au with 65.8 g/t Ag and 4.0 g/t Au with 850.1 g/t Ag.

Chris/Martin Zone: Soil sampling in the northern part of the property delineated a gold geochemical anomaly with a strike length in excess of 4.5 km. Peak soil values include 640 and 602 ppb Au. The historical Chris Vein and Martin Veins occur at the western and eastern ends of the soil anomaly respectively. The Chris Vein has a maximum width of 1.34 m and a strike length in excess of 300 m. The average of all historical assays on trench samples over the entire exposed length was 11.3 g/t Au and 80.6 g/t Ag, with an average width of 0.59 m. Best Eagle Plains 2003 grab sample results include 36.6 g/t Au with 880.0 g/t Ag and 8.4 g/t Au with 1930.7 g/t Ag. The two Martin Veins are up to 0.5 m wide and approximately 50 m apart. Best grab results from the 2003 field program include 27.4 g/t Au with 77.9 g/t Ag and 25.0 g/t Au with 260.9 g/t Ag.

Hat/Pick Zone: Historically documented veins in north-west region of the property were surveyed and sampled. The Hat Vein gave spectacular results that include a grab sample with 35.94 g/t Au and 10737.8 g/t Ag and a historical grab sample with 41.1 g/t Au and 9587.8 g/t Ag. A historical grab sample of the Pick Vein assayed 70.4 g/t Au, while a channel sample returned 4.8 g/t Au and 380.0 g/t Ag across 0.7m. A 1.0 m channel sample across the 5000 Vein returned 6.1 g/t Au and 17.3 g/t Ag and a 0.45 m historical channel sample across the 4700 Vein returned 7.3 g/t Au and 1077.0 g/t Ag. New discoveries in this area include a grab sample with 5.0 g/t Au and 26.5 g/t Ag from the Tracy Vein, and a 0.3 m channel sample of 2.7 g/t Au and 72.9 g/t Ag across the Trango Vein.

Misty/Moss Zone: The Misty/Moss Creek area has numerous documented Au and Ag-bearing veins in outcrop and float. Soil sampling by previous operators defined numerous large, greater than 100 ppb Au anomalies. Best historical grab samples include 76.1 g/t Au and 947.9 g/t Ag, while trenching returned 4.9 g/t Au over 1.1m.

Kalum, Burn Veins: The previously documented Kalum 1 and 2 veins on the eastern edge of the property have seen limited historical production. Historical grab samples reported up to 251.0 g/t Au and 225.6 g/t Ag. The best historical grab sample from the Burn vein assayed 16.8 g/t Au and 242.1 g/t Ag.

Silver Creek Area: 2003 discoveries in the southern area of the property include the 0.6 m wide Sunny vein that returned a grab sample result of 8.3 g/t Au, and the Silver Creek shear-vein that returned a grab sample result of 204.4 g/t Ag with 0.2 g/t Au.

Results from the 2003 field program on the Kalum property highlight the significant potential for the discovery of high-grade, economically viable gold and silver mineralization. Eagle Plains has successfully consolidated the entire area of known mineralization, and has embarked on the first systematic approach to understanding the local geology and structure. The success in identifying new areas of significant mineralization within a relatively short timeframe underscores the potential for more new discoveries. Work in 2004 will be aimed at defining the newly discovered zones in preparation for drilling, and exploring for new zones of mineralization on ground yet to be covered.

A detailed plan map of geology, infrastructure and showing areas in pdf format may be viewed on our website under the British Columbia Properties heading.

Eagle Plains Resources continues to aggressively conduct research, acquisition and exploration projects in western Canada. Through a network of experienced prospectors, consultants and contractors, in addition to seasoned employees and a well-rounded Board of Directors, the Company has assembled a diverse portfolio of gold and base-metal properties. EPL seeks to attract joint-venture participation on its properties, thereby leveraging exploration spending to the ultimate benefit of the Company’s shareholders. In recent years, Eagle Plains has completed option agreements with Billiton, Rio Algom, Kennecott, Novagold Resources, Viceroy Resource Corp. and numerous other junior exploration companies, resulting in some 13,000 m (43,000’) of drilling and over $5,000,000 in exploration spending on its properties since 1998.

On behalf of the Board of Directors

Signed

“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

 

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