Eagle Plains Acquires 100% Interest in Yukon Polymetallic Base-Metal Occurrences

Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:CDNX) announces that staking activities have been completed on two volcanogenic massive sulphide (VMS) occurrences located in the Pelly Mountains, 60km south of Ross River in south-central Yukon Territory. 16 quartz claims covering approximately 600 acres were located overlying areas of past exploration activity on the MM, and Eros, mineral occurrences. These properties now form part of the extensive landholdings comprising the Pelly Mountain Project, which has seen continuous exploration by Eagle Plains since 1996.

The MM, occurrence was originally located in 1970, and has seen sporadic exploration by Cyprus Anvil and Curragh Resources during the 1970s and mid 1990s. Mineralization consists of stratiform lenses of barite-pyrite with associated silver, copper, lead and zinc sulphides that appear to be restricted to approximately the same stratigraphic horizon, occurring over a strike length of at least 3,750 metres. Modally the lenses range from nearly pure barite to nearly pure pyrite. Mineralized drill intersections range from 0.9 metres to 15.7 metres in width, with grades of up to 5.9% Zn, 3.0% Pb, 1.6 oz/t Ag over 7.2m reported from hole 76-MM-02 and 13.5% Zn, 7.8% Pb, 1.3% Cu and 3.5 oz/t Ag over 2.7 metres reported from hole 77-MM-03.

The Eros, occurrence, located 25km east of the MM, consists of a 140m x 450m mineral kill zone associated with a strong, flat-lying geophysical conductor and highly anomalous lead, zinc, gold and silver soil geochemical anomalies. The anomaly area was tested by a single diamond drill hole in 1980 which failed to intersect significant mineralization, but reported poor core recoveries within the target interval.

Work by Eagle Plains within the Pelly Mountain area has resulted in the delineation of a regional-scale geochemical anomaly 20 square kilometers in area, coincident with a package of volcanic rocks that hosts the nearby Wolf VMS exhalitive type base metal deposit. Eagle Plains intends to continue its aggressive exploration of the Pelly Mountain area during the 2002 field season.

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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