Eagle Plains' Announces Results From Pelly Mountain Project 2001 Reconnaissance Program
Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:CDNX) is pleased to announce analytical results from a reconnaissance geochemical program carried out during June in the Pelly Mountain Volcanic Belt, south-central Yukon Territory, approximately 30km south of Ross River. The 2001 program follows diamond drilling completed by Eagle Plains in 2000 which intersected exhalitive type mineralization on both the FIRE and ICE properties, located approximately 7 kms apart. Drilling highlights on the FIRE property included a 15.1m intersection which assayed 22.4g/T Ag, 1529ppm Pb and 6033ppm Zn, including 3.3m (approximate true thickness) grading 65.5g/T Ag, 4930ppm Pb and 2.15% Zn. A single hole drilled on the ICE property intersected a thick exhalitive bedded barite horizon containing numerous stratiform sulphide horizons over an approximate true thickness of 48.4m (158.8 feet). The best mineralized interval within the barite was found from 56.7m to 58.0m, which returned 5.64% zinc, 0.17% lead, and 12.3 g/T silver (see News Release Sept 11, 2000).
Subsequent to the 2000 drill program, Eagle Plains undertook an aggressive staking program to secure prospective VMS stratigraphy in the FIRE-ICE area. The newly staked claims effectively joined the FIRE and ICE properties, and now consist of 266 contiguous units covering 13,500 acres, with another 54 satellite claim units in the area. The area is now referred to as the Pelly Mountain Project, and was the focus of the 2001 reconnaissance program.
2001 Phase 1 work saw a total of 178 silts, 86 soils and 14 rock samples collected. Samples were processed using Atomic Absorbtion Spectroscopy (AAS) and Inductively Coupled Plasma (ICP) geochemistry at Northern Analytical Laboratories in Whitehorse. Analytical results indicate that the claims cover a prospective stratigraphic package that is highly enriched in base and precious metals. The average zinc value in the silt and soil samples collected was 515ppm, with coincident highly anomalous silver, copper, lead, barium, and cadmium values. Using an extremely conservative threshold of 700 ppm zinc, the survey has identified at least five highly anomalous drainages in areas untested by historical work programs. Highlights of the program include:
COLE Claims-located 1.5 km east of 2000 FIRE VMS discovery; silt sampling returned average values of 2913ppm zinc, 111ppm lead, 70ppm copper, 19ppm cadmium and 250ppm barite over a distance of 1.1 kilometers.
ICE Claims-located 3 kilometers west of 2000 FIRE VMS discovery; silt sampling returned average values of 1481 ppm zinc, and 14.84ppm cadmium with associated anomalous copper, lead, and barite values over a distance of 2.2 kilometers.
ASH Claims-located 1.5 kilometers south of 2000 ICE VMS discovery. 2001 silt sampling in a previously untested drainage returned values of 1.39g/T silver, 1243ppm zinc and 424ppm lead over 400 meters. Based on past geological mapping by Eagle Plains in the area, it is believed that the geochemical anomaly may represent an extension of the ICE massive barite horizon;
MELT Claims-located 6 kilometers northwest of 2000 FIRE VMS discovery; a massive sulphide showing was discovered on the property during the 2001 program; mineralization consists of massive to semi-massive pyrite over an exposed thickness of 1.5 m, with sphalerite, galena and trace chalcopyrite. All samples collected from the showing were anomalous, including CDM01R03 which returned values of 3 g/T Ag, 5.48% zinc, 227ppm copper, 368ppm lead, 414.4 ppm cadmium, 152ppm mercury and 353ppm tungsten.
Results from the 2001 reconnaissance program and past programs by Eagle Plains Resources and other operators in the FIRE/ICE area have located a VMS style geochemical anomaly over a 20 square kilometer area, coincident with a package of volcanic rocks that hosts the nearby Wolf and MM VMS exhalitive-type base metal deposits. Eagle Plains Resources is currently planning to commence a Phase II work program on the Pelly Mountain Project in August/September 2001 which will include additional prospecting, soil geochemical sampling and geological mapping to locate targets for diamond drill testing.
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.