Diamond-drilling Completed on Eagle Plains' Pelly Mountain VMS Properties, Central Yukon Territory

Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:CDNX) is pleased to announce that it has completed diamond drilling programs on three of its 100% owned properties located in the Pelly Mountains of south-central Yukon Territory, approximately 30km south of Ross River. Volcanogenic massive sulphide (VMS) polymetallic (gold-silver-copper-lead-zinc) mineralization was targeted on the St. Cyr, Fire, and Ice properties. Six holes totaling 729.3m (2392') were completed during the course of the four-week program. Each property is presently accessed by helicopter, with the nearest roads located within 10-15 km of property boundaries. Eagle Plains and former partner Miner River Resources Ltd. (now merged) have been actively exploring the area since originally staking the properties in 1996. In 1997, both the Fire and Ice properties were optioned to Atna Resources Ltd, who carried out detailed geological mapping, soil geochemical and limited geophysical programs in 1998 before returning the properties to the Eagle Plains/Miner River joint-venture.

Diamond-drilling was preceded earlier in the 2000 season by geological mapping, soil-geochemical sampling and prospecting, carried out by Company personnel and consultants. The August, 2000 program consisted of helicopter-supported drilling from four separate set-ups (one on each of St. Cyr and Ice properties, and two on the Fire property). Diamond drilling services were contracted to Aggressive Diamond Drilling of Kelowna, B.C., with helicopter support provided by Trans North Helicopters. Financial assistance was provided by grants awarded through the Yukon Mineral Incentives Program (YMIP).

Significant results were obtained from both the Fire and Ice properties, located 7km apart. On the Fire property, mineralized barite material was intersected over 3.2m-8.5m (true thickness unknown) in four of four holes. On the Ice property, a single drillhole (and final hole of the program) intersected bedded barite material containing numerous stratiform sulphide horizons over an approximate true thickness of 43.0m (141 feet) from a depth of 35.6m (117') to 78.6m (258'). Located immediately beneath the mineralized barite is intensely altered, sulphide-bearing volcanoclastic rock to 107.0m (351'), where the hole was stopped due to swelling clays. Drill-core from the Ice property was flown to Ross River and transported to Whitehorse, Yukon by company representatives. Petrographic analysis, splitting and sampling of core is now underway within a secure area, with fire-assay results expected in 7-10 days.

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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