Eagle Plains/Rosedale Commence Exploration on Rohan Project, North-western British Columbia
Cranbrook, B.C.; 29 September, 2014: Rosedale Resources Ltd. (a private B.C. company) has recently notified Eagle Plains Resources (TSX-V:EPL) that field crews have been mobilized to commence fieldwork on EPL’s 100%-owned Rohan property, located in northwestern British Columbia 80km NW of Atlin. The property is well-situated along the White Pass rail line, 60 kilometres north of the port of Skagway, Alaska, with barge access to the property from Carcross, Yukon. Rosedale holds the exclusive right to earn a 60% interest in the property.
The property was acquired by Eagle Plains in 2010 and covers a 6km span of the prospective Llewellyn/Tally-Ho shear zone, part of a larger (>150 km-long) crustal-scale fault system, host to numerous gold, silver and base-metal properties. The land package overlies several regional stream-silt (RGS) anomalies that includes better than 95th percentile values for gold, copper, antimony, arsenic and lead. The under-explored property area is considered to have excellent potential for precious-metal discoveries.
In 2011, Rosedale/Eagle Plains completed a 200 line-km airborne geophysical survey, followed in 2013 by helicopter-supported silt/soil sampling and prospecting. This work resulted in the discovery of an area of extremely anomalous soil values, with precious-metal values returning up to 2.96 g/t gold and 18.4 g/t silver, with associated elevated values for arsenic, antimony, lead, zinc and iron.
The 2014 work program is designed to follow up on results from the successful 2013 program and will focus on mapping, prospecting, hand-trenching and sampling of the 2013 discovery area. Fieldwork is being completed by TerraLogic Exploration Inc. of Cranbrook, BC under the supervision of Mike McCuaig, P.Geo.
Rohan Option Agreement Terms
Under terms of an option agreement announced February 23, 2011, Rosedale holds the exclusive right to earn a 60% interest in the 3,000 ha property by completing $5M in exploration expenditures, making $500,000 in cash payments and issuing 1.0M common shares to Eagle Plains over 5 years. Eagle Plains will maintain a 4% Gross Metal Royalty on the claims, which may be reduced to 2% upon payment of $2M.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early-stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 50 properties, EPL invites joint-venture participation to expedite development, reduce risk and enhance exposure to discovery.
Current third-party agreements if maintained to completion will have exposed EPL to over $35M in exploration expenditures, $3.6M cash and 12M shares in partner companies. Completed agreements have yielded over $27M in exploration spending, $1.8M cash to EPL and a total of 22M shares of partner companies.
Expenditures from 2011-2013 on Eagle Plains-related projects were approximately $15M, which was funded by Eagle Plains and for the most part, by third-party partners. This exploration work resulted in approximately 15,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of more than 23 projects at various stages of development.
Technical aspects of this news release have been reviewed and approved by C.C. (Chuck) Downie, P.Geo.
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.