1999 Program Completed on Eagle Plains' North Findlay Property, southeastern British Columbia
Cranbrook, B.C.:Eagle Plains Resources Ltd. (EPL:ASE) has successfully completed a $400,000 two-phase exploration program on its 100% owned North Findlay property, located 40km northwest of Kimberley, B.C.. Billiton Exploration Canada Inc. ("Billiton") may earn a 50% interest in the 208 unit (12,600 acre) property by spending $2,000,000 on exploration over four years. Billiton may secure another 20% interest (for an aggregate 70% interest) by providing Eagle Plains with project financing to the start of commercial production from the property (see May 20th, 1999 news release). The claims are bound on the south by Eagle Plains' 271unit (16,460 acre) South Findlay property, currently under option to Rio Algom Exploration Ltd. (see November 16, 1999 news release). Target mineralization on the property is modeled after Cominco's sedex-type Sullivan deposit, which contained reserves of 149,000,000 tonnes grading 6.3% lead, 5.9% zinc, and 69 g/T silver. The mine has seen continuous production for over 100 years and is scheduled for shut-down in December, 2001.
Work on the property was conducted from July to late October 1999, and included geologic mapping, soil geochemical sampling, and diamond drilling. A total of 714 soil samples were collected from the property, and together with previous sampling outline a continuous silver-lead-zinc-arsenic soil geochemical anomaly over six kilometers. Geologic mapping confirmed the presence of a metal-enriched, tourmaline-altered sequence of sedimentary rocks throughout the anomaly area. Diamond-drilling was initiated in August, and was designed to test the mineralized sequence in order to locate a probable vent source. Six holes for a total of 5,303' (1617m) were drilled at roughly 1km spacing along the trace of the soil anomaly. Three of five holes intersected significant metal enrichment, two intersected weakening mineralization along strike, while one hole (NF9906) failed to intersect target stratigraphy. A summary of results is as follows:
- NF9901: 131.63m* grading 2.8 ppm Ag, 1730 ppm As, 2315 ppm Pb, and 124 ppm Zn
- NF9902: 137.47m* grading 0.2 ppm Ag, 202 ppm As, 271 ppm Pb, and 167 ppm Zn
- NF9905: 123.36m* grading 1.8 ppm Ag, 1591ppm As, 1644 ppm Pb, and 47 ppm Zn
Results are comparable to a drillhole collared in the area by Kennecott Canada Exploration Ltd. in 1998, which returned 5.5 ppm Ag, 1460 ppm Pb, and 42 ppm Zn over 105.2m.* Eagle Plains intends to continue diamond drilling in 2000 to locate a vent source for the mineralization. In order to maintain its option on the property, Billiton must complete total exploration expenditures of $400,000 by November 1st, 2000.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
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