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
“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.