Drilling Commences on Eagle Plains' Greenland Creek Property, Southeastern British Columbia
Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:CDNX) is pleased to announce that it has received notification from optionee Kennecott Canada Exploration Inc. that diamond drilling has commenced on Eagle Plains' 100% owned Greenland Creek property, located 30km northwest of Kimberley, British Columbia.
Work completed by Kennecott on the property in 1999 consisted of 1:10,000 scale geological mapping in conjunction with a broad geochemical survey consisting of 1,371 soil samples, 72 selected rock samples, and 45 stream-sediment samples. The program resulted in the delineation of a prominent 3km x 1km soil geochemical anomaly hosting elevated zinc values with associated elements including beryllium, bismuth, and cadmium. The anomaly overlies Proterozoic Aldridge Formation sedimentary rocks, and is considered a significant exploration target. Kennecott intends to test the soil anomaly area with a 2000 foot (600m) diamond-drilling program.
The area is considered highly prospective for the discovery of new zinc sedex deposits located within the Proterozoic Aldridge Formation. The Sullivan deposit, located near Kimberley, is hosted by the same group of rocks and 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.
Kennecott may earn a 60% interest in the 247 unit (15,000 acre) property by spending $2,000,000 on exploration and making total cash payments of $310,000 to Eagle Plains over a four year period, with Kennecott as the project operator. The claims are bounded to the north by Eagle Plains' 271unit (16,460 acre) South Findlay property, currently under option to Rio Algom Exploration Ltd., which is now underway on a 2000m, three-hole drilling program (see May 29th, 2000 news release).
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: email@example.com or visit our website at http://www.eagleplains.com
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