Eagle Plains Acquires 100% Interest in Yukon Silver/Base-Metal Deposit
Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:CDNX) has completed an option agreement that will allow it to earn a 100% interest in the Sprogge (Justin) gold property, located in east-central Yukon Territory about 35 kilometres south of the recently re-opened Cantung Mine. To earn its interest, Eagle Plains must make cash payments totaling $215,000 and complete exploration expenditures of $500,000 over 7 years. A 2% NSR is reserved for the vendor, half of which may be purchased at any time for $1,000,000.
The Sprogge property consists of 25 claims located 11 kilometres east of the recently re-activated Cantung road. It is host to numerous styles of intrusive and sediment hosted gold mineralization located within three main bulk-tonnage target areas. The Kangas Zone consists of a 75m x 400m zone of skarn and replacement style mineralization within calcareous siltstone, which has returned widespread anomalous values of up to 1.6 g/t gold. At the Discovery Zone gold-bearing pyritic mineralization occurs within a quartz monzonite dyke and adjacent calcareous siltstone. Chip sampling across this zone has returned 2.38 g/t gold over 22.5 metres. This zone remains open to the east and along strike to the north into overburden-covered areas. The Confluence Zone consists of a 600m x 250m area of coarse clastics hosting considerable fracture controlled chalcedonic veining. Anomalous values of up to 15.8 g/t gold have been returned from outcrop within this overburden and till covered area.
Previous operators Viceroy Resources and Battle Mountain Gold recommended drill testing for the Confluence and Discovery Zones, but did not follow-up on this work. The Kangas Zone requires further mapping and sampling to bring it to the drill stage. The property is almost entirely surrounded by claims held by Novagold Resources, with the ground position being well situated to allow for development of the various zones.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
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