Eagle Plains Acquires Additional Claims near Donna Gold Project, Issues Incentive Options
Cranbrook, B.C., March 13th, 2017: Eagle Plains Resources Ltd. (TSX-V: “EPL”) is pleased to announce that it has successfully acquired by staking additional claims adjacent to the Donna Property located in south-central British Columbia approximately 65 km east of Vernon. The Property, owned 100% by Eagle Plains (subject to 2.0% NSR), is a contiguous block of eight mineral claims covering 2,858 ha. The claims overlie two BC Minfile occurrences named “Dona” (082LSE016) and “Barnes” (082LSE073), and are considered to hold good potential to host skarn-related gold mineralization.
The core of the Donna property was acquired by Eagle Plains through an agreement ALX Uranium Corp (see EPL NR June 29, 2016), with additional tenures recently added through MTO staking. The Property is located in the Monashee Mountains within the source headwaters of the historic Kettle River and Yeoward Creek placer gold camps. The property lies within one of the largest clusters of anomalous values in gold and typical associated pathfinder elements identified in the British Columbia Regional Geochemical Surveys stream-sediment program carried out in the joint Federal - Provincial programs from 1985 -1990. The Property is underlain by a sequence of marine sediments comprising carbonaceous black argillite, limestone, and volcanic rocks of Permian to Lower Triassic age. Locally these rocks were intruded by stocks and plugs mafic intrusive rocks.
The Dona showing was discovered in 1973 by El Paso Mining and Milling Company ("El Paso"), during follow up of anomalous gold values generated by a regional stream sediment sampling program. Trenching by El Paso in 1974 in an area defined by an As-Au-Ag-Pb soil anomaly exposed numerous narrow quartz veins which returned assays including 29.5 g/t Au and 89.4 g/t Ag over 2.29 m in Trench 4, and 122.4 g/t Au and 39.3 g/t Ag over 0.8 m in Trench 8 (Ainsworth, 2009).
Subsequent work carried out between 1975 and 2009 by previous operators consisted of trenching, silt sampling, extensive soil and biogeochemical surveying and limited drilling. Between 2009 - 2011 ESO Uranium (later named Alpha Minerals) conducted exploration programs consisting of reconnaissance stream sediment and rock geochemical surveys, and detailed soil surveys to define targets for a total of 20 diamond drill holes. Alpha carried out the most recent work on the property in 2014 comprising an induced polarization ("IP") geophysical survey, followed by a four-hole, 492m diamond drilling program. All four holes intersected gold mineralization. The best intercept was in DDH14-21 which returned 2 m of 8.72 grams/tonne gold. This drill collar is located 1.5 km west of the area of historic trenching and drilling, significantly expanding the area of known gold mineralization.
Technical aspects of this news release were reviewed and approved by C.C. Downie, P.Geo.
Grant of Options: Eagle Plains has recently granted incentive stock options to directors, employees and key consultants of the company for the purchase of a total of 1,650,000 shares at an exercise price of $.30 per share, expiring March 13th, 2022. The majority of these options replace those which have recently expired.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. Managements’ current focus is to preserve its treasury while advancing its most promising exploration projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Since 2012, Eagle Plains has added to its portfolio a number of new projects exceeding 130,000 ha targeting mainly gold, uranium and base-metals in Saskatchewan, a highly-prospective mining jurisdiction which was recently recognized by the Fraser Institute as the second best place in the world in terms of Investment Attractiveness. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
Expenditures from 2011-2016 on Eagle Plains-related projects were approximately $16.0M, which was funded by Eagle Plains and for the most part, by third-party partners. This exploration work resulted in approximately 15,000 m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
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.