Eagle Plains and North Arrow Announce Agreement on the Orchid Property
Cranbrook, B.C., 23 September, 2014: Eagle Plains Resources Ltd. (EPL:TSX-V) is pleased to announce that an agreement has been executed with North Arrow Minerals Inc. (NAR:TSV-V) whereby Eagle Plains has agreed to grant an option to NAR to earn a 70-per-cent undivided interest in the diamond rights on Eagle Plains' 100-per-cent-owned Orchid property (the “Property”), located in east-central Saskatchewan, approximately 140 km east of LaRonge and 15 kilometers east of North Arrow’s Pikoo diamond discovery. See map here: http://www.eagleplains.com/sites/default/files/Orchid_North_Arrow_NR_Map.pdf
Under the terms of the Agreement, North Arrow can earn its interest by reimbursing EPL for staking costs and funding exploration and evaluation of the Property to a discovery within a three year period. It is anticipated that initial evaluation of the Orchid will commence in fall 2014 with a till sampling program. Eagle Plains will maintain a 100% interest in any non-diamondiferous materials on the property, and will continue to hold 100% interest in the titles themselves. Management cautions mineralization present on proximal properties is not necessarily indicative of mineralization on the Orchid Property.
The Orchid property was acquired by Eagle Plains through the Saskatchewan MARS on-line tenure system after it was identified as covering a series of significant gold occurrences related to the regional scale Tabbernor fault complex. The Orchid claims include seven documented SMDI gold- and base-metal mineral occurrences associated with highly deformed and metamorphosed mafic volcanics and tonalitic intrusions within the 200 to 1500 m wide Tabbernor Strain Zone. The gold mineralization is found in pyritic quartz veins and is typically associated with copper, lead and zinc.
The Orchid has seen extensive historical work including geological mapping, prospecting, soil sampling, trenching and ground-based geophysics with the last significant work programs reported in 1995. The Property has seen only a single drill hole which was completed in the Tim’s Au Zone area and returned 1.3 g/t Au over two separate 0.5 meter intervals. Results from historical work on the Orchid mineral occurrences include:
SMDI 2646 Orchid Zone
|SAMPLE #||Au in g/t||Description|
|34075||10.03||Orchid grab sample pyritic quartz veins with tourmaline|
|34080||41.36||Orchid grab sample pyritic quartz veins with tourmalin|
|34914||36.0||Grab sample 230 m northwest of Orchid|
SMDI 2645 Tim’s Au / South Lariviere
|SAMPLE #||Au in g/t||Description|
|34012||19.2||Tim’s Showing grab sample pyritic quartz veins with tourmaline|
|35942||0.9||Grab sample 320 m southwest of Tim’s showing|
Many of the other gold occurrences on the Property returned values in excess of 1 g/t Au in both rock and soil samples, with historical records indicating the presence of visible gold in some of the panned soil samples. Management cautions it has neither verified nor confirmed these results, which are considered to be historical in nature. All of the historical information referenced in this News Release was researched using the Saskatchewan Geological Atlas and management has no reason to believe that the information is not accurate.
The Orchid project is one of 17 recently acquired by Eagle Plains through the Saskatchewan MARS on-line tenure acquisition system, which include the North and South Truscott Projects. See map here: http://www.eagleplains.com/projects/sask/images/Diamond_Map_Truscott_for_nr_14.10.23.pdf Results from 2014 work on the Truscott Projects are pending.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early-stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 40 properties, EPL invites joint-venture participation to expedite development, reduce risk and enhance exposure to discovery.
Current third-party agreements if maintained to completion will have exposed EPL to over $35M in exploration expenditures, $3.2M cash and 12M shares in partner companies. Completed agreements have yielded over $27M in exploration spending, $1.8M cash to EPL and a total of 22M shares of partner companies.
Expenditures from 2011-2013 on Eagle Plains-related projects were approximately $15M, which was funded by Eagle Plains and for the most part, by third-party partners. This exploration work resulted in approximately 15,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of more than 23 projects at various stages of development.
Technical aspects of this news release have been reviewed and approved by C.C. (Chuck) Downie, P.Geo.
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.