Eagle Plains and Partners Commence Major Airborne Geophysical Survey in East Kootenay Region
Cranbrook, B.C., 09 September, 2011: Eagle Plains Resources Ltd. (EPL:TSX-V) is pleased to announce that it has commenced a 4,000 line-km airborne geophysical survey over a broad area of the East Kootenays, in south-eastern British Columbia. Funding for the project is provided by Eagle Plains and various option partners active on Eagle Plain’s tenures in the district. Planned for airborne geophysical coverage are the Iron Range, Hall Lake, Car, K-9, Goatfell, Findlay and Boundary (Dode) properties. A budget of $900,000 has been set for the work.
A combination of VTEM, ZTEM and airborne gravity surveys will be employed over specific targets areas and based on specific host rocks and structural settings. A map outlining the survey areas may be found at: East Kootenay Geophysical Survey 2011
The airborne geophysical survey is part of an ongoing, systematic exploration approach being carried out by Eagle Plains and its partners within rocks of the Belt-Purcell Supergroup for over a decade. The Belt-Purcell Supergroup is host to the world-class Sullivan Deposit, which over its 100 year lifetime, produced approximately 150,000,000 tonnes of ore including 300,000,000 ounces of silver, 8,000,000 tonnes of zinc and 8,000,000 tonnes of lead, collectively worth over $45 billion at current metal prices. The parties caution that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on these properties.
Increased activity in the area was precipitated by the discovery in late 2010 of gold-rich base-metal mineralization on the Iron Range project by partners Eagle Plains and Providence Resources Corp.
Highlights from drill hole IR10-010 include:
- 196.9-204.0m: 7.1m @ 8.13g/t Au, 5.91% Pb/Zn, 86.6g/t Ag
- 224.0-280.5m: 56.5m @ 1.9g/t Au, 21.5g/t Ag
- Also including lowermost 277.5-279.5m: 2.0m @ 12.8g/t Au, 9.24% Pb/Zn, 122.5g/t Ag; elevated Cd, Sb, Sn, Bi, B, Cu.
The geophysical survey is expected to be completed by mid-fall, subject to weather conditions and contractor availability.
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore metal projects throughout western Canada. In addition to holding mining royalties on various projects, Eagle Plains controls over 35 gold, base-metal and uranium projects, many with third parties including MMG (owned by Minmetals Resources Ltd HKSE:1208), Aben Resources Ltd. (TSX-V:ABN), Providence Capital Corp. (TSX-V:PV), Waterloo Resources Ltd. (TSX-V:WAT.P), Blackrock Resources Ltd. (a private B.C. company); Turnberry Resources Ltd. (TSX-V:TUR.P); Heemskirk Canada Ltd., Drexel Resources Ltd. (TSX-V), Rosedale Resources Ltd (a private B.C. company), Slater Mining Corp (TSX-V:SLM), Olympic Resources Ltd. (TSX-V: OLA.P), Touchdown Capital Inc. (TSX-V: TDW), Bluefire Mining Corp. (a private BC company), Active Growth Capital (TSX-V:ACK) and Giyani Gold Corp. (TSX-V:WDG). In recent years, Eagle Plains has completed option agreements with Teck Limited (TSX:TCK.B), Alexco Resource Corp. (TSX-V:AXR), Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration and numerous other junior exploration companies, resulting in over 53,600m (163,370’) of drilling and over $28.3 million in exploration spending on its projects since 1998.
Expenditures during 2011 are expected to be approximately $8,000,000 to be funded by Eagle Plains and third party partners. This exploration work will result in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development.
“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.