Eagle Plains Commences 2016 Exploration Program at Fisher Gold Project, Saskatchewan
Cranbrook, B.C., July 18th, 2016: Eagle Plains Resources Ltd. (TSX-V: “EPL”) has mobilised field crews to commence a two-phase exploration program on its 100%-owned 30,000+ ha Fisher Gold Project located 125km east of LaRonge, Saskatchewan. The Fisher project is located adjacent to and directly south of Silver Standard Resources’ Seabee/Santoy mining operations.
Fieldwork follows a comprehensive compilation comprising 57 years of exploration data consisting of 1600 soil samples, 600 rock samples, 5200+ line-km of geophysical data and 97 drill holes totalling 7700 m. Eagle Plains has also recently acquired property-wide high-resolution satellite imagery and digital elevation model (“DEM”) datasets (see EPL news release June 29th, 2016)
Fieldwork is budgeted at $400,000, to be carried out in two phases. Exploration activity will focus on four high-priority areas, namely Georges Lake, Footprint, Santoy Extension and Kettle Falls. Phase One work is expected to take two to three weeks to complete. The overall program is planned to include a 3500 line-km airborne geophysical survey, extensive soil-geochemical sampling, till sampling, prospecting, geological mapping and ground-based geophysics.
The overall objective of the 2016 program is to identify mineralization similar to that at the neighbouring Seabee and Santoy deposits. The Seabee gold operation has been in continuous production since 1991 and has produced 1,200,000 ounces of gold from the Seabee and the Santoy deposits. Total gold resources and reserves within Claude’s property holdings as of April, 2016 are reported to be: Proven and Probable- 239,300oz grading 7.62 g/t, Measured and Indicated-128,800oz grading 6.24g/t; Inferred-1,012,900 oz. grading 8.76 g/t.
Ore geology at Seabee/Santoy consists of structurally-controlled, high-grade vein mineralization associated with volcanic and mafic intrusive rocks which may be traced southward from Seabee/Santoy property boundaries over 30km within Eagle Plains’ tenures. The Tabbernor Fault is a 1500 km-long regional structure which is present in both Seabee/Santoy and EPL tenures and continues both northward and southward into North and South Dakota within the Homestake District. Importantly, rocks which host the 40M oz Homestake gold deposit are similar in age and composition as those found at Seabee/Santoy and will form the focus for Eagle Plains’ ongoing exploration of the area. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
The Seabee/Santoy Mine Complex and adjacent Eagle Plains claims overlie the Pine Lake greenstone belt. Mineralization at Seabee/Santoy is affiliated with the more westerly-oriented Laonil Lake shear zone which is a splay of the north-trending Tabbernor Fault. Field and underground observations at Seabee indicate that shear structures nucleated at contacts between felsic intrusive and mafic intrusive lithologies, with high-grade zones forming at fault intersections.
The Fisher project is well-situated by virtue of straddling both the Tabbernor Fault and upper and lower sequences of the Pine Lake greenstone belt. Furthermore, several westerly-trending splay faults have been identified in the Eagle Plains tenure, some of which are associated with known and under-evaluated gold occurrences.
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. 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 2011-2015 on Eagle Plains-related projects were approximately $15.5M, 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.
Technical aspects of this news release have been reviewed by Jarrod Brown, 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.