Eagle Plains Commences Diamond Drilling Activity on Iron Range Project, Southeastern British Columbia
Cranbrook, B.C., May 30th, 2018: Eagle Plains Resources Ltd. (TSX-V:EPL) (“EPL” or “Eagle Plains”) has mobilized crews to commence a 4,100’ (1,250m), 3-hole diamond drilling program on the 70,000 ha property located near Creston, BC. The Iron Range is owned 100% by Eagle Plains and is considered to hold significant potential to host gold and/or sedex-type base-metal mineralization.
The Iron Range property was staked by Eagle Plains in 1999 and since that time has been expanded to cover an extensive area approximately 10km x 50km which overlies the regional Iron Range Fault System (“IRF”) and rocks of the Aldridge Formation, host of the world-class Sullivan orebody located 70km to the northeast. A well-developed transportation and power corridor transects the southern part of the property, including a high-pressure gas pipeline and a high-voltage hydro-electric line, both of which follow the CPR mainline and Highway 3. The rail line provides efficient access to the Teck smelter located nearby in Trail.
A summary map and 3-D animation outlining current drill targets may be found here: http://www.eagleplains.com/projects/iron-range
Previous Exploration Highlights
Drilling in 2010 by Eagle Plains and previous partner Providence Capital Corp. (now Desert Star Resources Ltd.) at Iron Range resulted in the discovery of the Talon Zone, where drill-hole IR10-010 intersected two intervals of mineralization including 14.0m grading 5.10g/t gold, 1.86% lead, 2.10% zinc and 75.3g/t silver, and 7.1m grading 8.10g/t gold, 2.84% lead, 3.07% zinc and 86.6g/t silver (EPL news release December 21st, 2010). Previous drilling 10km north of the Talon Zone in 2008 by EPL intersected gold mineralization in drill-hole IR08006, which assayed 7.0m grading 51.5g/t (1.50 oz/ton) gold (EPL news release April 20th, 2009).
In 2017 an Induced Polarization (“IP”) survey was conducted over the Talon Zone and surrounding area, delineating three distinct geophysical anomalies; all of which will be tested during the upcoming drill program. One of the three holes is designed to test one of these distinct chargeability features and will be drilled to a depth which is interpreted to be consistent with the Lower/Middle Aldridge contact (“LMC”), the stratigraphic horizon which hosts the Sullivan deposit.
Tim J. Termuende, President and CEO commented recently on the upcoming program: “since repurchasing the 60% interest from Providence in 2013, Eagle Plains has been working diligently for years toward this upcoming drill program. After completing a thorough compilation of all existing data, inspecting all available drill core and conducting additional geophysical surveys in and around the Talon Zone area, management is excited about the targets which exist there and eagerly looks forward to results of the drilling”.
Management of Eagle Plains considers the Iron Range project to hold excellent potential for the presence of both structurally-controlled base- and/or precious-metal mineralization and Sullivan-style lead-zinc-silver sedimentary-exhalative (“sedex”) mineralization.
The Sullivan mine was discovered in 1892 and is one of the largest sedex deposits in the world. Over its 100+ year lifetime, Sullivan contained a total of 160 million tons of ore averaging 6.5% lead, 5.6% zinc and 67 g/t silver, resulting in 298 million ounces of silver, 18.5 billion pounds of lead, 17.5 billion pounds of zinc, and significant quantities of associated metals; collectively worth approximately $40B at current metal prices. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Iron Range property.
Drilling is expected to take 3 weeks to complete and will be carried out by TerraLogic Exploration of Cranbrook, BC under the supervision of Mike McCuaig, P.Geo., hereby identified as the “Qualified Person” under N.I. 43-101.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. EPL 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 2011-2017 on Eagle Plains-related projects were approximately $16.5M, 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 and approved by Mike McCuaig, 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.