Eagle Plains Commences Exploration at Wollaston Project, Saskatchewan
Cranbrook, B.C.; 20 August, 2014: Eagle Plains Resources (TSX-V:EPL) has mobilized field crews to commence 2014 exploration on its’ Wollaston Project, located within the Athabasca region of north-central Saskatchewan.
The Wollaston claims are located along Highway 905, an all-season road with access to the nearby Rabbit Lake and Cigar Lake uranium mines. The 5000 ha, road-accessible property was staked by Eagle Plains in early 2011, based on prospective airborne radiometric anomalies and coincident lake-sediment U and REE anomalies proximal to a published Saskatchewan Mineral Index showing. The mineral claims are 100% owned by Eagle Plains Resources and carry no underlying royalties or encumbrances.
Reconnaissance fieldwork by Eagle Plains during 2011 and 2012 revealed anomalous radioactivity along a 460m strike length of Wollaston metasediments intruded by numerous sills and mineralized fractures. Ten grab samples were collected along the 460m strike length, two of which returned very significant mineralization: 7.05% and 1.40% U3O8 respectively, with up to 2.93% ThO2, 16700 ppm lead, and 1167 ppm TREE (total rare-earth elements).
The claim group region is comprised of Archean granite inliers, overlain by metasedimentary rocks of the Wollaston Group, all of which have been intruded by pegmatite dykes and stocks. This sequence of basement rocks is similar to those that host the lower ore bodies of the Eagle Point Mine, and as such, basement-hosted unconformity-style mineralization remains a viable target deposit type.
A summary map of the Wollaston project may be viewed here: http://www.eagleplains.com/sites/default/files/Wollaston.pdf
2014 Exploration Program
The 2014 work program will follow-up on previous work which verified significant uranium mineralization near the SW corner of T-Lake, which returned 125 ppm U- one of the highest uranium in lake-sediment sample results in the region. Prospecting and scintillometer surveys will be carried out in the vicinity of historical drilling, with silt and water sampling coupled with broad-spaced (50-100m) property-scale geochemical sampling. Biogeochemical, soil and radon-in-water sampling will be employed at appropriate microsite locations. Reconnaissance scintillometer surveys will be completed while prospecting/mapping.
Update on other Eagle Plains projects
Eagle Plains has been notified by option partner Kapuskasing Gold (formerly Olympic Resources) that the option agreement relating to Eagle Plains’ 100%-owned Dragon Lake project in east-central Yukon has been terminated.
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.