Eagle Plains Commences Fieldwork at Vulcan
Cranbrook, B.C., 31 May, 2016: Eagle Plains Resources Ltd. (TSX-V: “EPL”) has mobilized a field crew to commence geological fieldwork on its Vulcan project located near Kimberley, BC. The Property is owned 100% by Eagle Plains and is considered to hold significant potential to host silver-lead-zinc mineralization similar to that at the world-class Sullivan deposit, located 30km to the east.
Portions of the Vulcan property were originally staked by EPL in 2005 with a major expansion completed by staking in late 2015 and early 2016 as surrounding tenures lapsed.
Management of Eagle Plains considers the Vulcan project to hold excellent potential for the presence of Sullivan-style lead-zinc-silver sedimentary-exhalative (“sedex”) mineralization. Rocks underlying Vulcan are within the same sedimentary sequence and host mineral occurrences with mineralization and alteration styles similar to those observed around the Sullivan mine. The Main (Hilo) mineral occurrence at Vulcan returned up to 1.6 % combined lead-zinc over 1.5 metres from rocks at the Lower-Middle Aldridge contact; the same time-stratigraphic horizon which hosts the Sullivan deposit.
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 tonnes 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 Vulcan property.
Vulcan Project History
Sullivan-style sulphide mineralization at Vulcan was first reported in the mid-1950s. During the 1970s and 1980s, Texas Gulf Sulphur and later Cominco completed extensive geophysical work and drilled shallow holes to test for continuous mineralization in areas of the property. The most comprehensive testing occurred in the early 1990’s by Ascot Resources. In 1991 a five-hole, 1,003m total drill program was completed, with three holes totaling 1,535m completed in 1992. The down-dip extension of the 1991 holes on the Vulcan property is an exploration target which remains untested.
Since acquiring the initial claims on the property in 2005, Eagle Plains has completed an extensive compilation of all existing data, followed in 2006 by a 125 line-km helicopter-borne time-domain geophysical survey flown at 200m spacing. In 2011, EPL and partner Navy Resources contracted Fugro Airborne to conduct a 318 line-km helicopter gravity gradiometry (AGG) survey of the property. Geochemical and geological mapping programs were conducted by Eagle Plains in 2012 and 2014.
2016 Work Program
Phase 1 2016 exploration work will focus on recently acquired areas of the property and will consist of geologic mapping, soil-sampling and review of existing drill-core from historical work. Phase 2 work will include geophysical surveys and detailed geological work to define targets for diamond drilling.
Fieldwork will commence immediately and will be conducted by TerraLogic Exploration Ltd. of Cranbrook BC under the supervision of Mike McCuaig, P.Geo.
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. 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 $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 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.