Eagle Plains Commences Geophysical Survey at Vulcan Silver-Lead-Zinc Project, Southeastern B.C.
Cranbrook, B.C., May 28, 2019: Eagle Plains Resources Ltd. (TSX-V: “EPL”) has mobilized field crews to carry out a geophysical survey on the Vulcan project located near Kimberley, BC. The property 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. The project is owned 100% by Eagle Plains and carries no underlying royalties or encumbrances.
2019 work will be carried out by SJ Geophysics of Surrey, B.C. Fieldwork is follow-up to successful 2016 and 2017 programs consisting of geological mapping and geochemical surveys where a total of 926 soil, 60 rock and 6 bulk stream-sediment samples were collected, and 7.6 line-km of ground-based magnetometer survey completed. 2016-17 work resulted in the re-interpretation and relocation of the surface projection of the Lower Middle Aldridge Contact (“LMC”)-the stratigraphic time horizon which hosts the world-class Sullivan deposit, and the identification of a pronounced 1.6km-long coincident lead-zinc anomaly which overlies the inferred trace of the LMC. Current exploration activity is designed to further define drill targets and to test geochemical and geophysical features outlined earlier on the property. The project is currently permitted for drilling.
Details of 2019 Geophysical Program
The 2019 geophysical survey will consist of the acquisition of a combined DC resistivity/induced polarization (“IP”) and scalar magnetotelluric (MT) survey over approximately 3.0 line-kilometres. The survey is designed to cover the Sullivan time-horizon in order to define priority drill targets.
A map outlining the Vulcan property and recent work program may be found here.
Vulcan Project Summary
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 over $20B 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.
Sullivan-style mineralization was first reported in the mid-1950s at the Vulcan Project. 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 1990s by Ascot Resources. In 1991 a five-hole, 1,003m 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, 2014, 2016 and 2017.
In keeping with its mandate as a prospect generator, Eagle Plains is currently seeking joint-venture participation for Vulcan and other projects in its diverse portfolio.
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 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 2011-2018 on Eagle Plains-related projects exceed $20M, most of which was funded by third-party partners. This exploration work resulted in approximately 30,000 m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
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.