Eagle Plains Completes 2005 Exploration Work on Iron Range Project, Southeastern B.C.
Cranbrook, B.C., 13 June, 2005: Eagle Plains Resources Ltd. (EPL:TSX-V) has completed a four-hole, 945m (3,100’) diamond drilling program on its 100% owned Iron Range Project located in the Goat River area 15km NE of Creston, B.C. Drilling activity is a continuation of work commenced late in 2004 that was interrupted by winter weather conditions (see NR November 16, 2004). The current program tested Sullivan-type base metal targets on the flanks of the Iron Range Fault System.
The property consists of 191 units (11,540 acres) owned 100% by Eagle Plains and holds no underlying royalties or encumbrances. The claims are well situated with respect to infrastructure; with a high pressure gas pipeline, high voltage hydro-electric line, railway and major highway located within property boundaries.
The Iron Range deposits were originally staked in 1897 and were covered by Crown Grants held by Cominco Ltd. and the Canadian Pacific Railway. Past work on the Iron Range deposit by Cominco focused on the considerable iron oxide resource with trenching and very shallow (20m depth) diamond drilling along the Iron Range Mountain ridge. Eagle Plains staked the current claims immediately after the Crown Grants reverted in 2000. Results from 2000 - 2004 exploration work including geological mapping, geochemical surveys and a 690 line-km airborne geophysical survey were used to define targets for drill testing.
Two holes drilled on the east flank of the Iron Range System tested a Sullivan type alteration package including a tourmalinized sedimentary fragmental unit which has an associated intense albite/chlorite alteration zone. Although Sullivan-time was not intersected in either hole, Sullivan indicators including tourmalinite, faulting, alteration, and fragmental textures indicate that a newly discovered Sullivan-type conduit is present and more exploration is warranted.
Two holes were drilled on the west flank of the Iron Range to test a lead-zinc-arsenic soil geochemical anomaly in an area close to Sullivan-time stratigraphy. Hole number IR-05-3 drilled the Middle Aldridge hangingwall, entered a fault emerging into brecciated sediments, then cored a 30m section of massive and laminated sediments thought to be Sullivan-time horizon, and stopped in quartzitic footwall rocks. The brecciated, veined and altered interval contained some scattered galena, sphalerite and arsenopyrite. Interval 213.7m to 237.2m was sampled with analyses indicating anomalous lead, zinc, gold and arsenic values. The highest values were from the base of the breccia unit and returned 0.65% Pb; 0.45% Zn; 3.82 g/t Au; and 46 g/t Ag from 235.2 – 237.2m. Minor bedded sphalerite was noted within the laminated zone below. The second hole, located 500 meters to the east of IR-05-03, also tested the soil geochemical anomaly and cored mostly intrusive gabbro dykes with highly albitized sediments. It appears this hole entered a portion of the main part of the Iron Range structure.
This drilling indicates that Sullivan Time is present as a sub-basin facies in the area, suggesting that Sullivan Indicators in this region may be assigned a higher exploration priority. A third target area located 1.5 kilometers west of Hole 3 resulted from the re-interpretation of airborne geophysical data collected during a survey completed in April, 2004 by EPL. An electromagnetic (EM) conductor approximately 1.25 km x 1.25 km in size appears to be strata-controlled and at relatively shallow depths. Mapping, prospecting and soil geochemical sampling has recently been completed on this target area and the results will be used in conjunction with the airborne geophysics to locate potential sites for drill testing.
The Iron Range Fault system represents a major structural feature that is markedly different from other structures in the region in terms of deformation and alteration. Structural, mineralization and alteration relationships indicate that the property has potential for both Olympic Dam type Cu–Au-U-REE deposits and Sullivan type sedimentary-exhalative deposits. The Olympic Dam deposit in Australia is known as the world’s largest multi-mineral ore deposit, while the nearby Sullivan deposit was a world class silver-lead-zinc deposit which saw continuous production for over 100 years, closing in December, 2001. The mineralized zone on the Iron Range Property is exposed over approximately 4 kilometers strike length and is up to 150 meters wide.
Overall project supervision is provided by C.C. Downie, P.Geo., Director and Exploration Manager of Eagle Plains, who is identified as a Qualified Person under National Instrument 43-101.
Eagle Plains expects to have 8-10 drill programs carried out on its properties during the 2005 field season. Up to $CDN 4M is expected to be spent, with much of this funded by option and joint-venture partners. A schedule outlining planned 2005 work programs may be viewed here.
Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. The Company controls over 30 gold and base-metal projects, many of which are currently optioned to or joint-ventured with third parties including NovaGold Inc. (AMEX,TSX:NG), Amarc Resources Ltd. (a Hunter-Dickinson Group Company) (TSX-V:ARC), Northern Continental Resources Inc. (TSX-V:NCR), and Golden Cariboo Resources Inc (TSX-V:GCC). These agreements expose Eagle Plains to over $11.5 million in exploration expenditures over the next five years. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, Kennecott Exploration, Viceroy Resource Corp. and numerous other junior exploration companies, resulting in over 18,000m (60,000 ft) of drilling and over $6,000,000 in exploration spending on its projects since 1998.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
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