Eagle Plains Completes Acquisition, Compilation at Eisler Gold Project
Cranbrook, B.C., 15 April, 2015: Eagle Plains Resources Ltd (TSX-V:EPL) announces the acquisition and completion of a thorough geological data compilation of the Eisler Property, located 16 km south of the producing Seabee mine and 130 km northeast of LaRonge, Saskatchewan. The claims consist of 8 mineral tenures comprising 3831 hectares owned 100% by Eagle Plains, with no underlying royalties or encumbrances
Eisler Property Highlights:
• Property hosts shear zone with width ranging from 3.9 to 18.7 m over 2.5 km strike length
• Geological setting and mineralization similar to that at nearby Seabee Mine
• Historic diamond drilling returned up to 4.0 g/t Au over 4.5 m at DD occurrence
• Trenching across DD occurrence returned between 1.02 to 7.36 g/t Au
• Numerous geophysical and geochemical targets untested
Property Geology and Mineralization
The Eisler Property is underlain by rocks of the Glennie Domain which are located in the hanging wall block of the north-south trending Tabbernor Lake fault system – a major crustal shear system transecting the Trans Hudson orogeny, which has been traced over 1500 km from the Wollaston Lake area of northern Saskatchewan to North Dakota. Splays of the Tabbernor Lake fault system in the Laonil Lake region contain mineralized veins similar to ore-hosting structures at the Seabee mine. The Seabee mine of Claude Resources Inc. has been in operation since 1991 producing a total of 1 million ounces as of August, 2012 at an average grade of 0.23 oz/ton Au (7.89 g/t). Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Eisler property.
Exploration to date by past operators has focused on the DD occurrence, which consists of intrusive rocks equivalent to those which host Seabee ore-bearing structures. Chip sampling in 1986 across the main DD-showing shear systems returned 6 strongly anomalous samples with assays between 1.02 to 7.36 g/t Au. A follow-up 21 hole diamond drill program completed in 1987 intercepted numerous shear hosted quartz veins with anomalous gold values. Geophysical surveys traced the shear along strike for over 2.5 km, while diamond drilling over 1.5 km of strike-length defined the shear width ranging from 3.9 to 18.7 m true width. Anomalous assays from 9 holes testing this shear system ranged between 0.96 g/t to 9.86 g/t Au. One of the best intercepts in hole 87-15 returned 4.0 g/t Au over 4.5 m.
Similar to mineralized shears at Seabee and Eisler Lake, several fault zones have been mapped immediately adjacent to the southern property limit. The most prominent fault array trending east-northeast through the Gilson and Georges’s Lakes areas, has been traced at least 10 km and comprises tourmaline bearing quartz-vein occurrences that are Seabee mine analogues. Assay results from this fault array includes 9.1 g/t Au (grab) from the George Lake Occurrence (SMDI 2245), and up to 14.1 g/t (grab) and 3.5 g/t (0.95m chip) from the MAC’s Occurrence (SMDI 2542)
Further work is recommended for the Eisler property, including additional geophysical and geochemical surveys, geologic mapping, prospecting, and additional diamond drilling.
Update on Wildhorse Property
Eagle Plains management has recently received notice from Anthem United Inc. (formerly Turnberry Resources Ltd.) that it has terminated its option on the Wildhorse property, owned 100% by Eagle Plains.
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 $31M in exploration expenditures, $3.4M cash and 11M 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 15,000 m 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 Jarrod A. Brown, P.Geo., 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.