Eagle Plains Completes Geophysical Survey on Titan
Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:TSX-V) announces that the Corporation has completed an induced polarization (“IP”) geophysical survey on the Titan Property, located 30km west of Atlin BC. Preliminary results from the survey indicate the presence of a large, high-intensity chargeability anomaly in the vicinity of high-grade mineralization discovered in outcrop earlier this summer (see EPL NR September 11/03).
The IP Survey was carried out by Aurora GeoScience under the supervision of Mike Power P.Geoph. Two lines (Line 200 and Line 500) were surveyed over the intrusive – metasedimentary contact mapped by Eagle Plains geologists. The lines were located 300 meters apart and a 50m dipole spacing was used giving a maximum depth of resolution of 150 meters.
Resistivity imaging shows a 25 to 75 meter wide area of lower resistivity suggesting incipient fracturing that may have provided a conduit for mineralizing fluids. The resistivity also clearly shows the contact between the intrusive and metasedimentary rocks, consistent with field observations by Eagle Plains geologists.
Chargeability imaging indicates the presence of chargeable bodies on both survey lines. Results from Line 200 show a wide chargeable body at approximately 50 meters depth, consistent with the observed contact between sedimentary and intrusive rocks. On Line 500, three chargeable bodies were detected by the survey. Two of the anomalies appear to be within the intrusive rocks: a 25 meter wide, southwest dipping body extending at least to the depth of 150 meters, and two possibly related 25 meter wide shallower zones. The third very strong chargeability anomaly indicates a chargeable body extending beyond the depth of investigation and remaining open to the northeast. This anomaly appears to lie beneath the metasedimentary rocks.
The source of the chargeability anomalies may be buried sulphide bodies similar in style to the high grade molybdenum mineralization observed in both outcrop and in an extensive boulder field. The chargeability anomaly is detected on both lines, giving an inferred strike length of approximately 300 meters, with the zone open to depth and along strike to the northeast. The location of the anomaly is consistent with field observations indicating the high grade mineralization associated with the intrusive – sedimentary contact zone.
The 32 unit (1944 acre) Titan claim block covers a high grade molybdenum copper porphyry occurrence that has been recently exposed by the retreat of glacial ice. 2003 fieldwork by Eagle Plains resulted in the discovery high-grade molybdenum mineralization in float boulders which assayed up to 1.877% molybdenum. Outcrop material returned a value of 0.966 % molybdenum. Eight of the ten rock samples collected returned greater than 0.1% molybdenum. Some samples are also associated with elevated copper (up to 2873 ppm), tungsten (up to 93.1 ppm), and bismuth (up to 60.7 ppm).
Molybdenum is a hard, malleable, ductile, high-melting, silver-white corrosion resistant metal. Steel making accounts for about 80% of molybdenum production, with the remainder used in the manufacture of high-speed cutting tools, aircraft parts, forged automobile parts, X-ray tubes, electronic tubes and electric furnaces, rocket and missile parts, lubricants and pigments. British Columbia molybdenum mines and deposits include the Endako Mine (182 Mt at .0785% Mo,) Kitsault Lake (95 Mt at .112% Mo), Boss Mountain (6.7 Mt at 0.13% Mo) and the Adanac (152 Mt at 0.063% Mo) (reference: Geology of Canadian Mineral Deposit types 1995).
Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. Through a network of prospectors, consultants and experienced contractors in addition to seasoned employees and a well-rounded Board of Directors, the Company has assembled a diverse portfolio of gold and base-metal properties. EPL seeks to attract joint-venture participation on it’s properties, thereby leveraging exploration spending to the ultimate benefit of the Company’s shareholders. In recent years, Eagle Plains has completed option agreements with Billiton, Rio Algom, Kennecott, Novagold Resources, Viceroy Resources and numerous other junior exploration companies, resulting in nearly 13,000m (43,000’) of drilling and over $5,000,000 in exploration spending on its properties since 1998.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
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