Eagle Plains Completes Phase One Fieldwork on Kalum Gold Project
Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:TSX-V) has completed fieldwork on the Company’s 100% owned Kalum project located 30km northwest of Terrace, near the central coast of British Columbia. Phase One field work consisted of property-scale geological mapping and rock-chip, soil and stream-sediment geochemical sampling. Exploration activity took place over 21⁄2 months, and saw the collection of 1,221 soil samples, 343 stream-sediment samples and 377 rock samples at a total cost of $190,000. 34 additional claims were acquired to cover additional areas of interest delineated during 2003 work. The property area now consists of 523 units (31,700 acres/ 13,000ha) and covers an area of approximately 10km x 12km.
The claims cover numerous high-grade gold-silver occurrences related to a Cretaceous aged granitoid stock that has surface dimensions of approximately 7 by 12 km. The project is accessed by a network of logging roads and transected by a hydro-electric power-line. It is located 90km by road from port facilities in Kitimat, or 100km by rail from Terrace to port facilities in Prince Rupert. Extensive logging activity has taken place throughout the project area, with additional road-building and logging activity planned over the next three years.
All previous exploration work in the project area was completed prior to the discovery and recognition of intrusion related gold system (“IRGS”) models. 2003 exploration efforts were directed to assessing the project area and identifying similarities to known IRGS deposits such as Fort Knox, Pogo, Donlin Creek, Kidston, and other recently recognized deposits of this type located around the world. Geological mapping and sampling was completed by Julian Stephens, who recently completed a Doctorate degree at James Cook University in Queensland, Australia with emphasis on intrusion-related gold systems world-wide.
Preliminary results are extremely encouraging, and indicate the potential for a major system or systems of high-grade gold-silver mineralization in numerous areas of the property. Throughout the course of the program, a total of 14 new high-grade gold and/or silver showings were discovered, and another 14 previously documented occurrences were located, sampled and surveyed. Highlights of the 2003 program include;
- The delineation of a prominent gold soil geochemical anomaly extending for over 1.4 km in the northern area of the property. Peak values include 640 and 602 ppb gold. The zone has a width of up to 125 m with greater than 100 ppb gold.
- Contour soil sampling in the eastern area of the property returned values up to 4948 ppb gold, and defined a coherent NNW trending soil anomaly with a minimum length of 400 m and width of up to 130 m with greater than 100 ppb gold. Hand-trenching in this area resulted in the discovery of multiple mineralized quartz veins up to 2 m in thickness, with a grab sample grading 15.0 g/T gold.
- A grab sample containing 58.1 g/T gold and 440 g/T silver from a granitoid-hosted, sheeted vein zone near the NE margin of the stock.
- Discovery of numerous new showings in the SW area of the property. These include a zone that contains numerous high-sulphide veins up to 1 m width, with surrounding areas of stockwork and breccia. Best assay results to date include 2.8 g/T gold with 513 g/T silver, and 1.7 g/T Au with 567 g/T silver.
A detailed disclosure of all analytical results will be released as final results are returned and data is compiled and assessed.
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 10,000m (33,000’) 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
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.