Eagle Plains/Northern Continental Report 2005 Exploration Results on Abo Gold Project, Southwestern British Columbia
Cranbrook, B.C., 23 March, 2006: Eagle Plains Resources Ltd. (TSX-V:EPL) and Northern Continental Resources Ltd. (TSX-V:NCR) report final results from a two-phase exploration program carried out during the spring and late fall of 2005 on the Abo (Harrison Gold) project, located 5km north of Harrison Lake, British Columbia. A total of 12 holes were drilled for a total of 9,810’ (2,991m).
The property area has been held or optioned by various operators since the early 1970’s including Abo Resources Ltd., Kerr Addison Mines Ltd. and Bema International Resources Ltd. Exploration work includes mapping, soil sampling, ground-based geophysics, 444m of underground development work and a total of 13,856m (45,448’) of diamond drilling. Barry Price, P.Geo. in 2002 prepared a National Instrument 43-101 compliant resource estimate that outlines an indicated resource on the property of 1.845 million tonnes grading 2.79 g/t Au containing 165,000 ounces of gold and an inferred resource of 0.6 million tonnes grading 2.8 g/t Au containing 55,000 ounces of gold in the Jenner and Portal zones, which are open to depth.
Phase I of the 2005 drill program was carried out in March/April, and resulted in the delineation of high-grade gold mineralization at the Bear Stock. Drilling of the zone intersected the following grades (initially reported in a news release dated May 5th, 2005):
- Hole AB05008: 4.0m to 9.0m (5.0m) @ 2.7 g/T Au
- Hole AB05009: 137.5m to 138.3m (0.8m) @ 39.4 g/T Au
176.0m to 177.0m (1.0m) @ 60.9 g/T Au
- Hole AB05010: 169.0m to 181.0m (12.0m) @ 3.0 g/T Au
including 5.0m @ 6.8 g/T Au
Phase II drilling was carried out in December, and tested sub-horizontal extent and continuity of mineralization discovered during Phase 1 work. High-grade gold mineralization was encountered in both holes AB05011 and AB05012 including:
- Hole AB05011: 55.74m to 56.21m (0.5m) @ 12.2 g/T Au
217.0m to 218.0m (1.0m) @ 14.3 g/T Au
265.5m to 267.0m (0.5m) @ 4.5 g/T Au
- Hole AB05012: 182.8m to 184.75m (1.95m) @ 6.6 g/T Au
The 2005 program was funded by Northern Continental and operated by Eagle Plains, with fieldwork directed by geologist Peter Daignault, P.Geo. under the supervision of C.C. Downie, P.Geo., identified as a “Qualified Person” under N.I. 43-101.
Management of Eagle Plains is encouraged by results from the 2005 program, though Northern Continental has recently notified the Company that it does not intend to participate in future exploration on the property. Eagle Plains plans to continue exploration on the property and is actively seeking joint-venture opportunities in this regard.
Further work is recommended for the property by Eagle Plains geologists, including data compilation and 3D computer analysis of drill hole data to establish contact geometry of the Bear Stock and it’s relationship to mineralized zones. Additional step-out drilling based on 3D interpretation is also recommended to continue definition of high-grade zones.
Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. The Company controls over 35 gold and base metal projects, many of which are joint-ventured with third parties including NovaGold Inc. (AMEX,TSX:NG), Alexco Resource Corp. (TSX-V:AXR), Blind Creek Resources and Golden Cariboo Resources Inc. (TSX-V:GCC). These agreements expose Eagle Plains to over $8,000,000 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 30,000m (100,000’) of drilling and over $9,000,000 in exploration spending on its projects since 1998. During the 2005 season alone, EPL has seen over 11,900m (39,000’) of diamond drilling on its properties.
This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a “Qualified Person” under National Instrument 43-101.
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.