Eagle Plains/Windstorm Commence Fieldwork on Kalum Gold Property
Cranbrook, B.C.; 26 August, 2009: Eagle Plains Resources (TSX-V:EPL) has mobilized a field crew to commence exploration activities on the Kalum property. The road-accessible, 21,883 ha property is located approximately 35 kilometres northwest of Terrace, British Columbia in the Skeena Mining Division.
The property had last seen exploration work in 2008 by Mountain Capital Corp. (now First Lithium Resources Inc.) who completed geologic mapping, a ground geophysical survey and 1,390m of drilling in 11 holes (see EPL/MCI news release December 15, 2008). Highlights of the 2008 program included drill-hole HKM 08-01, which returned 10.55m grading 0.973g/t gold from 9.95m to 20.50m (including 0.3m which assayed 28.7 g/t gold from 20.20 to 20.50m) and drill-hole HKM 08-03, which returned 2.30m grading 11.949 g/t gold from 14.0-16.3m. Mountain Capital terminated their option on the property in May, 2009.
The Property is centered upon a Cretaceous-age granodioritic stock of the Coast Crystalline Complex that has intruded Jurassic to Cretaceous-age sedimentary rocks of the Bowser Lake Group. A number of high-grade, vein-type gold occurrences are associated with the contact zone and magnetic signature of the intrusive stock. These occurrences have been explored by various operators and to various degrees over the past 80 years. All previous exploration efforts have been directed toward the discovery of high-grade stand-alone mineralization. The current Eagle Plains tenure represents the first time gold occurrences have been consolidated by a single company.
Eagle Plains initiated property acquisition in the Kalum area in 2003 and completed significant exploration programs on the property in 2003 and 2004. The programs included a VTEM airborne survey, extensive geochemical programs, geologic mapping, and a 19 hole diamond drill program. The best drill results from this work included drill-hole KRC04001, drilled at the Rico showing (discovered by Eagle Plains personnel in late 2003), which returned 35g/t Au over 2.5m from 101.8m to 104.3m; including a 0.5m interval that assayed 107g/t Au (see EPL news release December 9th, 2004). In addition, many of the historical showings on the Property were located, sampled and surveyed.
2008 Program and Budget
The focus of the $100,000, 2009 program is to continue exploration work initiated by Mountain Capital in 2008. An Induced Polarization (I.P.) survey, geological mapping and soil geochemical survey will be extended northward from the area covered previously. Exploration work undertaken this season will be funded by Windstorm Resources Inc., a private B.C. company.
Recent Analyst Coverage of EPL by Resource Opportunities
Eagle Plains has recently received analyst coverage by Lawrence Roulston, geologist and author of Resource Opportunities, a subscriber-only newsletter which focuses on resource companies. His latest update on the activities of Eagle Plains may be found here
About Eagle Plains Resources
Eagle Plains Resources continues to conduct research, acquire and explore metal projects in western Canada. In addition to holding mining royalties on various projects, the Company controls over 35 gold, base-metal and uranium projects, several with third parties including Waterloo Resources Ltd (TSX-V:WAT.P) and XO Gold Resources Ltd. (a private B.C. company). In recent years, Eagle Plains has completed option agreements with Teck Limited (TSX:TCK.B), Alexco Resource Corp. (TSX-V:AXR), Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration and numerous other junior exploration companies, resulting in over 53,000m (158,500’) of drilling and over $27.0 million in exploration spending on its projects since 1998.
Expenditures during 2008 on Eagle Plains’ projects were approximately $6,000,000, funded equally between Eagle Plains and third party partners. This work resulted in approximately 6,300m of drilling and extensive ground-based exploration work and facilitated the advancement of numerous projects at various stages of development.
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.