Eagle Plains Commences Airborne Geophysical Surveys Over Multiple Saskatchewan Gold Projects
Cranbrook, B.C., August 29th, 2016: Eagle Plains Resources Ltd. (TSX-V: “EPL”) has contracted Precision GeoSurveys Inc. to carry out a 4000 line-km airborne magnetometer and radiometric geophysical survey over its 100%-owned Fisher, Truscott and Chico gold projects located approximately 125km east of LaRonge, Saskatchewan. The Fisher project is located adjacent to and directly south of Silver Standard Resources’ Seabee/Santoy mining operations.
Field crews have recently completed Phase 1 geological mapping, soil and till geochemical sampling over specific areas of the Fisher property. Results from this work are pending and will be released as they are compiled and interpreted.
The 2016 fieldwork at Fisher follows a comprehensive compilation encompassing 57 years of exploration data consisting of 1600 soil samples, 600 rock samples, 5200+ line-km of geophysical data and 97 drill holes totalling 7700 m. The neighbouring Truscott and Chico projects are expected to see exploration activity in early-mid September, following interpretation of the present airborne geophysical survey. Drilling permitting is currently underway.
The airborne geophysical survey complements existing geophysical work completed by past operators on portions of the Fisher property. Fieldwork for 2016 is budgeted at $400,000. Exploration activity has focussed on four high-priority areas of the property, namely Georges Lake, Footprint, Santoy Extension and Kettle Falls.
The overall objective of the 2016 program is to identify mineralization similar to that at the neighbouring Seabee and Santoy deposits. The Seabee gold operation has been in continuous production since 1991 and has produced 1.2M ounces of gold from the Seabee and the Santoy deposits. Ore geology at Seabee/Santoy consists of structurally-controlled, high-grade vein mineralization associated with volcanic and mafic intrusive rocks which may be traced southward from Seabee/Santoy property boundaries over 30km within Eagle Plains’ tenures. The Tabbernor Fault is a 1500 km-long regional structure which is present in both Seabee/Santoy and EPL tenures and continues both northward and southward into North and South Dakota within the Homestake District. Importantly, rocks which host the 40M oz Homestake gold deposit are similar in age and composition as those found at Seabee/Santoy and will form the focus for Eagle Plains’ ongoing exploration of the area. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
The Seabee/Santoy Mine Complex and nearby Eagle Plains projects overlie the Pine Lake greenstone belt. Mineralization at Seabee/Santoy is affiliated with the more westerly-oriented Laonil Lake shear zone which is a splay of the north-trending Tabbernor Fault. Field and underground observations at Seabee indicate that shear structures nucleated at contacts between felsic intrusive and mafic intrusive lithologies, with high-grade zones forming at fault intersections.
The Fisher, Truscott and Chico projects are well-situated and straddle both the Tabbernor Fault and upper and lower sequences of the Pine Lake greenstone belt. Furthermore, several westerly-trending splay faults have been identified in the Fisher tenures, some of which are associated with known and under-evaluated gold occurrences.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. Managements’ current focus is to preserve its treasury while advancing its most promising exploration projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Since 2012, Eagle Plains has added to its portfolio a number of new projects exceeding 130,000 ha targeting mainly gold, uranium and base-metals in Saskatchewan, a highly-prospective mining jurisdiction. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
Expenditures from 2011-2015 on Eagle Plains-related projects were approximately $15.5M, 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 numerous projects at various stages of development.
Technical aspects of this news release have been reviewed by Jarrod Brown, 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.