Eagle Plains Completes 2016 Phase 1 Fieldwork at Vulcan, Identifies High-Priority Drill Targets
Cranbrook, B.C., 11 August, 2016: Eagle Plains Resources Ltd. (TSX-V: “EPL”) has completed Phase 1 geological, geochemical and geophysical fieldwork on its Vulcan project located near Kimberley, BC. The property is owned 100% by Eagle Plains and is considered to hold significant potential to host silver-lead-zinc mineralization similar to that at the world-class Sullivan deposit, located 30km to the east.
2016 work focussed on areas of the property that were acquired by EPL in late 2015/early 2016 which adjoin portions of the property that were originally staked by EPL in 2005. The Phase 1 field program consisted of geological mapping, geochemical surveys where a total of 539 soil and 57 rock samples were collected, and 7.6 line-km of ground-based magnetometer survey.
A map outlining the Vulcan property and recent work program may be found here: Vulcan Phase I - 2016 Exploration
2016 Program Highlights:
- geological mapping resulted in the re-interpretation and relocation of the surface projection of the Lower Middle Aldridge Contact (“LMC”) - the stratigraphic time horizon which hosts the world-class Sullivan deposit
- soil geochemical sampling outlines a strong, 1.6km-long coincident lead/zinc anomaly which overlies the inferred trace of the LMC
Management of Eagle Plains considers the Vulcan project to hold excellent potential for the presence of Sullivan-style lead-zinc-silver sedimentary-exhalative (“sedex”) mineralization. Rocks underlying Vulcan are within the same sedimentary sequence and host mineral occurrences with mineralization and alteration styles similar to those observed around the Sullivan mine. The Main (Hilo) mineral occurrence at Vulcan returned up to 1.6 % combined lead-zinc over 1.5 metres from rocks at the Lower-Middle Aldridge contact; the same time-stratigraphic horizon which hosts the Sullivan deposit.
The Sullivan mine was discovered in 1892 and is one of the largest sedex deposits in the world. Over its 100+ year lifetime, Sullivan contained a total of 160 million tonnes of ore averaging 6.5% lead, 5.6% zinc and 67 g/t silver, resulting in 298 million ounces of silver, 18.5 billion pounds of lead, 17.5 billion pounds of zinc, and significant quantities of associated metals; collectively worth approximately $40B at current metal prices. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Vulcan property.
Vulcan Project History
Sullivan-style mineralization was first reported in the mid-1950s at the Vulcan Project. During the 1970s and 1980s, Texas Gulf Sulphur and later Cominco completed extensive geophysical work and drilled shallow holes to test for continuous mineralization in areas of the property. The most comprehensive testing occurred in the early 1990s by Ascot Resources. In 1991 a five-hole, 1,003m drill program was completed, with three holes totaling 1,535m completed in 1992. The down-dip extension of the 1991 holes on the Vulcan Property is an exploration target which remains untested.
Since acquiring the initial claims on the property in 2005, Eagle Plains has completed an extensive compilation of all existing data, followed in 2006 by a 125 line-km helicopter-borne time-domain geophysical survey flown at 200m spacing. In 2011, EPL and partner Navy Resources contracted Fugro Airborne to conduct a 318 line-km helicopter gravity gradiometry (AGG) survey of the property. Geochemical and geological mapping programs were conducted by Eagle Plains in 2012 and 2014.
2016 Work Program
With Phase 1, 2016 exploration fieldwork complete, Eagle Plains is focussing on detailed geological work and permitting to define high-priority targets for diamond drilling. Drill permit applications have recently been submitted to regulatory agencies.
Fieldwork has been conducted by TerraLogic Exploration Ltd. of Cranbrook, B.C. under the supervision of Mike McCuaig, P. Geo.
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 and approved by Mike McCuaig, 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.