Eagle Plains Completes Airborne Geophysical Survey, Commences Exploration at Fisher, Chico and Orchid Gold Projects
Cranbrook, B.C., September 12th, 2016: Eagle Plains Resources Ltd. (TSX-V: “EPL”) has mobilised field crews to commence work immediately on Eagle Plains’ 100% owned Fisher, Chico and Orchid gold projects located approximately 125km east of La Ronge, Saskatchewan. The Fisher project is located adjacent to and directly south of Silver Standard Resources’ Seabee/Santoy mining operations. Fieldwork follows Phase 1 exploration work performed earlier on the Fisher project, and a 4000 line-km airborne geophysical survey announced August 29th, 2016. Work on the Chico and Orchid projects mark the first systematic exploration work carried out to date on the properties by Eagle Plains.
A map outlining the respective project areas may be found here: Fisher, Chico and Orchid Gold Projects
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 and associated rocks. 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, Chico and Orchid projects are well-situated and straddle both the Tabbernor Fault and equivalent sequences of the Pine Lake greenstone belt. Furthermore, each property area is transected by several northeast- to east-trending splay faults, some of which are associated with known and under-evaluated gold occurrences.
Chico Project Highlights
The Chico structural zone comprises a north/northeast-trending 20m- to 150m-wide ductile shear zone that hosts significant sulphides and ribbon quartz veining. Trenching and drilling activities carried out by Corona Corporation and Cameco from 1988 to 1993 defined a mineralized strike length of over 1400m. Corona’s southern trench known as the Royex showing returned five chip samples greater than 1000 ppb gold with a best (chip) sample of 14.3 g/t Au over 1m (AR 63M06-0034). Follow-up diamond drilling by Cameco near the Royex trench returned five significant intercepts ranging from 0.51 g/t over 1.5m, to 36.0 g/t over 0.3m (AR 63M06-0041). Mineralized shear zones and quartz veining that define the Chico zone are hosted in diorite and granite and especially along the sheared contact between these two units. The Chico and the adjacent parallel Ed and Western structural zones are believed to be splay structures off the larger Tabbernor fault system. Despite the significant surface discoveries of gold along the three structural trends, mineralization remains largely untested at depth and along strike extensions. Eagle Plains has initiated permitting for future drilling within the property area.
Orchid Project Highlights
The Orchid Property region was explored at a reconnaissance level for base metals during the 1950’s and 1960’s. Since the late 1980’s, exploration focus shifted to the gold potential related to the underlying Tabbernor fault system. Prospector Wayne Fisher led some of the early gold-in-vein discoveries in 1986-1987, returning assays of up to 2720 ppb Au. In the early 1990’s Placer Dome optioned the project and followed-up with extensive prospecting/mapping, geochemical and ground geophysical programs, outlining several new gold and base metal showings, with quartz-tourmaline veins returning up to 12.8 g/t Au. Acting independently, Fisher prospected in the vicinity of some of the higher gold-in-soil anomalies, obtaining up to ~70 g/t Au in rubble on the shore of Lariviere Lake (AR 63M03-0041). Continued work by Homestake in 1992 further delineated the Orchid zone with grab samples to 41.3 g/t Au (SMDI 2646), and Tim’s showing with up to 19.2 g/t (SMDI 2645).
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.