Eagle Plains Announces Drill Results from Black Diamond Project, South-eastern British Columbia

Cranbrook, B.C., 23 October, 2012: Eagle Plains Resources Ltd. (EPL:TSX-V) announces drill results from its 100% owned, road-accessible 3,554 ha Black Diamond project located 35km west of Invermere, B.C. Two holes were drilled on the property in 2012 for a total of 430m, testing the Black Diamond Zone down-dip and along strike to the west. 

Highlights

• Hole BD12-01 intersected 2.83m grading 4.34% lead, 5.13% zinc and 111.1g/t silver from 170.43m to 173.26m, with true thickness calculated to be 1.58m.  
• Entire mineralized interval returned 3.98 % combined lead-zinc and 49.3 g/t silver over 17.37m (true thickness 9.8m), from 164.46m to 181.83m 
• Additional claims staked subsequent to drilling, with the resultant land package containing a 12km-long mineralized structural corridor 

Black Diamond Summary

The property contains a prominent structure which hosts quartz vein material up to 8m in width and locally contains high-grade silver, lead and zinc mineralization. Located within the Toby Creek area, the steeply-dipping north/south-oriented structure is exposed for approximately 760m vertically. Historical pits, trenches and tunnels are located along irregular, exposed intervals over 12kms. 

The Black Diamond Zone saw limited production in 1906-1907. Tunnels up to 65m in length were driven into mineralization in three separate areas over 790m (2600’) on the north side of Toby Creek. Historical production of 47 tons of ore was reported, containing 1,929 oz. Ag (40.0 oz/t), and 15,801 lbs. Pb (63%)(source: MEMPR MINFILE). Zinc-rich material was probably left as waste, as evidenced by inspection of waste dumps.

In 1995, a four-hole, helicopter-supported drilling program was completed, funded by a private partnership. Four holes were drilled from a single set-up for a total of 179.1m. Results ranged from trace values to the best intersection in Hole 95-02 at 28.0m to 31.0m, which graded 93.73 g/t silver, 9.66% lead and 5.17% zinc over 3.0m, with elevated amounts of cadmium (true thickness estimated at approximately 1.4m).

Concurrent with the 1995 drill program, continuous panel-sampling of an historic 66m-long tunnel located 60m vertically below the drill set-up returned an average of 746.3 g/t silver, 25.0% lead and 4.95% zinc over a 24m section which ran along the structure. Within this section, 6m of the tunnel length assayed 1444.7 g/t silver, 50.4% lead and 5.37% zinc. 

The high-grade vein mineralization is interpreted to be representative of a possible feeder structure which may present opportunities for larger manto-type deposits located elsewhere along the structure within host rocks in areas where exposure is limited. 

2012 Program

Supervision was provided by J.K Ryley of TerraLogic Exploration Ltd., a wholly-owned subsidiary of Eagle Plains, based out of Cranbrook, B.C. Contract diamond drilling services were provided by FB Drilling Ltd., also of Cranbrook. The project was conducted under the overall supervision of C.C. Downie, P.Geo., hereby identified as the “Qualified Person” under N.I. 43-101.

Complete analytical results are outlined below:

Further details on the project may be found here

About Eagle Plains Resources 

Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 35 properties, EPL invites joint venture participation to expedite development, reduce risk and enhance exposure to discovery. 

Current third party agreements if maintained to completion expose EPL to over $50M in exploration expenditures, $6M cash and 14M shares in partner companies. Completed agreements have yielded over $5M in exploration spending, $900,000 cash to EPL and a total of 12M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp. and numerous others. 

Expenditures during 2011 and 2012 on Eagle Plains-related projects were approximately $13M, which was funded by Eagle Plains and third-party partners. This exploration work resulted in approximately 16,000m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development. 

The contents of this news release have been reviewed and approved by Tim J. Termuende, P.Geo.

On behalf of the Board of Directors

“Tim J. Termuende”
President and CEO

For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at http://www.eagleplains.com

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.