VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 15, 2011) - Providence Resources Corp. (News - Market indication) and Eagle Plains Resources Ltd. (TSX VENTURE:EPL) have completed 5 additional Diamond drill holes since the re-commencement of drilling on the Iron Range project in January 2011, for a total of 15 drill holes and 7,165m (23,500') of drilling to date. The 2011 holes (IR11-011 to 015), have been systematically testing the Talon Zone in which significant gold and base-metal mineralization was reported in Hole IR10-010 by Eagle Plains/Providence (see news release Dec 21, 2010). All 5 holes completed during the 2011 program have intersected base metal and gold-related mineralization.
Highlights from Hole IR10-010 included 14.0m grading 5.1g/t gold and 75.3g/t silver from 192.0 to 206.0m and 8.5m grading 6.0g/t gold and 47.8g/t silver from 272.0 to 280.5m. Accompanying base metal values include 13.24% combined lead-zinc over 1.6m from 196.9-198.5m, and 9.24% combined lead-zinc over 2.0m from 277.5-279.5m, the latter of which is interpreted to lie at Sullivan Time.
A total of 450m of new road has been constructed and a second drill will commence work immediately. The budget for the winter 2011 program is currently $1.6M, and is planned to consist of 12-16 holes for a estimated 5,000m (16,000') of drilling. The receipt of permits and construction of new roads will give the partners the ability to utilize step-out drill pad locations, and if warranted, work towards definition of an inferred resource. Additional staff have been added to the project to assist in core-logging and sampling operations. Analytical results will be forthcoming as they are received, compiled and interpreted.
Additional drill targets within a 2.5km radius will continue to test structural features and geochemical signatures for Sullivan-style SEDEX and precious metal mineralization.
The Iron Range project is owned 100% by Eagle Plains and holds no underlying royalties or encumbrances. Providence holds the option to earn a 60% interest in the Property by spending $3,000,000 on exploration, making $500,000 in cash payments and issuing 1,000,000 shares to EPL over 4 years.
Iron Range project summary
The Iron Range deposits were originally staked in 1897, and were covered by Crown Grants held by Cominco Ltd. and the Canadian Pacific Railway. Eagle Plains staked the current claims immediately after the Crown Grants reverted in 2000, and have been exploring the property since then. Exploration work to date includes geological mapping, geochemical surveys, Diamond drilling and a 690-line-kilometre airborne geophysical survey. The Iron Range project is owned 100 per cent by Eagle Plains and holds no underlying royalties or encumbrances. An additional 35,800 hectares of claims were added to the existing land package, resulting in a total of 56,200 ha - an area approximately 11 km by 50 km. The land package now covers over 30 km of the Iron Range structure, most of it unexplored.
A map outlining pertinent details of the property may be found at:
http://www.eagleplains.ca/projects/bc/ironrange/documents/iron_range_compilation_map.pdf
Property History
The Iron Range deposits were originally staked in 1897 and were covered by Crown Grants held by Cominco Ltd. and the Canadian Pacific Railway. Past work on the Iron Range deposits by Cominco focused on the considerable iron oxide resource with trenching and very shallow (20m depth) Diamond drilling along the Iron Range Mountain ridge. Eagle Plains staked the current claims immediately after the Crown Grants reverted in 2000 and have been exploring the property since then. Exploration work to date includes geological mapping, geochemical surveys, Diamond drilling and a 690 line-km airborne geophysical survey.
About Providence Resources
Providence Resources Corp. is a junior mining exploration company focused on delivering shareholder value through project acquisition and development. Currently the company is focused on its Iron Range Project in British Colombia, Canada.
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore metal projects throughout western Canada. In addition to holding mining royalties on various projects, Eagle Plains controls over 35 gold, base-metal and uranium projects, several with third parties.
Signed,
Steve Bajic, President and CEO
Cautionary Note Regarding Forward-Looking Statements
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.
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.
