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Cranbrook, B.C., 16 November, 2007:
Eagle Plains Resources Ltd. (EPL:TSX-V) has compiled and interpreted assay
results from a 7,688 ft (2,344m), 8 hole Diamond drilling
program completed in June on it’s 100% controlled Sphinx
property, located 60 km west of Kimberley, B.C.
Highlights
-Hole SX07022
intersected .077% Mo (0.128% MoS2) over 30.0 m including 9.0 m
@ 0.104 Mo (0.173%
MoS2)
-Hole SX07025
intersected .085% Mo (0.142% MoS2) over 29.0 m including 19.0
m @ 0.104 Mo (0.173% MoS2) also including 3.0 m @ 0.276% Mo
(0.460 % MoS2)
- drill holes
successfully tested mineralization up dip and along strike and
are expected to increase size and grade of mineralized area
- numerous high grade
targets remain to be
tested
Sphinx Project
Summary
The Sphinx property
area consists of approximately 15,400 ha, with 14,500 ha
acquired by staking by EPL and 900 ha subject to an option to
earn a 100% interest (less 1% NSR) from arms-length
individuals. The claims are ideally located with respect to
local infrastructure. The property is road-accessible, has
been logged extensively and is situated along a high-voltage
hydro-electric line. Rail facilities are located 60km east of
the property. The project is being advanced as a bulk-tonnage target.
The Sphinx molybdenum-tungsten system has been defined by 38 holes for a
total of 10,686m of drilling and consists of a tabular,
steeply-west dipping intrusive body with a true thickness of
85m and a strike length of 230m (open in two directions and to
depth). A pervasive alteration system, 700m by 350m in
size, is developed in the host sedimentary and intrusive
rocks. Mineralization is hosted in stockwork veins and
fractures within the alteration zone.
Past drilling in late
2006 was successful in delineating new sections of
higher-grade mineralization (see NR February,
2007) while follow-up drilling in 2007
expanded these higher-grade zones and helped to define the
geometry of the mineralized intrusive and adjacent host
rocks.
B. Price, P.Geo.
submitted a technical report in May, 2006 which outlined an
Inferred Resource of 62,005,615 tonnes grading .035% Mo, using
a cut-off grade of .01% Mo. This current inferred resource
represents 47,884,630 lbs of contained molybdenum metal. The
estimate is based on 14 holes drilled in 2005 by Eagle Plains
and incorporates data from 10 holes drilled in 1980 and 1997
by past operators. An updated resource calculation is
underway, and will include drill holes from the 2006 and 2007
programs. The current inferred resource is considered to have
significant potential to increase in grade.
2007 Drill Program
Results
|
Hole
Number |
From
(m) |
To
(m) |
Length
(m) |
Mo
(%) |
MoS2
(%)* |
|
SX07019 |
27.0 |
113.0 |
86.0 |
0.054 |
0.089 |
|
Including |
62.0 |
65.0 |
3.0 |
0.114 |
0.191 |
|
Including |
77.0 |
85.0 |
8.0 |
0.111 |
0.185 |
|
|
363.0 |
372.0 |
9.0 |
0.073 |
0.121 |
|
Including |
363.0 |
365.0 |
2.0 |
0.214 |
0.357 |
|
SX07020 |
14.0 |
19.0 |
5.0 |
0.121 |
0.202 |
|
SX07021 |
14.0 |
21.0 |
7.0 |
0.098 |
0.164 |
|
Including |
19.0 |
21.0 |
2.0 |
0.200 |
0.333 |
|
|
31.0 |
50.0 |
19.0 |
0.054 |
0.090 |
|
SX07022 |
229.0 |
259.0 |
30.0 |
0.077 |
0.129 |
|
Including |
242.0 |
251.0 |
9.0 |
0.104 |
0.173 |
|
|
262.0 |
278.0 |
16.0 |
0.068 |
0.114 |
|
SX07023 |
No
Significant Intersections |
|
SX07024 |
77.0 |
87.0 |
10.0 |
0.055 |
0.092 |
|
SX07025 |
135.0 |
142.0 |
7.0 |
0.073 |
0.122 |
|
Including |
139.0 |
142.0 |
3.0 |
0.102 |
0.170 |
|
|
146.0 |
175.0 |
29.0 |
0.085 |
0.142 |
|
Including |
156.0 |
175.0 |
19.0 |
0.104 |
0.173 |
|
Also
Including |
156.0 |
159.0 |
3.0 |
0.276 |
0.460 |
|
|
232.0 |
241.0 |
9.0 |
0.078 |
0.131 |
|
Including |
234.0 |
238.0 |
4.0 |
0.112 |
0.186 |
|
|
262.0 |
269.0 |
7.0 |
0.123 |
0.205 |
|
Including |
265.0 |
268.0 |
3.0 |
0.203 |
0.339 |
|
|
293.0 |
305.0 |
12.0 |
0.072 |
0.120 |
|
SX07026 |
185.0 |
202.0 |
17.0 |
0.056 |
0.093 |
|
|
221.0 |
225.0 |
4.0 |
0.061 |
0.102 |
|
|
231.0 |
242.0 |
11.0 |
0.063 |
0.105 |
Additional information
regarding the property may be found
at:
http://www.eagleplains.com/projects/bc/sphinx/
Update on Coyote Creek
Gypsum Project
Eagle Plains has
recently received formal notice from CGC Canada Inc. that it
has elected to withdraw its offer to complete the purchase of
a 100% interest in Eagle Plains’ Coyote Creek
Project.
About Eagle
Plains
Eagle Plains Resources continues to
conduct research, acquire and explore metal projects in
western Canada. The Company controls over 35 gold, base-metal
and uranium projects, many with third parties including
Teck Cominco Ltd (TSE:TCK), Alexco
Resource Corp. (TSX:AXR;AMEX:AXU),
Wellstar Energy Corp.
(TSX-V:WST), Blue Sky Uranium Corp.
(TSX-V:BSK), Blind Creek Resources and Golden
Cariboo Resources Inc. (TSX-V:GCC).
These agreements expose Eagle Plains to over $20 million in
exploration expenditures over the next five years. In recent
years, Eagle Plains has completed option agreements with
Billiton
Metals, Rio Algom Exploration, NovaGold Resources, Kennecott
Exploration and numerous other junior exploration companies, resulting in over 38,000m (125,000’) of
drilling and over $16,000,000 in exploration spending on its
projects since 1998. During the 2006 season, EPL and its
partners completed over 7,000m (23,000’) of Diamond drilling
on its properties.
On behalf of the Board
of Directors
Signed
“Tim J. Termuende”
President and
CEO
For
further information, please contact Mike Labach
at
1 866
HUNT ORE (486 8673)
Email:
mgl@eagleplains.com or visit
our website at http://www.eagleplains.com
The TSX Venture
Exchange has not reviewed and does not accept 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. |