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Providence Resources Corp. (TSX VENTURE:PV - News) and Eagle Plains
Resources Ltd. (TSX VENTURE:EPL
- News) have received
analytical results from the Iron Range drill program in southeastern British
Columbia. Results are from the newly discovered 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). Currently
5,924.0m in 16 holes have been completed since Phase 2 drilling resumed in
January, 2011.
Highlights:
-- Hole
IR11-015 intersected near-surface precious and base-metal
mineralization. The
seventy-one metre intercept is characterized by
crackle breccia and
quartz-carbonate fractures hosting pyrite, lesser
arsenopyrite,
sulphosalts, and local submetre-scale
sections of semi-
massive to massive
pyrite, galena (lead) and sphalerite (zinc). The
interval is the
non-oxidized extension of the surface oxide zone.
Increasing
base-metal values with depth are inferred to reflect
diminished surface
oxidation.
Selected intervals include:
-- 29.0-100.0m: 71.0m @ 1.28g/t Au, 20.4g/t Ag
Including
-- 30.0-33.0m: 3.0m @ 4.77g/t Au, 55.6g/t Ag
-- 41.0-44.0m: 3.0m @ 5.77g/t Au, 36.5g/t Ag
-- 82.0-90.0m: 8.0m @ 4.13g/t Au, 3.57% Pb/ Zn, 69.5g/t Ag
Including
-- 82.0-85.0m: 3.0m @ 6.16g/t Au, 4.81% Pb/ Zn, 118.3g/t Ag
-- 87.0-90.0m: 3.0m @ 4.83g/t Au, 4.33% Pb/ Zn, 65.7g/t Ag
This intersection represents near surface mineralization approximately
120m southwest of that at depth in IR10-010. The mineralized interval is
inferred to lie stratigraphically at the
Lower-Middle Aldridge contact. Additional drilling is required to determine
the orientation and true thickness of the zone.
IR11-015 was extended and intersected a second zone of sulphide mineralization from 270.0-293.0m, which shares a
similar depth horizon to the lower massive sulphide
intercept in IR10-010. Results are pending.
Drill holes IR10-006, 008, 009, and IR11-017 were drilled from a
shared collar location and did not intersect mineralization. These holes are
interpreted to have passed above mineralization.
A drill hole plan and selected cross-sections
are available on the Eagle Plains website.
Core textures, mode of sulphide emplacement,
and surface lineament expressions indicate a structurally-controlled system.
The mineralization in IR10-010 and lowermost in IR11-015 coincide with the
sub-vertical projection of these surface lineaments. Exemplifying this is the
intercept in IR10-007, not previously reported of:
-- 155.0-156.0m: 1.0m @
56.3g/t Au, 3.02% Pb/Zn, 51.5g/t Ag.
Dilatant zones developed normal to these lineaments may act to
preferentially enrich gold and base metal development. Exploitation of these
zones by late stage lamprophyre dykes, as seen in relative abundance in
IR11-015 and IR10-010 serve to enrich the system. Holes drilled outboard of
this structural setting and depth horizon such as IR11-011, 012, 013, and 014
appear to diminish in tenor. These holes generated the following analytical
results:
----------------------------------------------------------------------------
From To Length Au Pb Zn Ag
Hole Number
(m) (m) (m) (g/t) (%) (%) (g/t) Intersection
----------------------------------------------------------------------------
IR11011
251.00 280.00 29.00
1.027 0.03 0.06 4.2 29m @ 1.027
g/t Au, 4.2
g/t Ag
--------------------------------------------------------------------
Including 274.00 280.00
6.00 2.938 0.10 0.13 14.0 6m @ 2.938
g/t Au, 14
g/t Ag
--------------------------------------------------------------------
372.00 375.00 3.00
1.145 0.05 0.07 5.3 3m @ 1.145
g/t Au, 5.3
g/t Ag
----------------------------------------------------------------------------
IR11012
111.00 114.00 3.00
0.946 0.02 0.02 3.1 3m @ 0.946
g/t Au, 3.1
g/t
Ag
--------------------------------------------------------------------
143.00 154.00 11.00
0.684 0.38 0.29 39.3 11m @ 0.684
g/t
Au, 39.3
g/t Ag
--------------------------------------------------------------------
174.00 186.00 12.00
0.949 0.32 1.26 27.0 12m @ 0.949
g/t
Au,
1.58% Pb/Zn,
27g/t Ag
--------------------------------------------------------------------
Including 182.00 185.00 3.00 2.652 1.14 4.88 95.5 3m @ 2.652
g/t Au,
6.02% Pb/Zn,
95.5g/t Ag
--------------------------------------------------------------------
235.00 248.00 13.00
0.692 0.56 0.06 27.8 13m @ 0.692
g/t
Au, 27.8
g/t Ag
--------------------------------------------------------------------
Including 245.00 248.00 3.00 0.787 0.13 0.03 10.2 3m @ 0.787
g/t Au,
10.2
g/t Ag
----------------------------------------------------------------------------
IR11013
3.00 9.00 6.00 0.395 0.01 0.02 1.6 6m @ 0.395
g/t Au, 1.6
g/t Ag
--------------------------------------------------------------------
206.00 260.00 54.00
0.469 0.05 0.06 6.0 54m @ 0.469
g/t Au, 6
g/t Ag
----------------------------------------------------------------------------
IR11014
30.00 33.00 3.00 2.559 0.15 0.06 2.5 3m @ 2.559
g/t Au, 2.5
g/t
Ag
--------------------------------------------------------------------
99.00 152.00 53.00
0.392 0.10 0.12 7.9 53m @ 0.392
g/t Au, 7.9
g/t Ag
--------------------------------------------------------------------
161.00 226.00 65.00
0.371 0.03 0.09 4.7 65m @ 0.371
g/t
Au, 4.7
g/t Ag
--------------------------------------------------------------------
Including 203.00 206.00
3.00 1.667 0.06 0.83 9.0 3m @ 1.667
g/t Au, 9
g/t Ag
--------------------------------------------------------------------
256.00
271.00 15.00 0.206 0.02 0.02 4.6 15m @ 0.206
g/t Au, 4.6
g/t Ag
----------------------------------------------------------------------------
The orientation of these holes does not allow for determination of
thickness of the zone. Additional drilling is planned for this.
Results from IR11-016 are being re-analysed
in the lab and will be reported in future news releases.
IR11-018, the northernmost hole drilled at an azimuth of 130 degrees,
failed to intersect the northeast linear and is under review for extension.
Drill holes IR11-019, 020, and 022 were drilled northwest along a
shared azimuth across the linear, deflecting northward approximately 20 metres to that of IR10-010. Hole angles are -50 degrees,
-60 degrees, and -75 degrees, respectively:
----------------------------------------------------------------------------
From To Length
Au Pb Zn Ag
Hole Number
(m) (m) (m) (g/t) (%) (%) (g/t) Intersection
----------------------------------------------------------------------------
IR11019
172.00 187.00 15.00
0.213 0.14 0.15 6.5 15m @ 0.213
g/t Au, 6.5
g/t Ag
--------------------------------------------------------------------
197.00
238.00 41.00 0.568 0.13 0.27 6.7 41m @ 0.568
g/t Au, 6.7
g/t Ag
----------------------------------------------------------------------------
IR11020
241.00 302.00 61.00
0.418 0.15 0.19 15.4 61m @ 0.418
g/t Au, 15.4
g/t Ag
--------------------------------------------------------------------
Including 241.00 253.00 12.00 0.720 0.25 0.24 10.0 12m @ 0.72
g/t Au, 10
g/t
Ag
--------------------------------------------------------------------
Also 246.00
249.00 3.00 1.407 0.81 0.84 19.1 3m @ 1.407
Including
g/t
Au, 19.1
g/t Ag
--------------------------------------------------------------------
Including 260.00 267.00 7.00 0.889 0.57 0.83 70.4 7m @ 0.889
g/t
Au, 70.4
g/t Ag
--------------------------------------------------------------------
Including 291.00 294.00 3.00 1.095 0.05 0.07 4.4 3m @ 1.095
g/t Au, 4.4
g/t Ag
--------------------------------------------------------------------
351.00 356.00
5.00 0.3 0.05 0.02 2.4 5m @ 0.304
g/t Au, 2.4
g/t Ag
----------------------------------------------------------------------------
IR11-022 did not intersect mineralization at depth. Core and section
review suggests the mineralization to be faulted off. The inferred
true-thickness across the zone at this locale is approximately 35 metres.
Drill holes IR11-021 and IR11-023 were drilled at 140 degrees and 330
degrees, respectively, to cross the linear approximately 80m north of holes
IR11-019, 020, and 022. Both holes intersected weak mineralization spatially
related to the linear but above the elevation range noted to host the most
well developed mineralization.
IR11-024 was drilled approximately 1.0km east of the Talon Zone to
test a soil geochemical anomaly. The hole was terminated at a depth of
331.4m. No mineralization was encountered.
IR11-025 encountered near surface mineralization in proximity to
IR11-015. Results are pending.
IR11-026 was completed to a depth of 294.6m. A continuous intercept of
pervasive, silicic alteration with accompanying disseminated to variably
net-textured mineralization was intersected from 172.6-276.5m (103.9m). The
style and tenor of mineralization, on a visual basis, is analogous to the
alteration within IR10-010. This hole is being priority sampled and rushed
for analysis.
IR11-027 is currently being drilled from the same collar as IR11-026
to determine dip, thickness, and extension of mineralization at depth.
Since September, the partners have now completed 26 diamond drill
holes for a total footage of 49,928 feet (15,221m). Current work is targeting
both precious and base-metal mineralization.
Analytical Details and QAQC
QAQC: Blank material, standard grade base metal and precious metal
standards, and high grade standards were routinely introduced into the sample
chain of custody for analysis. Statistical analysis of the QAQC data was
completed for Au, Pb, Zn and Ag and the reported
results are consistent with all analytic procedures completed by Acme
Analytical Labs. Ltd. being within acceptable parameters.
Geological exploration contracting services on the Iron Range property
during 2011 are being provided by TerraLogic
Exploration of Cranbrook, B.C. (a wholly-owned
subsidiary of Eagle Plains). Diamond drilling is being carried out by F.B.
Drilling of Cranbrook, B.C. All fieldwork is under
the supervision of geologist J.K. Ryley while C.C. Downie, P.Geo. is hereby identified as the overall project supervisor.
Technical aspects of this news release have been reviewed and approved by
T.J. Termuende, P.Geo., hereby designated
as a qualified person under National Instrument 43-101.
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. The claims also overlie
rocks of the Aldridge Formation, including the same stratigraphic time
horizon which hosts the world-class Sullivan deposit located 70km to the
northeast. Over its 100 year lifetime, Sullivan produced approximately
150,000,000 tonnes of ore including 300,000,000
ounces of silver, 8,000,000 tonnes of zinc and
8,000,000 tonnes of lead, collectively worth over
$30 billion at current metal prices.
The parties caution that past results or discoveries on proximate land
are not necessarily indicative of the results that may be achieved on the
Iron Range property.
Providence Option Agreement
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.
About Providence Resources Corp.
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.
Vince Sorace, President, Providence
Resources Corp.
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.
Contact:
Vince Sorace
Providence Resources Corp.
President
info@providenceresources.ca
www.providenceresources.ca
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