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Cranbrook, B.C.; 26 August, 2009: Eagle Plains Resources (TSX-V:EPL) has
mobilized a field crew to commence exploration activities on the Kalum property. The road-accessible, 21,883 ha property
is located approximately 35 kilometres northwest of Terrace, British Columbia
in the Skeena Mining Division.
The property had last seen exploration work in 2008 by Mountain
Capital Corp. (now First Lithium Resources Inc.) who completed geologic
mapping, a ground geophysical survey and 1,390m of drilling in 11 holes (see EPL/MCI news release December 15, 2008). Highlights of the 2008 program included drill-hole HKM 08-01,
which returned 10.55m grading 0.973g/t gold from 9.95m to 20.50m
(including 0.3m which assayed 28.7 g/t gold from 20.20 to 20.50m) and
drill-hole HKM 08-03, which returned 2.30m grading 11.949 g/t gold from
14.0-16.3m. Mountain Capital terminated their option on the property in
May, 2009.
Property Geology
The Property is centered upon a
Cretaceous-age granodioritic stock of the Coast
Crystalline Complex that has intruded Jurassic to Cretaceous-age
sedimentary rocks of the Bowser Lake Group. A number of high-grade,
vein-type gold occurrences are associated with the contact zone and
magnetic signature of the intrusive stock. These occurrences have been explored
by various operators and to various degrees over the past 80 years. All
previous exploration efforts have been directed toward the discovery of
high-grade stand-alone mineralization. The current Eagle Plains tenure
represents the first time gold occurrences have been consolidated by a
single company.
Property History
Eagle Plains initiated property acquisition in
the Kalum area in 2003 and completed
significant exploration programs on the property in 2003 and 2004. The
programs included a VTEM airborne survey, extensive geochemical programs,
geologic mapping, and a 19 hole diamond drill
program. The best drill results from this work included drill-hole
KRC04001, drilled at the Rico showing (discovered by Eagle Plains
personnel in late 2003), which returned 35g/t Au over 2.5m from 101.8m to
104.3m; including a 0.5m interval that assayed 107g/t Au (see EPL news
release December 9th, 2004). In addition, many of the historical showings
on the Property were located, sampled and surveyed.
2008 Program and Budget
The focus of the $100,000, 2009 program is to continue exploration
work initiated by Mountain Capital in 2008. An Induced Polarization
(I.P.) survey, geological mapping and soil geochemical survey will be
extended northward from the area covered previously. Exploration work
undertaken this season will be funded by Windstorm Resources Inc., a
private B.C. company.
Recent Analyst Coverage of EPL by Resource
Opportunities
Eagle Plains has recently received analyst coverage by Lawrence Roulston, geologist and author of Resource
Opportunities, a subscriber-only newsletter which focuses on resource
companies. His latest update on the activities of Eagle Plains may be
found here
About
Eagle Plains Resources
Eagle Plains Resources continues to conduct
research, acquire and explore metal projects in western Canada. In
addition to holding mining royalties on various projects, the Company
controls over 35 gold, base-metal and uranium projects, several with
third parties including Waterloo
Resources Ltd (TSX-V:WAT.P) and XO Gold Resources Ltd. (a
private B.C. company). In recent years, Eagle Plains has completed option
agreements with Teck Limited (TSX:TCK.B), Alexco
Resource Corp. (TSX-V:AXR), Billiton Metals, Rio Algom
Exploration, NovaGold Resources, Kennecott
Exploration and numerous other junior exploration
companies, resulting in over 53,000m (158,500?) of drilling and over
$27.0 million in exploration spending on its projects since 1998.
Expenditures during 2008 on Eagle Plains? projects were approximately $6,000,000, funded equally
between Eagle Plains and third party partners. This work resulted in
approximately 6,300m of drilling and extensive ground-based exploration
work and facilitated the advancement of numerous projects at various
stages of development.
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
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