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Cranbrook, B.C. 19 July, 2007: Eagle Plains
Resources Ltd. (EPL:TSX-V) has completed Phase 1
exploration work and has mobilized crews and equipment to
carry out a 5-hole diamond drilling program on and adjacent to
the Bronco discovery, located in the
Mackenzie Mountains near the Yukon/ NWT border, 70km north of
the Canol Road.
As
announced on January 29th, 2007, Eagle Plains reported the
discovery in late 2006 of significant mineralization on
tenures held 100% by EPL. High-grade silver with associated copper, lead and zinc mineralization was located in
outcrop over substantial widths. The occurrence consists of
sedimentary-hosted mineralization that appears to be part of a
larger mineralized system some 7km in length. Until this year,
the discovery area has been subjected to virtually no historic
exploration activity and presents an unprecedented opportunity
for Eagle Plains to head a district-scale exploration campaign
in a highly prospective region.
Highlights
-Bronco showing
returns continuous-chip assay results of 420g/T silver,
0.9% copper and 2.8%
lead over 13m, including 3.0m
grading 1313g/T silver, 2.7% copper, 10.2% lead, and 1.1%
zinc.
- grab
samples from three separate float occurrences up to 2km from
Bronco occurrence return assay results of 14.4%, 12.7% and
24.4% zinc.
- rock samples taken 7km along strike of the Bronco
occurrence return assay results of up to 17.5%, 19.8%, 12.7%,
25.4%, 21.3%, 18.5% zinc over an area of 300m x
700m
Phase 1
Program (completed)
-emplacement of a 31 line-km picketed geophysical
survey grid
-geophysical surveys carried out by
Aurora Geosciences (magnetometer, electromagnetic and
gravity)
-soil geochemical survey (3450
samples)
-stream-sediment geochemical
sampling (93 samples)
-property-scale geological mapping
-prospecting (98 rock samples
collected)
-drill pad construction
Phase 2
Program (underway)
Apex Diamond
Drilling Ltd. of Smithers B.C. (a company controlled by Eagle
Plains) has been contracted to complete 2,500 ft (750m) of
core drilling in five holes within the Bronco property area.
The program is designed to test mineralization at the Bronco
discovery area and possible extensions along strike. Drill
targets will be based on work completed this season. Drilling
activity will be carried out under the supervision of
C.C. Downie, P.Geo.
History
The Bronco project
is part of a larger regional-scale exploration project undertaken by Eagle Plains since 1999, when EPL staked the
Gayna River deposit and began
accumulating data in the area. The general area now controlled
100% by EPL was once subject to extensive exploration during
the 1970s and early 1980s and was the site of numerous drilling programs, dozens of grassroots examinations, and
thousands of individual claims held by various junior and
major exploration companies including RTZ, Placer Dome Inc.,
Bethlehem Copper, Cominco, Noranda, Amax, Serem and others.
Recent announcements regarding the proposed Mackenzie Valley pipeline and
dramatically improved base-metal prices dictate that the area
must now be viewed in an entirely new economic framework.
Exploration technology and the understanding of the occurrence
and genesis of carbonate-hosted deposits have also been
advanced over the past 30 years, increasing the potential for
new discoveries.
Eagle Plains has
secured tenure over some 5,400 square kms, covering much of
the area of past exploration activity, and has acquired public
and proprietary data associated with millions of dollars of
exploration work.
On June 15th,
Eagle Plains announced that it had entered into an agreement
with Teck Cominco Ltd. whereby the two companies would form a
strategic alliance to explore for minerals in the
Mackenzie Mountain area. The
Bronco project is excluded from this agreement and
remains 100% owned by Eagle Plains with no underlying
royalties or encumbrances.
Update on Blende
Project, Yukon
Drilling activity
has now been completed on the Blende Project, owned 100% by
EPL and funded by Blind Creek Resources Ltd., a private
British Columbia company which holds an option to acquire a
60% interest in the project. Since the start of fieldwork on
June 10th, 13 holes have been completed for a total of 10,525’
(3,209m). Results of the program will be released as they are
analyzed and interpreted.
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-V:AXR), 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 $18.0 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, Viceroy Resource Corp. 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. |