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Cranbrook, B.C., 05 March, 2010: Eagle Plains Resources Ltd. (EPL:TSX-V) and Swift Resources Inc. (TSX-V:SWR) announce results from a diamond drilling program completed at Eagle Plains' 100% owned Iron Range project located in the Goat River area 15km NE of Creston, B.C. The drilling program was funded by Swift, who have an option to earn a 60% interest in the property by completing $3,000,000 in exploration expenditures, making $500,000 in cash payments and issuing 750,000 shares to EPL over 5 years (see EPL NR 01/12/09). A total of 580 meters in 7 diamond drill holes was completed in December, 2009 at a cost of $400,000.
Highlights:
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Drill hole IR09-022 yielded 1.0m @ 7.53 gm/t Au and 1.1m @ 2.05 gm/t Au. |
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A channel sample 30m South of 2009 drilling returned 0.70m @ 3.26 gm/t Au. |
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Numerous gold and base-metal targets exist for future exploration work. |
The 2009 exploration program has confirmed a southern extension of the O-Ray gold zone and substantially increased the known vertical extent above and below that of the IR08-006 high grade intersection (51.52 g/t Au and 2.39 g/t Ag over 7.00 meters, including 118.45 g/t Au over 3.00 meters). Detailed descriptions of the results from the 2009 drill program are presented below:
| Hole Number |
From (m) |
To (m) |
Width (m) |
Assay1
(Au g/t) |
Duplicate Assay2
(Au g/t) |
Recovery |
| IR09022 |
9.83 |
10.83 |
1.00 |
7.53 |
22.5 |
81% |
| |
32.45 |
33.55 |
1.10 |
2.05 |
< 0.03 |
90% |
| IR09023 |
18.40 |
19.40 |
1.00 |
0.97 |
0.47 |
69% |
| |
35.22 |
36.22 |
1.00 |
0.39 |
< 0.03 |
92% |
1. Original sampling consisted of splitting and sampling � of the core; analysis consisted of 250g coarse metallic screen assay.
2. Duplicate sampling consisted of splitting and sampling � of the core; analysis consisted of 250g coarse metallic screen assay.
Drill-hole IR09-022, collared 2.5m south and vectored slightly southeast of IR08-006, yielded 7.53 gm/t Au (22.50 gm/t Au duplicate reanalysis) over 9.83-10.83m and 2.05 gm/t Au from 32.45-33.55m. The section laterally adjacent to the high gold grade zone in IR08-006 generated .08 gm/t over 1.74m from 20.20-21.94m. Holes IR09-021 and IR09-023 to IR09-026 returned no significant intercepts. These results illustrate the erratic distribution of the gold mineralization indicating the need for further evaluation of the structural controls on mineral emplacement.
Thirty-five metres south of the O-Ray zone channel sample MMIRR150 produced 3.26 gm/t Au over 0.70m. Soil sampling generated isolated anomalous gold values up to 335m south of the O-Ray occurrence. This elevated soil geochemistry ranks uppermost regionally and occurs proximal to the projected intersection of a major NE splay fault and the north trending Iron Range fault zone.
The program was carried out under the supervision of C.C. Downie, P.Geo.. F.B. Drilling of Cranbrook B.C. provided drilling services, with analytical services provided by EcoTech Laboratories Ltd., Stewart Group, of Kamloops, B.C. All of the drill core was sampled and analyzed using the ICP-AES 28 element analytical method (BICP-11). Sample analysis for gold consisted of 250 gram coarse metallic screen assay (FA-AA finish). Certified standards and blanks were inserted for QA/QC. Significant elevated gold value intercepts were re-sampled from a quarter duplicate obtained from the remaining one-half split from the original sampling.
The property consists of 22,000 ha owned 100% by Eagle Plains and has no underlying royalties or encumbrances. The claims are well-situated with respect to infrastructure. A high-pressure gas pipeline, high-voltage hydroelectric line, railway and major highway are located within property boundaries. The Iron Mountain structure has been mapped with widths of up to 150m and a strike length of over 50km. Claims held by Eagle Plains cover over 25km of the structure, with significant iron-oxide mineralization occurring over 15km. Copper and gold mineralization have been discovered along the structure during exploration, highlighting the potential for Iron Oxide Copper Gold ("IOCG") mineralized systems associated with the structure.
A map outlining pertinent details of the property may be found here:
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. Eagle Plains has been working on the property since acquiring the claims. Exploration work including geological mapping, geochemical surveys and a 690 line-km airborne geophysical survey were used to define targets for drill testing.
About Eagle Plains Resources
Eagle Plains 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 Swift Resources Inc. (TSX-V:SWR), Prize Mining Corp. (TSX-V:PRZ), Waterloo Resources Ltd. (TSX-V:WAT.P), Touchdown Capital Inc. (TSX-V: TDW), 99 Capital Corp. (TSX-V:WDG) 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 53,600m (163,370') of drilling and over $28.3 million in exploration spending on its projects since 1998.
Expenditures during 2008 and 2009 on Eagle Plains' projects were approximately $7,300,000, funded by Eagle Plains and third party partners. This work resulted in approximately 6,900m of drilling and extensive ground-based exploration work and facilitated the advancement of numerous projects at various stages of development.
This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a qualified person under National Instrument 43-101.
On behalf of the Board of Directors
Signed
"Tim J. Termuende"
President and CEO
For further information, please contact Mike Labach at
Cautionary Note Regarding Forward-Looking Statements
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.
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