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Cranbrook, B.C., January 12th, 2010: Eagle Plains Resources Ltd. (TSX-V:EPL) has released results from 2009 exploration work on its 100% owned Eagle Lake uranium project located 28 km southeast of Cameco's Key Lake uranium deposit in north-central Saskatchewan, Canada. The focus of the $100,000 exploration program was to further delineate uranium occurrences discovered during 2007/2008 field programs. Work was funded 100% by a third party and was successful in outlining a new uranium-mineralized zone on the property. Further work is recommended for 2010.
Highlights
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80-150m wide mineralized dyke swarm discovered at Red October occurrence, with mineralized dykes locally up to 10m in width. |
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Samples returned up to 1.56% U308 over 1m and grab samples returned up to 2.24% U308. |
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800m+ mineralized boulder train indicates broad mineralized zone |
2009 Program
Bootleg Exploration Ltd., a wholly-owned subsidiary of Eagle Plains, was engaged to carry out the field work, which commenced in September. Work consisted of line-cutting followed by ground geophysics, geochemical sampling, prospecting and geological mapping and sampling.
Mapping, prospecting and radon-in-soil analysis started on line 15 east (L15E) at the 2008 discovery mineralized subcrop site. Fieldwork quickly outlined a NE-SW-trending, 130 m wide mineralized train of subcrop and float boulders. From west to east, results include 1220 ppm U, 8700 ppm U , 772 ppm U, 1890 ppm U,2250 ppm U. The 800+ meter long boulder-train led to the discovery of an insitu swarm of mineralized dykes and host rock.
Mapping and a detailed scintillometer survey reveals that the dyke swarm is 80 to 150+ meters wide, and consists of magnetic pegmatite and host psammopelite. Individual dykes have a typical width of 60cm, but may exceed greater than 10 m in width. Two of the dykes returned exceptional uranium assays: 1) a 1 m yellow-stained chip sample returned 1.56% U3O8 and 2) a grab sample of a yellow-stained black alteration selvage returned 2.24% U3O8.
Based on geological mapping, it appears that several pegmatite dykes coalesce into a radioactive stock-sized body. Nine channel samples over 9 m were collected across one such body. The 9m series of channel samples returned an average of 360 ppm U, including 0.52 m at 1390 ppm U, and 1.5 m at 615 ppm U .The ultimate size of the stock-like body is unknown due to overburden cover and is a recommended target for future trenching.
Property History
The claims cover 14,000 ha and contain numerous uranium occurrences, some discovered by Great Plains Development Company of Canada Ltd. during the 1969 Athabasca Basin uranium rush. The 1969 work program was carried out under the supervision of R.W. (Bob) Termuende, later a founding director of Eagle Plains.
Exploration in the area now covered by the Eagle Lake property by Great Plains between 1969 and 1971 reportedly identified a float boulder train 1.5 kilometers in length. Great Plains reported high radon gas values from both water and soil samples collected near the uraniferous boulder train. Notably, the bedrock source for these float boulders was not located.
Mulligan Capital (now Blue Sky Uranium) optioned the property in August, 2006 and in 2007, carried out systematic exploration work including an airborne geophysical survey, soil geochemical sampling, mapping and prospecting. Blue Sky subsequently relinquished its option in August, 2008. A number of areas of interest were identified during the course of this work, including the ?Red October? showing, where grab samples returned up to 1.02% U3O8. Follow-up work was completed in September 2008 and included layout of a 7.5 line-kilometer grid with ground magnetic geophysical survey and collection of 195 soil samples completed. Preliminary analysis of results indicate that mineralization is coincident with a pronounced linear magnetic high feature. This magnetic feature is contiguous for at least 1.5 kilometers and is coincident with several radioactive features.
The Eagle Lake property lies within the Wollaston domain and consists of metasedimentary gneisses and schists, including pelitic schists and gneisses with graphitic horizons. EPL will focus on exploring for uranium deposits in north to northwest-trending faults which are interpreted to have formed structural traps where uranium mineralization may have been deposited and preserved.
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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