Cranbrook, B.C. 20 June,
2007: Eagle Plains Resources Ltd. (EPL:TSX-V) is
pleased to announce that camp construction has been completed
and field crews have now commenced an aggressive exploration
program on the Bronco project, 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. 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
Current
Program
A crew of 24
people are currently at work on the $1,200,000 project,
conducting a systematic exploration program consisting
of:
-emplacement of a 31 line-km
picketed survey grid
-soil geochemical survey
(approximately 1200 samples)
-geophysical surveys
(magnetometer, electromagnetic, and gravity)
-property-scale geological
mapping
-prospecting
-drill pad
construction
-drilling scheduled to commence in mid-July
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
Coyote Creek Project, Southeastern B.C.
Drilling continues on the Coyote Creek gypsum project
located 40km north of Cranbrook. As announced October 19th,
2006, CGC Inc. has agreed to purchase a 100% interest in the
property, and is in the process of completing their due
diligence work. Drilling activity is being funded by CGC, and
is expected to continue until the end of June, with the
proposed transaction expected to close on October 2nd, 2007.
Update on Blende Project,
Yukon
Drilling activity continues 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, 3 holes have been completed for a
total of 3200’ (977m). Phase 1 fieldwork is scheduled to
continue until early August.
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 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 38,000 m (125,000 feet) of
drilling and over $16,000,000 in exploration spending on its
projects since 1998. During the 2006 season, Eagle Plains and
its partners completed over 7,000 m (23,000 feet) of Diamond
drilling on its properties.
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
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.
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