Eagle Plains and Green Arrow Execute Option Agreement on the Goatfell Property, South-eastern British Columbia
Cranbrook, British Columbia (FSCwire) - Eagle Plains Resources Ltd. (EPL:TSX-V) is pleased to announce that an agreement has been executed with Green Arrow Resources Inc. (GAR:TSX-V) whereby Eagle Plains has agreed to grant an option to GAR (subject to regulatory approval) to acquire an undivided 60% interest in Eagle Plains’ 5985 hectare Goatfell Property, located 30km east of Creston, British Columbia. Under the terms of the agreement, Green Arrow may earn their interest by making a total of $350,000 in cash payments to Eagle Plains over a three year period.
The claims are well-situated with respect to infrastructure, with a high-pressure gas pipeline, high-voltage hydroelectric line, railway and major highway all located within or near property boundaries.
Property Geology and Mineralization
The Goatfell Property overlies rocks of the Aldridge Formation, within the Middle Proterozoic Purcell Supergroup, a thick succession of sedimentary rocks which host the Sullivan sedimentary-exhalative (“sedex”) deposit, located 70 km to the north. The Sullivan deposit, over its 100-year lifetime, produced approximately 150,000,000 tonnes of ore including 300,000,000 ounces of silver, 8,000,000 tonnes of zinc and 8,000,000 tonnes of lead, collectively worth over $45 billion at current metal prices. The parties caution that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Goatfell property.
Previous work on the property indicates that the claim area includes an extensive zone of sedex-style alteration and mineralization considered by Eagle Plains geologists to be indicative of hydrothermal venting activity which may be potentially associated with a sedex mineralizing system nearby.
A total of twelve diamond drill holes were completed by White Knight Resources and Ramrod Exploration on the property between 1989 and 1996, in addition to a localized ground-based electromagnetic (“EM”) geophysical survey in 1995. Some of the drill holes intersected tourmalinite and fracture-controlled lead and zinc mineralization consistent with sedex-style deposits. Following the 1996 drilling program, geologists on the project recommended additional drilling, though this work was never carried out.
Eagle Plains acquired the property in 2010, and in 2011 executed an option agreement with Purcell Range Exploration Ltd. (formerly 101191710 Saskatchewan Ltd.), which carried out airborne geophysical and gravity surveys, followed in 2012 by a property-wide soil geochemical survey, geological mapping and prospecting. Geochemical sampling was successful in identifying a number of soil geochemical anomalies consistent with sedex-style mineralization, and the airborne geophysics defined both gravity and magnetic anomaly features. Although further work was recommended to locate the source of these anomalies, Purcell Range elected to return the property to Eagle Plains in early 2014.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early-stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 50 properties, EPL invites joint-venture participation to expedite development, reduce risk and enhance exposure to discovery.
Current third-party agreements if maintained to completion will have exposed EPL to over $35M in exploration expenditures, $3.6M cash and 12M shares in partner companies. Completed agreements have yielded over $27M in exploration spending, $1.8M cash to EPL and a total of 22M shares of partner companies.
Expenditures from 2011-2013 on Eagle Plains-related projects were approximately $15M, which was funded by Eagle Plains and for the most part, by third-party partners. This exploration work resulted in approximately 15,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of more than 23 projects at various stages of development.
Technical aspects of this news release have been reviewed and approved by C.C. (Chuck) Downie, P.Geo.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
For further information on EPL, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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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Source: Eagle Plains Resources Ltd. (TSX Venture:EPL) www.eagleplains.ca
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