Eagle Plains/Bethpage Capital Corp Execute Option Agreementfor Hall Lake Property, South-eastern British Columbia
September 16 2011 - 1:44PM
Business Wire
Eagle Plains Resources Ltd. (TSX-V:EPL) (Pink Sheets:
EGPLF) announces that it has entered into a formal option
agreement with Bethpage Capital Corp,. (a private B.C. company),
whereby Bethpage may earn an undivided 60% interest in Eagle
Plains’ 100% owned Hall Lake Property located 30km west of
Kimberley, British Columbia. Under terms of the agreement, Bethpage
will complete exploration expenditures of $3,000,000, make cash
payments of $260,000 and issue 1,000,000 common shares to EPL over
a fifty-four month period.
A $100,000 airborne geophysical survey consisting of 484 line-km
of VTEM is expected to commence immediately.
Property Geology
The road-accessible property is approximately 30 sq-km in size
and overlies rocks of the Purcell Supergroup, including the Creston
and Aldridge Formation sediments. A large Cretaceous-aged granitic
intrusive is located along a major structural corridor, with
associated intrusive dykes and sills found to have associations
with both gold and silver mineralization. Prospecting by Eagle
Plains reported grab samples of dyke material ranging from trace
values up to 2.45 g/t gold and silver values of up to 42 g/t.
The property is host to a major regional-scale north-south
trending structure which is interpreted to be associated with the
Iron Range structure. Increased activity in the area was
precipitated by the discovery in late 2010 of gold-rich base-metal
mineralization possibly associated with the structure within the
boundaries of the Iron Range property, which is currently being
explored by partners Eagle Plains and Providence Resources
Corp.
Highlights from drill hole IR10-010 on the Iron Range property
include:
- 196.9-204.0m: 7.1m @ 8.13g/t Au,
5.91% Pb/Zn, 86.6g/t Ag
- 224.0-280.5m: 56.5m @ 1.9g/t Au,
21.5g/t Ag
- Also including lowermost
277.5-279.5m: 2.0m @ 12.8g/t Au, 9.24% Pb/Zn, 122.5g/t Ag; elevated
Cd, Sb, Sn, Bi, B, Cu.
The airborne geophysical work in the East Kootenay region is
part of a major (4,000 line-km) airborne geophysical survey being
carried out in the region by Eagle Plains and various partners as
announced on September 9th, 2011. The airborne geophysical survey
is part of an ongoing, systematic exploration approach being
carried out by Eagle Plains and its partners within rocks of the
Belt-Purcell Supergroup for over a decade. The Belt-Purcell
Supergroup is host to the world-class Sullivan Deposit, which 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 Hall Lake
property.
The geophysical survey is expected to be completed by late
September, subject to weather conditions and contractor
availability.
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore
metal projects throughout western Canada. In addition to holding
mining royalties on various projects, Eagle Plains controls over 35
gold, base-metal and uranium projects, many with third parties
including MMG (owned by Minmetals Resources Ltd HKSE:1208), Aben
Resources Ltd. (TSX-V:ABN), Providence Capital Corp. (TSX-V:PV),
Waterloo Resources Ltd. (TSX-V:WAT.P), Bethpage Capital Corp. (a
private B.C. company); Blackrock Resources Ltd. (a private B.C.
company); Turnberry Resources Ltd. (TSX-V:TUR.P); Heemskirk Canada
Ltd., Drexel Resources Ltd. (TSX-V), Rosedale Resources Ltd (a
private B.C. company), Slater Mining Corp (TSX-V:SLM), Olympic
Resources Ltd. (TSX-V: OLA.P), Touchdown Capital Inc. (TSX-V: TDW),
Bluefire Mining Corp. (a private BC company), Active Growth Capital
(TSX-V:ACK) and Giyani Gold Corp. (TSX-V:WDG). 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 2011 are expected to be approximately
$8,000,000 to be funded by Eagle Plains and third party partners.
This exploration work will result in approximately 9400m diamond
drilling and extensive ground-based exploration work facilitating
the advancement of more than 15 projects at various stages of
development.
This news release has been reviewed and approved by T.J.
Termuende, P.Geo., hereby designated as a qualified person under
National Instrument 43-101.
Signed,
“Tim J. Termuende”
President and CEO
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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