Eagle Plains Acquires Exclusive Exploration Rights to Mackenzie Silver-Lead-Zinc District
Eagle Plains Resources Ltd. (EPL – TSX Venture, EGPLF – OTCBB), has been granted the exclusive exploration rights to an additional 3,100 sq. km of land east of the Yukon/NWT Territorial border, considered to be prospective for the presence of large carbonate-hosted silver-lead-zinc deposits. These rights occur in the form of NWT Government-granted “prospecting permits” which enable the holder to complete exploration activity over entire individual map-sheets for a period of three years, with the exclusive right to acquire formal title within these selected areas. These grants are in addition to existing rights held by EPL (announced March 4th, 2005 and February 14th, 2006) making the total control area in excess of 5,400 sq. km. The consolidation of the entire project area provides Eagle Plains with an unprecedented opportunity to explore and develop a world-class metallogenic belt which has been dormant for three decades.
Location map: http://www.eagleplains.com/projects/nwt/mackenzievalley/
Highlights
-Area controlled 100% by EPL now in excess of 5,400 square kilometers
-Propriety data held by EPL covers area of 19,000 square kilometers
-“Bronco” discovery, announced recently by EPL (13oz/t silver, 0.9% copper over 13.0m), underscores the potential for new discoveries in the area
History
The 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. Eagle Plains has secured the entire area of past activity, complete with all public data associated with millions of dollars of exploration work. Recent announcements regarding the proposed Mackenzie Valley pipeline and improved base-metal prices suggest that the area must now be looked on 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 based on these updated models.
Location and Access
The southern boundary of the permit area is located along the North Canol Road, built in the 1940s to supply oil to the south during WW2. The lower project area stretches 65km northward along the Mackenzie Mountains, and encompasses at least 8 drilled prospects and 1 advanced exploration project. The central permit area is located 180km from Norman Wells, NWT while the most northerly permit area is located 190km from Norman Wells, NWT or 240 km from Mayo, Yukon.
Geology and Mineralization
The prospecting permits held by Eagle Plains overlie a series of folded and thrusted Proterozoic to Devonian carbonates and shales. These rocks are time-equivalent to giant base-metal deposits in the region such as Howard’s Pass, currently controlled by Pacifica Resources Ltd (PAX:TSX-V), with an inferred resource of 115 million tonnes grading 5.4% zinc and 2.1% lead with >15 g/t silver plus an additional reported potential resource in excess of 360 million tonnes.
Other significant historical lead-zinc deposits exist in the area including Tom and Jason. Dozens of high-grade base metal occurrences are documented in EPL’s permit area, highlighted by the following projects*:
Gayna River: 27,000m of diamond drilling completed by RTZ in the late 1970s, with drill-holes grading up to 20% combined lead-zinc over 20.0′ (6.0m).
Ice – 9: 8.2% Pb, 12.5% Zn over 9.1m in a representative trench sample;
Art-Ekwi: Drill results: 10.1% combined Pb-Zn over 50.0′ (15.2m) true-thickness.
43.0% Zn over 11.5′ (3.5m) Trench results: 22′ (6.9m) grading 9.0% Pb and 39.1% Zn 26′ (7.9m) returned 5.48% Pb and 31.4% Zn.
Tap: 27.5% Zn, 3.7% Pb from grab samples taken of 60 x 760m breccia zone;
Keg: 25% combined Pb-Zn in float samples. Best of 3 drill-holes intersected 4.23% Pb- Zn over 20.4m;
Bear/Twit: 24 drill-holes completed, with 4.9% Pb-Zn reported over 13′ (4.0m), 5.1% Pb-Zn over 20′ (6.0m),
AB-Main: 3 drill-holes (866′) completed in 1974. Surface samples assayed up to 41% zinc, 79.3% lead.
* (Note: reported results are excerpted from publicly accessed reports whose accuracy cannot be confirmed, however EPL management considers the reported results to be relevant and reliable).
During 2006, Eagle Plains conducted a $700,000 reconnaissance program under the supervision of S. Butrenchuk, P.Geo. Due to the extensive area covered by the Cordilleran stream samples, only a small proportion of the anomalies were followed up with 2006 fieldwork. This fieldwork generated encouraging results, including the Bronco discovery, and an aggressive exploration program is planned for 2007. Fieldwork will focus on detailed evaluation of targets defined by 2005-2006 fieldwork, preliminary investigation of numerous geochemical anomalies generated by stream sample database, and drill testing of the Bronco occurrence.
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), Solomon Resources Inc (TSX-V:SRB), 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 $14.0 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 38,000m (125,000′) of drilling and over $14,000,000 in exploration spending on its projects since 1998. During the 2006 season, EPL and its partners completed over 7,000m (23,000′) of diamond drilling on its properties.
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.
Source: Eagle Plains Resources Ltd. (TSX-V: EPL) http://www.eagleplains.ca
CONTACT: Maximum News Dissemination by Filing Services Canada Inc. Tel: +1 403 717 3898 Fax: +1 403 717 3896 WWW: http://www.usetdas.com
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