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Eagle Plains Resources Ltd
Symbol EPL
Shares Issued 83,738,669
Close 2015-06-29 C$ 0.055
Market Cap C$ 4,605,627
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Eagle Plains starts work program in Saskatchewan

2015-06-30 11:44 ET - News Release

Mr. Tim Termuende reports

EAGLE PLAINS COMMENCES 2015 EXPLORATION IN SEABEE GOLD MINE AREA, SASKATCHEWAN

Eagle Plains Resources Ltd. has mobilized crews to commence geological fieldwork on several 100-per-cent-owned projects in the Seabee gold mine area, approximately 130 kilometres northeast of La Ronge, Sask. The projects include Eisler Lake, Kettle Falls, Leyland West and Maynard Lake. All of the claims comprising the projects were acquired by staking by Eagle Plains and carry no underlying royalties or encumbrances. Phase one fieldwork is being carried out by TerraLogic Exploration Ltd. of Cranbrook, B.C., under the supervision of Jarrod Brown, PGeo, and is expected to take three to four weeks to complete.

The target for the 2015 work is mineralization similar to that at the Seabee and Santoy Gap deposits. The Seabee mine is owned by Claude Resources Inc. and has been in operation since 1991, producing a total of one million ounces as of August, 2012, at an average grade of 0.23 ounce per ton gold (7.89 grams per tonne). The Santoy Gap, also owned by Claude, has been in production since 2014. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on Eagle Plains' properties.

Eisler property highlights:

  • 4,970 hectares contiguous to Seabee property with similar geological setting and mineralization;
  • Hosts gold mineralized shear zone ranging from 3.9 to 18.7 metres width over a 2.5-kilometre strike length;
  • Historic diamond drilling returned up to four g/t Au over 4.5 m at DD occurrence;
  • Numerous geophysical and geochemical targets remain untested.

Exploration on the Eisler Lake property to date by past operators has focused on the DD occurrence, which consists of intrusive rocks equivalent to those which host Seabee ore-bearing structures. Chip sampling in 1986 across the main DD-showing shear systems returned six strongly anomalous samples with assays between 1.02 to 7.36 g/t Au. A follow-up 21-hole diamond drill program completed in 1987 intercepted numerous shear-hosted quartz veins with anomalous gold values. Geophysical surveys traced the shear along strike for over 2.5 km, while diamond drilling over 1.5 km of strike length defined the shear zone ranging from 3.9 to 18.7 m true width. Anomalous assays from nine holes testing this shear system ranged between 0.96 g/t to 9.86 g/t Au. One of the best intercepts in hole 87-15 returned four g/t Au over 4.5 m.

Kettle Falls property highlights:

  • Original 2013 property area of 3,400 hectares, located 25 km southeast of Seabee with limited historical systematic exploration;
  • Increased property area to 6,473 hectares following encouraging 2013 to 2014 field results;
  • 2014 work by Eagle Plains located high-grade mineralization in greenstone rocks with grab samples up to 9.2 g/t Au;
  • Prominent mineralized shear structure identified over 300 m on surface, ranging from one to three m in width. Property underlain by km scale shear zone.

The Kettle Falls property is underlain by metavolcanic (greenstone) and metasedimentary units of the Glennie domain. The property is transected by the north-south-trending Tabbernor Lake fault system -- a major crustal shear system transecting the trans-Hudson orogeny that has been traced over 1,500 km from the Wollaston Lake area of Northern Saskatchewan to North Dakota. Eagle Plains completed 26 field-person days on the property in 2014 which yielded encouraging results. Two grab samples from sheared volcanic rocks from the northern half of the property returned 1,120 parts per billion Au and 9,190 ppb Au, while a third sample from south of the falls returned 588 ppb Au. Follow-up channel sampling of the new WTF showing, located approximately one kilometre northwest of Kettle Falls, returned an overall average of 1,395 ppb Au and 342 ppb silver over eight m, including 1,964 ppb Au over two m and 2,054 ppb Au over 1.5 m. The best channel sample result was 13,261 ppb Au over 0.5 m. At the WTF showing there is a pronounced alteration zonation in the host volcanic rocks over 10 m, indicating significant fluid flow and providing a promising vector to target future work in this underexplored area.

Leyland property highlights:

  • Gold mineralization hosted in quartz veins and greenstone volcanics;
  • Mineralization reported over three km strike with grab samples up to 51 g/t Au;
  • Geological setting and mineralization similar to that at nearby Seabee mine;
  • Numerous geophysical and geological targets remain untested.

Three significant zones of gold mineralization are known in the Leland property area. From east to west they are: shear-hosted quartz veining in the Duck Lake granodiorite (SMDI 1731) with up to 3.2 g/t Au; shear-hosted quartz veining in magnetic mafic volcanics along the south shore of Leland Lake (SMDI 2390) with up to 8.6 g/t Au; and mineralized quartz veining and host volcanics in three parallel subconformable shear zones within and along contacts of metavolcanic and metagabbro lithologies which occur on strike between Irving Lake (SMDI 1732) and Simon Lake (SMDI 2388). This zone has more than 15 anomalous samples reported over 300 ppb Au, with up to 51 g/t Au.

The Simon Lake and Irving Lake showings define part of a three km by 700 m mineralized corridor within the property and is the prime target for follow-up exploration in 2015 to better define the extent of mineralization and to refine future drill targets.

Maynard Lake property highlights:

  • 922-hectare property located 80 km south of Seabee, underlain by km scale shear zone;
  • Gold mineralization found both in quartz veins and sheared diorite host rocks;
  • Historical grab samples to 33 g/t and 17 g/t over one m in drill core;
  • Trenching and drilling verified mineralized strike length over 300 m;
  • 800 m gold-in-soil geochemical anomaly open to east and south;
  • Analogous to mineralization at Seabee mine and Star Lake mine;
  • Numerous geochemical and geophysical targets remain untested.

Regionally, the Maynard Lake property is underlain by an east-west-trending and steeply dipping assemblage of metamorphic rocks. Three gold showings have previously been discovered in the Maynard Lake area. The most significant of these, M-10 (SMDI 1729), is associated with heterogeneously sheared diorite along the southern margin of the Maynard Creek pluton flanking the Hartley shear zone. Gold mineralization is typically shear-hosted quartz veinlets associated with pyrite-arsenopyrite and rare chalcopyrite. Rock samples collected in 1988 to 1989 from the trenches by G. Delaney and Carina Resources returned anomalous results of 370, 800, 2,310, and 33,000 ppb Au. Diamond drilling in the same period returned moderate to strong gold anomalies occurring in five of the six holes. Visible gold was noted in M10-88-02. Best intercepts over one m intervals included 5.1 g/t Au (hole M10-88-01), 17 g/t (88-02), 3.7 g/t (88-03), five g/t (88-04) and four g/t (89-02) within a 5.6 m shear zone that averaged 1.5 g/t Au. Gold mineralization was noted up to four m into the hangingwall and footwall of the shear.

Technical aspects of this news release were prepared by Jarrod Brown, PGeo.

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