Nov. 4, 2009 (Business Wire) -- Eagle Plains Resources (TSX-V:EPL) has completed a $100,000 mineral exploration program on the Kalum property. The road-accessible, 21,883 ha property is located approximately 35 km northwest of Terrace, British Columbia in the Skeena Mining Division. Eagle Plains has agreed to grant an option on the property to Windstorm Resources Ltd, a private B.C. company which funded the 2009 program.
Highlights
- Prospecting activity results in the highest-grade gold sample recovered to date on the property. Grab sample DKKMR002, taken from a previously unexplored area of the property returned 983 g/t (28.667 oz/t) Au and 495 g/t (14.44 oz/t) Ag
- Numerous soil samples returned highly anomalous samples of up to 2037 ppb Au
- I.P. geophysical survey completed
2009 Program:
A total of 30 man-days were spent on the property. Fieldwork consisted of soil geochemical sampling, prospecting and geological mapping in various areas of the large property, in addition to an induced Polarization (“I.P.”) survey near the “Burn” occurrence, which was the completion of work initiated during 2008 by previous option partner First Lithium (formerly Mountain Capital).
The 2009 program was successful in delineating new mineralization on the property, including the discovery and sampling of high-grade vein mineralization which returned 983 g/t Au and 495 g/t Ag. A single sample at this occurrence was taken during fieldwork activity, and the location site has not yet been revisited to verify thickness, orientation or character of the mineralized occurrence. A re-run of the original sample was completed by Eco Tech Laboratory Ltd. and confirmed the high-grade tenor of the original sample.
Follow-up exploration work is strongly recommended for the property.
Eagle Plains/Windstorm Option Agreement
Under terms of an agreement with Windstorm Resources Ltd., Windstorm will have the right to earn a 60% interest in the property by completing $3,000,000 in exploration expenditures, making $400,000 in cash payments, and issuing 500,000 voting class common shares to Eagle Plains. Windstorm may increase its interest to 75% by delivering a pre-feasibility study by 2017. A 1% NSR is held in favour of a third party, and may be purchased at any time for $1,000,000.
Property Geology
The Property is centered upon a large Cretaceous-age granodioritic stock of the Coast Crystalline Complex that has intruded Jurassic to Cretaceous-age sedimentary rocks of the Bowser Lake Group. A number of high-grade, vein-type gold occurrences are associated with the contact zone and magnetic signature of the intrusive stock. These occurrences have been explored by various operators and to various degrees over the past 80 years.
