Nov. 6, 2009 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), and Touchdown Capital Corp (TSX-V:TDW) have completed Phase 1 exploration activity and commenced a 500m Phase 2 diamond drilling program on the Sphinx molybdenum project located approximately 60 km west of Kimberley in the Nelson and Fort Steele Mining Divisions of British Columbia.
The $220,000 program is funded by Touchdown, who have acquired Eagle Plain's 100% interest in the 15,400 hectare property.
Sphinx Project Summary
The Sphinx property area consists of approximately 15,400 ha that were acquired in 2003 by Eagle Plains. The claims are ideally located with respect to local infrastructure. The property is road-accessible, has been logged and is situated along a high-voltage hydro-electric line. Rail facilities are located 60km east of the property. The project is being advanced as a bulk-tonnage target.
The Sphinx molybdenum-tungsten system has been defined by 38 holes for a total of 10,686m of drilling and consists of a tabular, steeply-west dipping intrusive body with a true thickness of 85m and a strike length of 230m (open in two directions and to depth). A pervasive alteration system, 700m by 350m in size, is developed in the host sedimentary and intrusive rocks. Mineralization is hosted in stockwork veins and fractures within the alteration zone.
In 2004, Eagle Plains completed an airborne geophysical survey that outlined a large intrusive feature associated with a previously-defined soil anomaly. All core from the historical 1980-83 and 1997 programs by other operators was secured and examined. The available assay results were compiled and reported in a news release issued by Eagle Plains on May 9th, 2005.
In July 2005, Eagle Plains completed a 14-hole, 10,000' diamond drilling project and reported widespread mineralization in most holes (see Eagle Plains' news release July 19th, 2005). The area outlined by this and past diamond drilling programs measures approximately 400 x 1000m. Nearly all holes intersected significant molybdenum mineralization over a broad area, with the mineralized zone open to depth and along strike in one direction.
B. Price, P.Geo. submitted a technical report in May, 2006 which outlined an Inferred Resource of 62,005,615 tonnes grading .035% Mo, using a cut-off grade of .01% Mo. This current inferred resource represents 47,884,630 lbs of contained molybdenum metal. The estimate is based on 14 holes drilled in 2005 by Eagle Plains and incorporates data from 10 holes drilled in 1980 and 1997 by past operators.
In 2009 Touchdown commissioned independent consultants Moose Mountain Technical Services (author Robert Morris, P.Geo.) to prepare an updated 43-101 report on the Property.
