2013-03-01 20:08:49 -
Cranbrook, British Columbia CANADA, March 01, 2013 /FSC/ - Eagle Plains Resources Ltd. (EPL - TSX Venture),and Turnberry Resources Ltd. (TSX-V: TUR) announce the results of the diamond drilling program completed in 2012 on the Wildhorse Property, located 30 kilometers northeast of Cranbrook, in south-eastern British Columbia. Turnberry holds the exclusive right to earn up to a 75% interest in the property.
2012 Program Results
The 2012 program consisted of 555.4 meters of NQ2 sized diamond drilling along with geological mapping and a geochemical sampling program, including the collection of 16 rock samples and 303 soil samples. The diamond drilling program further tested the Dardenelles vein system, with four holes drilled from two pads, testing the southern and western extension
of the known mineralized vein, along with potential structural repeating of the vein below and above the known mineralized interval. A total of 233 core samples were sent to Inspectorate Labs in Richmond, BC for analysis. Drill-hole results are summarised below:
*To view the table for this press release, please click on the link at the bottom of the press release*
Although anomalous (>200 ppb) gold was intercepted in every hole of the 2012 program, all associated with quartz veining, only the intercept of the Dardanelles vein in hole WH12013 returned gold values of potential economic significance. This is the only instance where a granitic intrusion was intercepted, known to control the mineralization content in the Dardanelles vein system. The strong correlation between silver and bismuth-antimony suggest an intrusive source for the mineralized material.
The base of the Kitchener Formation, the stratigraphic horizon equivalent to that which hosts the Spar Lake deposit in Montana, USA, was successfully mapped out. A minimum of four extensive quartzite horizons have been located to date within property boundaries, with one of them known to host chalcopyrite mineralization comprising the Copper Creek showing. Anomalous soil geochemical samples located 250 meters to the southeast of the Copper Creek showing indicate that more work is recommended to follow up this target.
Anomalous soil geochemistry over a 250 meter strike length has also indicated potential structurally-hosted gold mineralization in a new location on the property. Base-metal mineralization was also located and noted to be associated with a mafic intrusive stock discovered on the property. Both these targets warrant additional follow-up work.
Over the 2012-2013 winter season, Eagle Plains and Turnberry staked a total of 334.38 hectares surrounding the existing Wildhorse tenures, bringing the total surface area to 689.61 hectares. This newly-acquired ground expands the potential for both the Sedimentary Hosted Copper and Intrusion Related Gold targets.
2012 Program Details
Drill-site supervision and project management was provided by A.A. Higgs, of TerraLogic Exploration Inc., a wholly-owned subsidiary of Eagle Plains based in Cranbrook, B.C. Contract diamond drilling was provided by FB Drilling Ltd and helicopter support by Bighorn Helicopters, also of Cranbrook. The project was conducted under the overall supervision of Tim J. Termuende, hereby identified as the "Qualified Person" under National Instrument 43-101.
Wildhorse Option Agreement Summary
Under the terms of the existing option agreement, Turnberry may acquire a 60-per-cent interest in the Wildhorse property in exchange for total payments and share issuances to Eagle Plains of $495,000 and 950,000 common shares over a period of five years, and by incurring expenditures of $4.9-million on the Wildhorse property over the same time period. Upon Turnberry earning a 60-per-cent interest in the Wildhorse property, a joint venture will be formed between the parties. Turnberry is entitled to earn a further 15-per-cent interest in the Wildhorse property, for a total 75-per-cent interest, by making all expenditures required to deliver a bankable feasibility study on the Wildhorse property by no later than the eighth anniversary of the date of regulatory approval of the qualifying transaction.
The Wildhorse property is subject to a 4-per-cent gross metal royalty (GMR), payable to Eagle Plains, of which 2 per cent may be bought out by Turnberry for $2-million within three years of the commencement of commercial production. As well, Turnberry will have the right of first refusal on the sale of the GMR.
Update on the Rusty Springs Project north-west Yukon Territory
Eagle Plains has been notified recently of the decision by Aben Resources to terminate its option on the Rusty Springs Project located in north-west Yukon Territory. Eagle Plains intends to continue exploration of this project and is seeking joint-venture participation in this regard.
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 35 properties, EPL invites joint venture participation to expedite development, reduce risk and enhance exposure to discovery. Current third- party agreements, if maintained to completion, expose EPL to over $50M in exploration expenditures, $5M cash and 12M shares in partner companies. Completed agreements have yielded over $17M in exploration spending, $1.8M cash to EPL and a total of 18M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp. and numerous others.
Expenditures during 2011 and 2012 on Eagle Plains-related projects were approximately $14M, which was funded by Eagle Plains and third-party partners. This exploration work resulted in approximately 15,000m of diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 23 projects at various stages of development.
On behalf of the Board of Directors
"Tim J. Termuende"
President and CEO
For further information, please contact Mike Labach at
1 866 HUNT ORE (486 8673) Email: email@example.com
or visit our website at www.eagleplains.com
Cautionary Note Regarding Forward-Looking Statements
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.
This press release is available in PDF. Please click on the following link to view the PDF file: