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Drilling Program Commences on Eagle Plains' Iron Range Gold/Sedex Project, Southeastern B.C.
CRANBROOK, BC / ACCESSWIRE / November 2, 2020 / Eagle Plains Resources Ltd. (TSXV:EPL) ("E...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Drilling Program Commences on Eagle Plains' Iron Range Gold/Sedex Project, Southeastern B.C.CRANBROOK, BC / ACCESSWIRE / November 2, 2020 / Eagle Plains Resources Ltd. (TSXV:EPL) (\"Eagle Plains\") has received notice from its option partner (an arm's length private Alberta company), (the \"Company\") that crews have been mobilized to commence drilling activity on Eagle Plains' 100%-owned Iron Range Project located near Creston, in Southern British Columbia. A 7-10 hole, 700m-1000m (2300'-3280') diamond drilling program is planned to commence immediately in the \"O-Ray\" area of the property and is expected to take 2-3 weeks to complete. Previous drilling in this area by Eagle Plains in 2008 returned values ranging from trace quantities to up to 7.0m grading 51.52g/t (1.50 oz/ton) gold.Under terms of the option agreement as announced May 5th, 2020, the Company holds the exclusive right to earn up to a 60% interest in the Iron Range Project (the \"Project\") from Eagle Plains over a five-year period by incurring $3,500,000 in exploration expenditures and making $250,000 in cash payments to Eagle Plains. The Company retains the right to increase its interest to 80% by making a one-time cash payment of $1,000,000 to Eagle Plains.See Iron Range Project Map here.Iron Range Project SummaryThe Iron Range project is located near Creston, BC, and is owned 100% by Eagle Plains, subject to a 1% NSR on a portion of the claim group. A well-developed transportation and power corridor transects the southern part of the property, including a high-pressure gas pipeline and a high-voltage hydro-electric line, both of which follow the CPR mainline and Highway 3. The rail line provides efficient access to the Teck smelter in Trail, B.C.The Iron Range property covers an extensive area approximately 10km x 60km which overlies the regional Iron Range Fault System (\"IRFS\"). Prior to the acquisition and initial involvement of Eagle Plains in 2001, the property had seen little systematic exploration for other than iron resources known to exist on the property since the late 1800s. Since 2001, Eagle Plains and its partners have completed 17,226m in diamond-drilling in 70 holes, collected 2482 line-km of airborne and surface geophysical data and analysed 10,053 soil geochemical samples, 495 rock samples and 5749 drill core samples.Management of both Eagl...