Business
Eagle Plains Provides Update on Expanded Vulcan Drill Program, Announces Flow-through Financing
CRANBROOK, BC / ACCESSWIRE / July 20, 2023 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "E...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains Provides Update on Expanded Vulcan Drill Program, Announces Flow-through FinancingCRANBROOK, BC / ACCESSWIRE / July 20, 2023 / Eagle Plains Resources Ltd. (TSXV:EPL) (\"EPL\" or \"Eagle Plains\" or the \"Company\") is pleased to report that diamond drilling activity continues ahead of pace at its 100%-owned Vulcan Project, located 30km west of Kimberley, BC. To date, a total of over 2600m has been drilled, with VU22004 (drilled in 2022) extended and three new holes drilled (VU23001-003). The recently-expanded program will now include a minimum of 4,000m (13,120') of diamond drilling in at least 5 holes at the Hilo/West Basin Zone, following up on encouraging results obtained during this ongoing program and from 2022 drilling (details following). In addition, the company intends to complete a flow-through private placement financing to facilitate additional drilling and geophysical work this season (details following).Drill-hole VU23003 was recently drilled at -70⁰ towards azimuth 075⁰ to a total depth of 824.7m and provided important information relating to mineralization encountered down-dip of drill-hole VU23002, as described below and reported in a news release issued July 10, 2023. VU23003 intersected a significantly thicker interval of sand and pebble conglomerate (fragmental) than seen in previous holes (from 321.0-681.5m). Preliminary interpretation of the rapidly thickening fragmental indicates favourable sub-basin development is occurring to the West-Northwest. Similar to other holes, fragmental clasts show compositional zoning down section, grading from unmineralized wacke-dominant clasts at the top, becoming increasingly sulphide-rich downhole, below 467.0m. Within the fragmental are sphalerite (zinc) and galena (lead) mineralized beds up to 4 cm wide, interpreted to be in-situ. Underlying the fragmental is a thin zone of lower Aldridge Formation sediments with bedded sphalerite mineralization up to 25 cm wide. This zone correlates with footwall mineralization (Vulcan Horizon) first discovered in VU22004 and has been intersected in all 2023 drill holes, indicating wide-spread mineralization. The hole did not intersect a thick gabbroic sill at the modelled depths, indicating potential arching of sills and could be further evidence of a proximal vent/feeder complex.Detailed logging and samplin...