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Eagle Plains/Parkside Execute Option Agreement on Elsiar Copper-Gold Porphyry Project, West-Central B.C.
Eagle Plains/Parkside Execute Option Agreement on Elsiar Copper-Gold Porphyry Project, West-Centr...
About this update from Giyani Metals Corp
[{"type":"text","content":"\nEagle Plains/Parkside Execute Option Agreement on Elsiar Copper-Gold Porphyry Project, West-Central B.C.\n\n\n Apr. 15, 2010 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), and Parkside Resources Ltd (a private B.C. corporation) have executed a formal agreement whereby Parkside may earn a 60% option in the Elsiar copper-moly-gold property by making exploration expenditures of $3,000,000 and completing payments of 1,000,000 shares and  $250,000 cash by the fourth anniversary of the Agreement. The property is located 40km north of Terrace, B.C. and is held 100% by EPL, subject to a 1% NSR in favor of B. Kreft. The project area has seen little historical activity and was acquired by Eagle Plains due to the presence of a strong multi-element geochemical signature in stream sediments. It benefits from excellent infrastructure including logging roads, hydroelectric power lines and close proximity to rail and deep-water international ports in Kitimat and Prince Rupert.The property was acquired by Eagle Plains in 2003 and was subsequently optioned to Northern Continental Resources which carried out approximately $1,000,000 in exploration work during 2004 and 2005, including an airborne geophysical survey and 20-hole, 7900' (2,400m) drilling program. Sandstorm Resources optioned the property in 2008 and completed geological mapping and soil geochemical surveys. The property hosts widespread mineralization in surface occurrences over a 3.5 sq. km. area. Both surface and drillhole data suggest the presence of a well-developed copper-molybdenum porphyry system with high-grade Au mineralization present in shears and veins.  The 2005 drill program intersected high-grade Au mineralization with values ranging from trace quantities to up to 14.0g/T Au over 1.0m (DDH LC05018). Molybdenum mineralization was encountered in most holes, with assay values ranging from trace quantities to .01% Mo over 50.0 m, including 0.4% Mo over 6.0m (DDH LCO5016). Cu mineralization ranged from trace quantities to 0.43% Cu over 6.1m (DDH LC04001). Broad areas containing anomalous soil geochemical results were delineated during 2008 work, with soil sample values ranging from trace values up to 31.9 g/t Au.Update on Iron Range ProjectEagle Plains has recently been notified by option partner ...