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Eagle Plains/Providence Capital Execute Option Agreement on Iron Range Project, South-eastern British Columbia
Eagle Plains/Providence Capital Execute Option Agreement on Iron Range Project, South-eastern Bri...
About this update from Giyani Metals Corp
[{"type":"text","content":"\nEagle Plains/Providence Capital Execute Option Agreement on Iron Range Project, South-eastern British Columbia\n\n\n May 18, 2010 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), (or \"Eagle Plains\") and Providence Capital Corp. (TSX-V:PV) (or \"Providence\") have entered into an option agreement, on Eagle Plains' 100% owned Iron Range project located in the Goat River area 15km NE of Creston, B.C.  Under the terms of the agreement, Providence may earn a 60% interest in the property by completing $3,000,000 in exploration expenditures, making $500,000 in cash payments and issuing 1,000,000 shares to Eagle Plains over 4 years.  Upon Providence exercising its option, a 60/40 Joint Venture between Providence and Eagle Plains will be established.  The option agreement and Providence's proposed share issuances under the agreement are subject to TSX Venture Exchange approval.The Iron Range property consists of 20,000 hectares owned 100% by Eagle Plains and has no underlying royalties or encumbrances.  The claims are well-situated with respect to infrastructure with a high-pressure gas pipeline, high-voltage hydroelectric line, railway and major highway all located within property boundaries. The Iron Mountain structure has been mapped with widths of up to 150m and a strike length of over 50km.  Claims held by Eagle Plains cover over 25km of the structure, with significant iron-oxide mineralization occurring over 15km.  Copper and gold mineralization have recently been discovered along the structure, highlighting the potential for iron-oxide copper-gold (\"IOCG\") mineralized systems associated with the structure.  The claims also overlie rocks of the Aldridge Formation, including the same stratigraphic time horizon which hosts the world-class Sullivan Deposit located 70km to the northeast.  Over its 100 year lifetime, Sullivan produced approximately 150,000,000 tonnes of ore including 300,000,000 ounces of silver, 8,000,000 tonnes of zinc and 8,000,000 tonnes of lead, collectively worth over $25 billion at current metal prices.  The parties caution that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Iron Range propert...