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Eagle Plains/Swift Resources Commence Drill Program at Iron Range Property, South-eastern British Columbia
Eagle Plains/Swift Resources Commence Drill Program at Iron Range Property, South-eastern British...
About this update from Giyani Metals Corp
[{"type":"text","content":"\nEagle Plains/Swift Resources Commence Drill Program at Iron Range Property, South-eastern British Columbia\n\n\n Dec. 1, 2009 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), and Swift Resources Inc. (SWR - TSX Venture) 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, Swift may earn a 60% interest in the property by completing $3,000,000 in exploration expenditures, making $500,000 in cash payments and issuing 750,000 shares to EPL over 5 years. Upon Swift exercising its option, a 60/40 Joint Venture between Swift and Eagle Plains will be established.  A 700m diamond drilling program funded by Swift is planned immediately for the property, and will follow up drilling completed in 2008 by Eagle Plains. Highlights from 2008 drilling included hole IR08006, which returned 7.0m grading 51.52 g/t (1.50 oz/ton) gold from 20.0m to 27.0m, including 3.0m grading 118.45 g/t (3.46 oz/ton) gold from 20.0m to 23.0m.  F.B. Drilling of Cranbrook B.C. has been contracted to provide drilling services, with the program to be carried out under the supervision of C.C. Downie, P.Geo.The property consists of 22,000 ha owned 100% by Eagle Plains and has no underlying royalties or encumbrances. The claims are well-situated with respect to infrastructure. A high-pressure gas pipeline, high-voltage hydroelectric line, railway and major highway are 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 been discovered along the structure during exploration, highlighting the potential for Iron Oxide Copper Gold (\"IOCG\") mineralized systems associated with the structure.A map outlining pertinent details of the property may be found here: http://www.eagleplains.com/projects/bc/ironrange/documents/Iron_Range_Drill_Mapv3.pdf Property HistoryThe Iron Range deposits were originally staked in 1897 and were covered by Crown Grants held by Cominco Ltd. and the Canadian Pacific Railway.  Past work on the Iron Rang...