Business
Eagle Plains Completes 100% Acquisition of Yellowjacket Gold Project
Eagle Plains Completes 100% Acquisition of Yellowjacket Gold Project
About this update from Gunnison Copper Corp.
[{"type":"text","content":"\nEagle Plains Completes 100% Acquisition of Yellowjacket Gold Project\n\n\n Aug. 19, 2010 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), has completed the purchase of Prize Mining Corp's (TSX-V:PRZ) remaining interest in the Yellowjacket Joint- Venture (\"YJV\") with an effective date of August 18th. Eagle Plains now holds a 100% interest in the project, subject to a 1.5% NSR. The YJV has now been dissolved and Eagle Plains is the sole owner and operator of the project. A 2,000m drilling program is planned for the property and is expected to commence in early September. About the Yellowjacket Gold ProjectThe Yellowjacket Project is located 9 km east of Atlin, BC and is accessed by all-season road. Hydro-electric power is located within 5km of property boundaries. The project received a B.C. Mines Act permit in July, 2009 for an open pit gold mine and onsite concentrator processing up to 75,000 tons per year of ore (EPL/PRZ news release July 13th, 2009). The Permit contemplates a 7 - 9 year mine life from a series of open pits entirely within an area of disturbed placer workings. The gold is recovered using a simple gravity concentrating recovery plant without the use of chemicals or additives.   In October 2009, Eagle Plains and Prize announced the formal ratification of an Impact and Benefits Agreement with the Taku River Tlingit First Nation. The property is known to host significant gold mineralization. Gold is erratically distributed throughout the Yellowjacket structural zone such that accurate exploration and economic assesment of the property is hampered by a pronounced \"nugget effect\". Project HistoryIn 1983, local area prospectors staked the area of the Yellowjacket Property and then optioned portions of the property to Canova Resources and Tri-Pacific Resources.  During 1984 and 1985 these companies conducted programs of ground geophysics, rotary, and diamond drilling.  In 1986 Homestake Mineral Development Company optioned the property from Canova and initiated programs of mapping, reverse circulation drilling and diamond drilling.In 1988, Homestake completed a ground geophysical program which consisted of 5.5 kilometres of magnetic and VLF-EM surveys.  By 1988, Homestake Mining Company outlined the Yellowjacket Zone, a...