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Eagle Plains/Slater Mining Execute Option Agreement on Karin Lake REE/Uranium Project, Saskatchewan
Eagle Plains/Slater Mining Execute Option Agreement on Karin Lake REE/Uranium Project, Saskatchewan
About this update from Gunnison Copper Corp.
[{"type":"text","content":"\nEagle Plains/Slater Mining Execute Option Agreement on Karin Lake REE/Uranium Project, Saskatchewan\n\n\n Jul. 12, 2010 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), and Slater Mining Corporation (TSX-V:SLM.P) have executed a formal option agreement whereby Eagle Plains has agreed to grant Slater the option to earn a 60% interest (subject to regulatory approval) in the 15,800 ha Karin Lake property located 40 km east of Cameco's Key Lake deposit in north-central Saskatchewan, Canada. To earn a 60% interest in the property, Slater will complete $3,000,000 in exploration expenditures, make $500,000 in cash payments and issue 1,000,000 common shares to Eagle Plains over four years. The Property is underlain by rocks of the Proterozoic Wollaston Domain comprising ortho- and paragneisses, including Archean gneissic domes (basement) and minor younger intrusive rocks including abundant pegmatite bodies. The project area is being explored for its uranium and rare-earth element (\"REE\") potential based upon both historical occurrences and on new targets that indicate the potential for identifying structurally-hosted uranium mineralization and/or intrusive (pegmatite) hosted uranium and REE mineralization. Historical assays from the area returned values up to 8.0% U3O8 (AR 74A14-0023). Uranium mineralization occurs both as low-grade material in granitic pegmatites and associated granites, as well as higher-grade fracture controlled mineralization in pegmatites and metasediments.  Additional areas were targeted to cover known uranium and molybdenum showings, including a showing which comprises several trenches in a pegmatite stock containing disseminated and fracture-hosted uranium mineralization. The property was acquired by Eagle Plains in 2006 following an airborne geophysical survey and ground geological program. The most recent systematic exploration of the property occurred in 2008, when Blue Sky Mining optioned the property from EPL and completed a 757m drilling program.  This activity was carried out in conjunction with an extensive program of prospecting, geological mapping, rock, soil and lake bottom-sediment sampling and radon-in-water analysis. Slater Mining intends to carry out a $200,000 exploration program during 2010, which will include trenchi...