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Eagle Plains/Providence Add Second Drill Rig to Iron Range Project and Provide Update on Current Drill Program
Feb. 15, 2011 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF...
About this update from Quantum Emotion Corp.
[{"type":"text","content":"\nEagle Plains/Providence Add Second Drill Rig to Iron Range Project and Provide Update on Current Drill Program\n\n\n Feb. 15, 2011 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), and Providence  Resources Corp. (TSX-V:PV)  have completed 5 additional diamond drill holes since the re-commencement of drilling on the Iron Range project in January 2011,  for a total of 15 drill holes and 7,165m (23,500') of drilling to date. The 2011 holes (IR11-011 to 015), have been systematically testing the Talon Zone in which significant gold and base-metal mineralization was reported in Hole IR10-010 by Eagle Plains/Providence (see news release Dec 21, 2010). All 5 holes completed during the 2011 program have intersected base metal and gold-related mineralization.Highlights from Hole IR10-010 included 14.0m grading 5.1g/t gold and 75.3g/t silver from 192.0 to 206.0m and 8.5m grading 6.0g/t gold and 47.8g/t silver from 272.0 to 280.5m.  Accompanying base metal values include 13.24% combined lead-zinc over 1.6m from 196.9-198.5m, and 9.24% combined lead-zinc over 2.0m from 277.5-279.5m, the latter of which is interpreted to lie at Sullivan Time.A total of 450m of new road has been constructed and a second drill will commence work immediately.  The budget for the winter 2011 program is currently $1.6M, and is planned to consist of 12-16 holes for a estimated 5,000m (16,000') of drilling. The receipt of permits and construction of new roads will give the partners the ability to utilize step-out drill pad locations, and if warranted, work towards definition of an inferred resource. Additional staff have been added to the project to assist in core-logging and sampling operations. Analytical results will be forthcoming as they are received, compiled and interpreted.Additional drill targets within a 2.5km radius will continue to test structural features and geochemical signatures for Sullivan-style SEDEX and precious metal mineralization.The Iron Range project is owned 100% by Eagle Plains and holds no underlying royalties or encumbrances. Providence holds the option to earn a 60% interest in the Property by spending $3,000,000 on exploration, making $500,000 in cash payments and issuing 1,000,000 shares to EPL over 4 years. As announced on Nove...