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Eagle Plains/Providence Capital Continue Expansion of Drill Program on Iron Range Project, Acquire Additional Lands
Eagle Plains/Providence Capital Continue Expansion of Drill Program on Iron Range Project, Acquir...
About this update from Western Star Resources, Inc.
[{"type":"text","content":"\nEagle Plains/Providence Capital Continue Expansion of Drill Program on Iron Range Project, Acquire Additional Lands\n\n\n Nov. 2, 2010 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), and Providence Capital Corp. (TSX-V:PV)  have now completed three diamond drill holes and further increased the budget for the Iron Range Project from an initial $200,000 to up to $650,000. In addition, the option partners have recently acquired 35,800 ha of new claims, increasing the total land position from 20,400 ha to 56,200 ha (560 square kilometres - an area approximately 11km x 50km).  The partners continue to test the stratigraphic interval known to host the Sullivan deposit, located 70km to the north. Current exploration work is funded by Providence Capital.The project is owned 100% by Eagle Plains, with Providence holding 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.The decision to accelerate further exploration follows the intersection in Hole 2 of a significant interval located at or near the Sullivan time horizon containing pervasive tourmaline and albite-altered sediments interlayered with discrete conformable bands of pyrite, pyrrhotite (iron) and chalcopyrite (copper) sulphides. Though relatively narrow (up to 8mm in width), these bands and the associated alteration assemblage are interpreted by Eagle Plains geologists to be indicative of a vent system nearby which may contain more significant mineralized material.  The completion of Hole 3 added additional information to aid in the search for a possible vent source.  Hole 4 is currently underway, with permitting ongoing for additional drilling.Iron Range Project SummaryThe Iron Range property consists of 20,000 hectares 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 iro...