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Eagle Plains/Providence Capital Expand Drill Program on Iron Range Project, South-eastern British Columbia
Eagle Plains/Providence Capital Expand Drill Program on Iron Range Project, South-eastern British...
About this update from Western Star Resources, Inc.
[{"type":"text","content":"\nEagle Plains/Providence Capital Expand Drill Program on Iron Range Project, South-eastern British Columbia\n\n\n Oct. 12, 2010 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), and Providence Capital Corp. (PV - TSX Venture)  have expanded the current budget at the Iron Range Project to enable additional drilling to further 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.  Sampling of existing drill core has not yet been completed and no assays are available at this time. It is anticipated that the core logging will be completed over the next two to three weeks, with assay results in approximately six to eight weeks. 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 iron-oxide mineralization occurring over 15km.  Copper and gold mineralization has recently been discovered along the structure, highlighting the potential for iron-oxide copper-gold (\"IOCG\") mineralized systems associated w...