Eagle Plains Commences Fieldwork on Orchid Gold Project, Saskatchewan
Cranbrook, B.C., May 31st, 2017: Eagle Plains Resources Ltd. (TSX-V:EPL) (“EPL” or “Eagle Plains”) has mobilized field crews to commence exploration activity on its’ 100%-owned Orchid project, located 120km east of La Ronge, Saskatchewan and 70km south of Silver Standard Resource’s Seabee Gold Operation. The 2250 ha property is situated along the same structural corridor and within rocks similar to those currently being mined at Seabee. The property is considered to hold significant potential to host gold mineralization.
A summary map outlining pertinent features of the property may be found here: http://www.eagleplains.com/sites/default/files/Orchid_May%202017v2.pdf
Fieldwork is being carried out by TerraLogic Exploration Inc. of Cranbrook, BC under the supervision of Jarrod Brown, P.Geo. Work is expected to take 2-3 weeks and will consist of geological mapping and sampling, trenching and soil geochemical surveys.
The Orchid project was staked by Eagle Plains in 2014 and was optioned to North Arrow Minerals who explored the property for its diamond potential until relinquishing the option in 2016. The property has historically been explored for its gold potential since the mid-1980s and contains numerous high-grade mineral occurrences grading from trace values to highs of 41.3 g/t (Orchid Au Zone), 19.2 g/t Au (Tim’s Showing), 12.7 g/t (Eureka), and 8.5 g/t (Terra Zone) as well as significant Ag (144.5 g/t), Cu (3.9%), and Mo (2600 ppm) - all values returned from grab samples.
The 2017 exploration program to be conducted by Eagle Plains intends to build on previous work which has indicated certain similarities to those seen at the Seabee Gold Operation, including host lithologies and contact relationships, style of mineralization, and presence of multiple fault systems that allowed for high fluid-flow regimes. The Seabee Gold Operation has been in continuous production since 1991 and has produced approximately 1.2M ounces of gold from the Seabee and Santoy deposits. As reported by Silver Standard in its news release dated February 23, 2017, as at December 31, 2016, the Seabee Gold Operation includes the following estimated Mineral Reserves and Mineral Resources: Proven and Probable Reserves of 360,000 ounces of gold at an average grade of 8.19 g/t; Measured and Indicated Resources of 570,000 ounces of gold at an average grade of 7.99 g/t; and Inferred Resources of 640,000 ounces of gold at a grade of 7.74 g/t. Silver Standard recently reported uncut drill intercepts grading up to 1,004 g/t gold over 1.6m and 3,887 g/t gold over 0.4m (true widths) at its Santoy Gap deposit. (SSO news release- May 1, 2017). Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
Ore geology at the Seabee Gold Operation consists of high-grade vein mineralization associated with volcanic and mafic intrusive rocks which have been structurally disrupted by splays of the deep-crustal Tabbernor Fault system. Both the Seabee Gold Operation and the Orchid project overlie the Pine Lake greenstone belt. Mineralization at the Seabee Gold Operation is affiliated with the more westerly-oriented Laonil Lake shear zone which is a splay of the north-trending Tabbernor Fault. Field and underground observations at the Seabee Gold Operation indicate that shear structures nucleated at contacts between felsic intrusive and mafic intrusive or volcanic lithologies, with high-grade zones forming at fault intersections.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. Managements’ current focus is to preserve its treasury while advancing its most promising exploration projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Since 2012, Eagle Plains has added to its portfolio a number of new projects exceeding 130,000 ha targeting mainly gold, uranium and base-metals in Saskatchewan, a highly-prospective mining jurisdiction which was recently recognized by the Fraser Institute as the best place in the world in terms of Investment Attractiveness. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
Expenditures from 2011-2016 on Eagle Plains-related projects were approximately $16.0M, which was funded by Eagle Plains and, for the most part, by third-party partners. This exploration work resulted in approximately 15,000 m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
Technical aspects of this news release have been reviewed and approved by Jarrod Brown, P.Geo.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.