Eagle Plains and MMG announce two property option agreements
Eagle Plains Resources Ltd. (EPL:TSX-V)is pleased to announce that it has executed two separate property option agreements with Minerals and Metals Group ("MMG") relating to the Findlay and Boundary properties.
MMG may earn a 60 per cent interest in Eagle Plains' 100 per-cent-owned Findlay properties, located 30 kilometres north of Kimberley, in southeastern B.C. Under terms of the agreement, MMG may earn a 60 per cent interest in the 33,500-hectare property by making cash payments to EPL of $500,000 and completing $5,000,000 in exploration expenditures over 5 years. MMG may earn an additional 15 per cent interest (for a total of 75 per cent) by delivering a bankable feasibility study by 2018.
The Findlay Project overlies Aldridge Formation stratigraphy, considered prospective for sedimentary-exhalative ("sedex") deposits. Structurally, this area has been identified as an extension of the North Star-Sullivan corridor which hosts the world-class Sullivan deposit 30 kilometres to the south. The Findlay property displays Sullivan-style exhalative tourmalinite (boron) horizons, massive fragmental sections, anomalous lead, zinc, and indicator geochemistry, and base metal occurrences. This "Sullivan smoke" occurs throughout the Lower to Upper Aldridge formation and indicates the potential for Sullivan style mineralization at multiple stratigraphic levels.
Fieldwork by Eagle Plains has identified a number of targets including :
- North Findlay: 100 meter thick multi kilometer scale mineralized / tourmalinize exhalative horizon related to hydrothermal venting within the Upper Aldridge stratigraphicinterval.
- Greenland Creek: Diamond drilling by Eagle Plains in 1997 intersected numerous thin stratabound sulphide bands associated with albite/garnet/chlorite alteration, some of which display continuity over 60 metres, and are open down-dip and along strike. Dating indicates Sullivan age for Pb mineralization in the Greenland Creek area.
- Mid-Fork: Evidence for deep-seated structures including arched gabbros and thickened, mineralized fragmental sequences at or near "Sullivan time".
Property scale mapping by Cominco Ltd. and Eagle Plains has established excellent Aldridge marker control and many of the drill targets developed are within the 500- to 1000-metre range, considered to be shallow for Sullivan type targets in the Purcell Basin.
MMG may earn a 60 per cent interest in Eagle Plains' 100-per-cent-owned Boundary (Dode) properties, located along the US border approximately 20 kilometres SE of Creston, British Columbia. The claims were acquired by Eagle Plains through staking carried out in December, 2010. Under terms of the agreement, MMG may earn a 60 per cent interest in the property by reimbursing EPL all acquisition costs and completing $3,000,000 in exploration expenditures over 5 years. MMG may earn an additional 15 per cent interest (for a total of 75 per cent) by delivering a bankable feasibility study by 2018.
MMG is owned by Minmetals Resources Limited (HKSE 1208), an international upstream base metals company. It is one of the world's largest producers of zinc as well as a substantial producer of copper, lead, gold and silver. Minmetals Resources Limited currently has mining operations located in Australia and Asia and a large portfolio of exploration and development projects in Australia, Asia and North America. Its operations include the Century mine in Queensland, Sepon copper and gold operations in Laos, Golden Grove underground base and precious metals mine in Western Australia and the polymetallic Rosebery mine in Tasmania.