April 11, 2011 News for 'EPL.V/EGPLF' - Providence Resources/Eagle Plains Provide Analytical Results
from Diamond Drill Program at Iron Range Project
VANCOUVER, British Columbia, Apr 11, 2011 (BUSINESS WIRE) -- Providence
Resources Corp. (TSX VENTURE:PV) and Eagle Plains Resources Ltd. (TSX
VENTURE:EPL) have received analytical results from the Iron Range drill program
in southeastern British Columbia. Results are from 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).
Results are as follows:
Hole Number From(m) To(m) Length(m) Au(g/t) Pb(%) Zn(%) Ag(g/t)
----------- ------- ------ --------- ------- ----- ----- -------
IR11-015 270.50 303.00 32.50 1.0 .1 .1 2.7
----------- ------- ------ --------- ------- ----- ----- -------
Including 270.50 272.00 1.50 2.8 .46 .45 9.1
----------- ------- ------ --------- ------- ----- ----- -------
Including 288.00 293.10 5.10 3.9 .41 .49 10.1
----------- ------- ------ --------- ------- ----- ----- -------
Also 292.00 293.10 1.10 14.3 1.8 .31 42.1
Including
----------- ------- ------ --------- ------- ----- ----- -------
IR11-017 22.00 40.00 18.00 0.7 .31 .17 8.5
----------- ------- ------ --------- ------- ----- ----- -------
Including 24.00 25.00 1.00 2.2 1.76 .06 49.0
----------- ------- ------ --------- ------- ----- ----- -------
IR11-021 262.00 280.00 18.00 0.8 .04 .04 2.5
----------- ------- ------ --------- ------- ----- ----- -------
Including 262.00 265.00 3.00 3.1 .12 .13 9.9
----------- ------- ------ --------- ------- ----- ----- -------
Including 275.00 276.00 1.00 3.2 .17 .05 5.5
----------- ------- ------ --------- ------- ----- ----- -------
IR11-025 11.00 90.00 79.00 0.4 .06 .07 9.7
----------- ------- ------ --------- ------- ----- ----- -------
IR11-026 173.20 274.60 101.40 0.5 .08 .15 6.3
----------- ------- ------ --------- ------- ----- ----- -------
Including 175.50 176.35 0.85 5.5 2.57 4.08 61.0
----------- ------- ------ --------- ------- ----- ----- -------
Including 239.00 245.00 6.00 1.0 .11 .28 4.7
----------- ------- ------ --------- ------- ----- ----- -------
Including 269.00 274.00 5.00 1.1 .08 .1 3.4
----------- ------- ------ --------- ------- ----- ----- -------
IR11-015 intersected an additional zone of mineralization 170m below that
reported on March 28, 2011. This zone appears to correlate with a southern
extension of the mineralization at depth in IR11-011. Drilling direction does
not allow for an estimate of true width.
IR11-017, from a similar collar location as IR11-015, was drilled on a westerly
azimuth within the oxide zone. This intercept appears to approximate a true
width within the oxide zone.
Drill holes IR11-021 and IR11-023 were drilled at 140 deg and 330 deg ,
respectively, to cross the mineralized structure. Both holes intersected weak
mineralization inferred to lie above the elevation range noted to host the most
well developed mineralization. The IR11-021 intercept is inferred to have a true
thickness of approximately 6.0 metres, consistent with narrowing at higher
levels. IR11-023 generated insignificant results.
IR11-025 encountered near surface mineralization in proximity to the upper
mineralized zone previously announced for IR11-015. Additional drilling is
required to determine the actual thickness of the zone.
IR11-026 crossed a section of pervasive silicic and sericitic alteration
variably hosting disseminated to locally net-textured sulphide and minor
sulphosalts. This intercept is interpreted to lie within a steep west dipping
alteration zone. The limited drilling through this zone places a preliminary
estimate of actual thickness at 30 metres.
Drill holes IR11-027, 028, and 029 have since been completed and are currently
being logged and sampled.
The partners have elected to suspend drilling operations within the Talon Zone
during spring break-up. This timeframe will be used to compile structural,
lithological, and analytical data to aid in delineating the apparent offset of
precious and base metal mineralization encountered in a number of the drill
holes. A geophysical survey may be employed to discern zones of conductivity and
resistivity.
Drill targets to the south, northwest, and northeast of the Talon Zone are
currently being analyzed and planned for. To the northwest, the Sullivan horizon
(LMC) will be tested for SEDEX mineralization within a group of upper elevated
Pb, Zn, and As soil anomalies. This location lies proximal to the western flank
of the structural graben, approximately 600 meters to the west of the Talon
zone.
The LMC east of the Talon Zone underlies elevated base metal geochemistry over a
near continuous distance of 1.5km. Drilling is planned to target this
expression. Additional drill targets to the north and south utilizing airborne
magnetic and conductivity signatures with coincident soil geochemistry are
currently being detailed as target areas.
Analytical Details and QAQC
QAQC: Blank material, standard grade base metal and precious metal standards,
and high grade standards were routinely introduced into the sample chain of
custody for analysis. Statistical analysis of the QAQC data was completed for
Au, Pb, Zn and Ag and the results are consistent with all analytic procedures
completed by Acme Analytical Labs Ltd. being within acceptable parameters.
Geological exploration contracting services on the Iron Range property during
2011 are being provided by TerraLogic Exploration of Cranbrook, B.C. (a
wholly-owned subsidiary of Eagle Plains). Diamond drilling is being carried out
by F.B. Drilling of Cranbrook, B.C. All fieldwork is under the supervision of
geologist J.K. Ryley while C.C. Downie, P.Geo. is hereby identified as the
overall project supervisor. Technical aspects of this news release have been
reviewed and approved by T.J. Termuende, P.Geo., hereby designated as a
qualified person under National Instrument 43-101.
Iron Range Project Summary
The Iron Range deposits were originally staked in 1897, and were covered by
Crown Grants held by Cominco Ltd. and the Canadian Pacific Railway. Eagle Plains
staked the current claims immediately after the Crown Grants reverted in 2000,
and have been exploring the property since then. Exploration work to date
includes geological mapping, geochemical surveys, diamond drilling and a
690-line-kilometre airborne geophysical survey. The Iron Range project is owned
100 per cent by Eagle Plains and holds no underlying royalties or encumbrances.
An additional 35,800 hectares of claims were added to the existing land package,
resulting in a total of 56,200 ha -- an area approximately 11 km by 50 km. The
land package now covers over 30 km of the Iron Range structure, most of it
unexplored. The claims also overlie rocks of the Aldridge Formation, including
the same stratigraphic time horizon which hosts the world-class Sullivan deposit
located 70km to the northeast. Over its 100 year lifetime, Sullivan produced
approximately 150,000,000 tonnes of ore including 300,000,000 ounces of silver,
8,000,000 tonnes of zinc and 8,000,000 tonnes of lead, collectively worth over
$30 billion at current metal prices. The parties caution that past results or
discoveries on proximate land are not necessarily indicative of the results that
may be achieved on the Iron Range property.
Providence Option Agreement
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.
About Providence Resources Corp
Providence Resources Corp. is a junior mining exploration company focused on
delivering shareholder value through project acquisition and development.
Currently the company is focused on its Iron Range Project in British Colombia,
Canada.
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore metal projects
throughout western Canada. In addition to holding mining royalties on various
projects, Eagle Plains controls over 35 gold, base-metal and uranium projects.
Vince Sorace
President, Provience Resources Corp.
For further information, please email info@providenceresources.ca
or visit our website at www.providenceresources.ca
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.
SOURCE: Eagle Plains Resources Ltd.
CONTACT:
Eagle Plains Resources
Michael Labach
www.eagleplains.com
1-866-486-8673
AI
