Eagle Plains/Providence Identify 3 High-Priority Drill Targets from 2011 Airborne EM Geophysical Surveys
Eagle Plains Resources Ltd. and Providence Resources Corp. announces receipt of results from airborne geophysical field surveys carried out over their Iron Range JV project located near Creston British Columbia. During October-November 2011, Geotech Ltd. carried out VTEM time-domain EM and ZTEM AFMAG surveys over parts of the Iron Range Project. The results have subsequently been processed and interpreted by Condor Consulting, Inc. of Lakewood Colorado.
|•||440 line-km of airborne geophysical data has been collected over the Property area during 2011.|
|•||3 high-priority VTEM electromagnetic geophysical anomalies have been delineated in the Row target area, and are coincident with a 5km-long arsenic, zinc and lead soil geochemical anomaly.|
|•||The ZTEM survey successfully identified the Iron Range Fault as well as a northeast-trending fault similar in orientation to the gold-bearing faults at the Talon Zone.|
“Geophysical data collected on the Iron Range Project has produced three high priority EM conductors that coincide with lead, zinc and arsenic geochemical anomalies on the Row Target Area.” Stated Providence Resources Corp.’s President and CEO Vince Sorace. “The combined results from the geophysical surveys have fine-tuned the Iron Range geological model and increased our confidence in the Row Target area which will be drill-tested upon receipt of applicable permits, which are expected by Q2, 2012.”
Geophysical Survey Results
VTEM time domain-EM
A total of 7 anomalies were defined from the VTEM survey; seehttp://www.eagleplains.com/projects/bc/ironrange/documents/vtem_2011geophysicsmap.pdf Anomalies 1-3 represent high-priority EM anomalies and are located within and immediately adjacent to a ~5 kilometer-long lead-zinc-arsenic soil anomaly situated in prospective middle Aldridge Formation sedimentary rocks. These three anomalies may be an indication of subsurface Sullivan style lead-zinc-silver mineralization and will be drill tested in Spring, 2012. Anomalies 4 to 7 represent secondary priority targets and are likely related to the subsurface geology. Anomaly 4 is a broad, low level conductor associated with a magnetic contact and is interpreted to represent a near-surface bedrock anomaly or conductive overburden. Anomaly 5 is a formational anomaly defined by coincident EM and magnetic anomalies which correspond to the location of a sliver of upper Aldridge Formation sedimentary rocks. Anomaly 6 is a broad, northeast trending conductive zone associated with a linear, northeast trending magnetic anomaly. Drilling done in this area indicates that the anomaly is related to graphite within the Aldridge Formation sedimentary rocks. Anomaly 7 is interpreted to be an artifact that is related to a power line that transects this portion of the VTEM survey.
ZTEM AFMAG Survey
The ZTEM orientation survey was conducted over the Canyon Target (Talon Zone) to determine whether this geophysical method would be capable of mapping bedrock geology based upon the known resistivity and magnetic susceptibility contrasts within the Aldridge sedimentary rocks; seehttp://www.eagleplains.com/projects/bc/ironrange/documents/ztem_2011geophysicsmap.pdf The survey successfully identified the Iron Range Fault as well as a northeast-trending fault similar in orientation to the gold-bearing faults at the Talon Zone. In addition, the survey identified the broad conductive zone also detected by the VTEM survey. This information is useful in better understanding the subsurface geology of the Iron Range area and how known target areas relate to major rock units and structures.
Ongoing work by Eagle Plains Resources Ltd. is focused on exploring the potential of the Iron Range fault zone and surrounding area as a conduit and host for both sedimentary exhalative (SEDEX) Ag-Pb-Zn mineralization and Iron-oxide-Cu-Au (IOCG) mineralization.
2012 Exploration Program
The Company intends to execute a full exploration program beginning in March, 2012 (subject to receipt of permits) with the objective of systematically evaluating all existing exploration data, utilizing newly acquired geophysical data, field evaluating all resulting anomalies and ultimately drill testing the highest priority targets.
|•||Geophysical gravity survey – it is anticipated that results from this work will be available in March, 2012.|
|•||Winter drilling (Phase I) of high-priority geophysical and geochemical anomalies. High priority targets have been identified during the evaluation of historical geochemistry, 2011 soil geochemical surveys, and 2011 airborne geophysical data. Additional targets are anticipated.|
|•||Field work will be completed in summer 2012 with the objective of bringing remaining targets to the drill testing stage for Phase II drilling in late 2012.|