February 2010

The staff at Eagle Plains have completing the field portion of the 2009 exploration season.  During the late fall of 2009, exploration drill programs at the Sphinx and Iron Range projects were completed.  Results for these projects are expected during late winter 2010.  All exploration programs that have been conducted this season are at the data compilation and analysis stage, reports are being compiled. 

The 2009 exploration program was designed to continue to focus on developing new prospects, generating drill targets and following up on discoveries made during 2008 and previous years.

Summary of 2009 Mining and Exploration Programs:

YellowJacket Gold Project - In late September operations at the Yellowjacket Mine ceased for the winter months as per the planned shut-down.  The mine had achieved commercial production in August after receiving a Small Mines Permit and complying with the environmental regulations.  In addition, an Impact and Benefit Agreement was signed with the Local First Nations Band.  This represents a landmark acheivement.

Looking ahead, plans are to utilize the data from the existing ~100 drill holes to build an NI43-101 resource at the Yellowjacket zone and to further explore the project with a drill program during the winter months.  We also plan to study the opportunity to connect a power transmission line to the run-of-the-river hydro generation facility located approximately 3km from the minesite. 

Iron Range Project - During the summer, a surface trenching program had been conducted to follow-up the high-grade gold intercept (7.0m grading 51.5 g/t or 1.5oz/ton). This has resulted in trenching, sampling and mapping the surface expression of the altered zone believed to be the host of the gold bearing material intercepted in the 2008 drill program.

Results of the trenching program returned no significant gold mineralization in the samples recovered from the surface but identified that the zone expressed itself on the surface as approximately 5m wide. Further structural analysis and interpretation has been conducted during the late fall resulting in a ~700m diamond drill program which commenced on Dec 3, 2009.  Results will be announced as they are received from the laboratory.

Sphinx - Announced June 2nd, 2009, Eagle Plains agreed to sell its 100% interest in the Sphinx property to Touchdown Capital for 2,000,000 common shares and a $200,000 exploration program during 2009.  Eagle Plains retains a 50% buy back 50% option.

In 2009, an updated 43-101 report on the Property resulting in an Indicated Resource of 41,450,000 tonnes grading 0.041 %Mo (with a 0.03% Mo cut-off) and an Inferred Resource of 37,180,000 tonnes grading 0.04% Mo (with a 0.03% Mo cut-off), based on 7,603 samples from 38 diamond drill holes totaling 10,685.8m. 

Fieldwork on the Property commenced in late fall of 2009 and consisted of an 18 line-km induced polarization (“I.P.”) geophysical survey which resulted in drill targeting designed to test beneath known mineralization related to intrusive rocks.   A 500m diamond drilling program commenced early November.  Results are pending.

Ice River Complex - Exploration work at the Ice river was conducted in August.  The month long program consisted of Induced polarization (IP) and MAG geophysical surveys, mapping, prospecting and sampling.  Exploration efforts focussed on defining the extent of REE (Rare Earth Element) occurrences as well as know lead/zinc mineralization. 

Yukon Projects - Grass roots exploration in the Yukon focussed on acquisition of new gold prospects and continued exploration at the Sprogge and Dragon Lake properties.

Coyote Creek Project - Relogging and sampling of existing drill core has been conducted in order to target a bulk sample and continue to assess the viability of Gypsum mining on the property.

Eagle Lake - In 2008 prospecting was conducted in an area outlined as prospective by airborne geophysics.  As a result a minealized boulder train was discovered (named the "Red October") and a 5.4 line kilomenter grid was cut where soil geochemistry and a ground based magnetic geophysical survey was conducted.  A follow-up program was conducted in the fall of 2009 where the boulder train was followed up-ice (glaciation), results of this ground based mapping and prospecting program are pending.

Baska/Eldorado - Previous work on this project focussed on re-evaluating the historic Baska and Eldorado uranium showings.  Guided by 2007 airborne geophysics, in 2009 we established 2 grids to conduct soil chemestry, ground based magnetic geophysics and scintillometer surveys.  A mapping and prospecting program followed in the fall of.2009, results are pending.

Summary of 2008 Exploration Programs:

Click here to view the schedule for the 2008 field season.

Karin Lake Uranium Project - The first exploration field project of 2008 has been completed in conjunction with joint venture option partner Blue Sky Uranium Corp.   A 700m drill program has been conducted at the Karin Lake Uranium Project and was finished in late March.  The project focussed on drill targets established as a result of airborne surveys and ground based exploration conducted in 2006 and 2007.

South Eastern British Columbia Projects

Iron Range - Diamond drilling an iron deposit with the intention of developing a resource, also drilling and geological mapping of an IOCG (iron oxide/copper/gold) target.

Findlay - Geological mapping a Sedex target north of the world class Sullivan deposit. 

Bohan - Diamond drilling a carbonate hosted Pb, Zn, Ag target

Other British Columbia Properties

Acacia - Airborne geophysical survey of this VMS - Au target

Kalum -  Geochemical survey and diamond drilling of this intrusion related Au target

Elsiar - Geochemical survey of the Porphyry Au, Cu, Mo target

Wildhorse - Diamond drilling an epithermal gold system

Yukon Properties

Pelly Mountains - Geological mapping the VMS target Zn, Pb, Cu, Ag, Au

Northwest Territory Properties

A very exciting development for Eagle Plains has been the strategic alliance formed with Teck Cominco on the Mackenzie Valley Zinc Project.  On May 7, 2008 Eagle Plains announced that the Strategic Alliance with Teck Cominco had been amended where Teck Cominco agreed to fund an addition $2m, via a private placement of EPL shares, for the 2008 field program and extend the property rights for another year, until December 31, 2009.

Mackenzie Valley Zinc Project - Currently, Eagle Plains had deployed 22 personnel to this project.  The primary focus in 2008 is the discovery of SEDEX type deposits using grassroots exploration techniques and our advanced geochemical database. 

In addition, our intent is to develop drill targets on our existing carbonate hosted and shale hosted SEDEX properties using ground based geophysical surveying (Induced polarization) and advanced geological interpretation.

Finally, Eagle Plains is also evaluating the sedimentary hosted copper potential on this project.

Bronco Occurrence - Ag, Cu, Zn, Pb - Geological modelling and further ground based exploration are being conducted.

History of Eagle Plains Exploration at the Mackenzie Valley Zinc Project - In 2007, work was conducted by a 12 person team to evaluate the 5600 sqkm prospecting permit area using maps generated from our proprietary database that covers 19,000 sqkm.  This proprietary database resulted from assaying, analyzing and compiling the 5700 stream sediment samples acquired in June 2006.  Funding for this program was provided by way of our strategic alliance partner Teck Cominco.  Data collected from these exploration programs has been used to determine future drill targets, assist in future ground based exploration and to refine the geological mapping completed to date.

Saskatchewan

Eagle Plains controls three uranium projects located approximately 30 km SE of the Athabasca basin totaling over 111,000 ha.  These projects are called Eagle Lake, Kulyk Lake and Karin Lake. Two of the three properties are currently under option to Blue Sky Uranium Corporation.

As a result of the geological information and modelling made possible by previous ground based exploration programs and airborne geophysical surveying, a 700m drill program was conducted in the spring of 2008.

Geological Surveying Explained

Geochemical - There are basically two types of geochemical surveys, lithogeochemical and biogeochemical.  Lithogeochemical, the most common, is the sampling of rocks, soils and silts.  Biogeochemical is the sampling of plant material.  Samples for both types of surveys are collected, there location recorded for future reference, then sent to labs for analysis.

A geochemical survey area is normally focussed around a mineral showing or an anomalous value that was collected in a broader scope survey commonly known as a regional geochemical survey. 

These regional geochemical surveys cover large areas of land where samples of creek sediments are collected and analyzed for anomalous mineral values.  Stream sediment samples are utilized because water tends to mobilize these minerals where they ultimately collect in the sediments.

Once an anomalous mineral value has been identified either in an outcrop (showing) or in a sediment sample, a more focussed survey can be conducted in the area to determine the extent of this anomalous value.  Upon completion, considering all the information, drill targets are identified and prioritized.

This is exactly the procedure followed by Eagle Plains at the Mackenzie Valley zinc project where the regional geochemical survey data was obtained by EPL as a result of a survey conducted by Rio Tinto in the 1970's.   Analysis and mapping of this data provided information to conduct more focussed surveys around areas returning anomalous values.

Geophysical - There are two ways to conduct geophysical surveys, ground based and airborne. 

Employing sophisticated electronic equipment, these surveys are conducted using magnetic, electromagnetic and radiometric resonance to measure the variations in the earths' magnetic field.  Different kinds of rocks and mineralization will return different values as they change the way the magnetic field resonates through them.  Changes in this conductivity are then mapped to provide a three dimensional view of these of values.  In general, areas of interest to geologists are where two distinctly different types of resonance values border each other.  This is indicative of an event where an alteration may have occurred in the rocks and alteration is what we look for.

Processing Drill Results and Other Samples

It takes approximately 2-3 months to have assay results of the drill core and other samples received from the laboratories. Prior to sending material to the labs, surface samples must have specific details recorded in our database and the drill core must be logged then split in half where one portion is sent to the labs and the other is stored for future reference.  Once assayed, the results must then be interpreted by senior geologists and compiled by technicians.  The results of this process are then reported in news releases.  The turn around time from drilling to news being released can take 4 to 5 months during peak times, much of this being dependent on preparation time of the samples and core, volume of samples at the assay lab and the availability of senior geologists to interpret the results as they may be occupied on another project.  Given some latitude due to these factors, Eagle Plains has begun to issue news regarding the 2007 exploration efforts during 2007 and will continue through the winter of 2008.

In January 2007, Eagle Plains announced the acquisition of a controlling interest in a diamond drilling company, Apex Diamond Drilling Ltd.  This very important development will again make Eagle Plains master of its' own destiny by allowing the ability to choose when and where the drilling programs will be conducted.  EPL will no longer be subject to the unavailability of drill crews and rigs due to increased market demand.

In 2007, Eagle Plains Resources and it's joint venture option partners in conjunction with Apex Drilling, conducted an aggressive program.   Over thirty thousand feet (9150m) were drilled on 7 projects in and ground based exploration programs on a total of 13 projects.  Most notable is the extensive exploration program conducted on the Mackenzie Valley Zinc Project which covers approximately 5600sqkm.  An exploration plan for the 2007 field season can be viewed by clicking the link.

Updated February 3, 2010