EPL downside?The Venture Exchange, home of the juniors, has been the whipping boy of all stock classes. Gold at 3 times the value, than 5 years ago, and the good explorers worth pennies on the dollar to their previous values. The EPL story has not changed to the JV's they have in place. The Minefinders of the Future are few and far between. The 20 year bear market has left a generation gap where all the geos are in their 50's and 60's. This will play positive to the good explorers, like EPL. The Teck-Cominco connection is still an underplay here.
The board is dead. This is the time when you buy when nobody wants them and nobody posts. When it seems all is lost is the time to buy. When everybody is doing highfives on this board, that is the time to sell. Still trying to learn that lesson myself. EPL has the goods, not a better time to buy. jmo.
EPL 2008 Exploration review.
Looking Ahead
Eagle Plains staff are now well under way with the 2008 field season and have in large part completed compiling and interpreting results from the 2007 exploration programs. We continue to focus on drilling projects and generating drill targets during the 2008 exploration program and following up with the developments of 2007 and previous years. Click here to view the planned schedule for the 2008 field season.
Exploration Operations
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.
To date, Eagle Plains staff have completed several of the planned projects and are currently working on the Mackenzie Valley Zinc Recee, Titan, Kalum, Elsiar, Acacia and Blende projects. Field work at the Saskatchewan Uranium Project, Iron Range, have been completed. This plan includes work on the following projects:
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 - G eological 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 survery 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
Yukon Properties
Blende - Diamond drilling this carbonate hosted Pb, Zn, Ag inferred resource
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 groundbased geophysical surveying (Induced polarization) and advanced geological interpretation.
Finally, Eagle Plains is also evaluating the sedimentary hosted copper potential on this project.
Bronco Occurance - 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 exaclty the proceedure 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 distictly different types of resonance values border each other. This is indicitive of an event where an alteration may have occured 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 August 1, 2008