Jul 19 2022Reviewed by Alex Smith
Eagle Plains Resources Corp. has informed Rex Resources Corp. that field crews have been mobilized to Eagle Plains’ 100% owned Kalum Property, situated approximately 35 km northwest of Terrace, British Columbia, in the Skeena Mining Division.
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Under the aspects of the option agreement, Rex can receive an undivided 60% interest in the property by spending $3,000,000 on exploration, making $500,000 in cash payments, and approving 1,000,000 common shares to EPL over a four-year time frame.
TerraLogic Exploration Services of Cranbrook, BC, will carry out the 2022 fieldwork, which will include:
- Thorough mapping to trace drill collars in the Martin area
- Reconnaissance prospecting and mapping in underexplored parts of the property
- Structural mapping in the Hat Zone area
- Complete mapping to locate drill collars in the Bling-Rico and Babit trend areas
- Searching and plotting sheeted Au-Ag veins in the Tojo area
Property Geology
A huge intrusive stock that has encroached sedimentary rocks of the Bowser Lake Group flanks the 2,871 hectares property. The contact zone of the intrusive stock is linked with a range of high-grade, vein-type gold and silver events.
Property History
Eagle Plains purchased the property in 2003 and conducted extensive exploration in 2003 and 2004. A VTEM airborne survey, comprehensive geochemical programs, geologic mapping, and a 19-hole diamond drill program were among the programs.
Drill-hole KRC04001, which was drilled at the Rico showing (explored by Eagle Plains), brought back 35 g/t Au over 2.5 m from 101.8 m to 104.3 m, along with a 0.5 m interval that assayed 107 g/t Au. A historical sample from the Chris occurrence yielded 158 g/t Au and 5,536 g/t Ag.
Eagle Plains sampled the Martin displaying area in 2004 and found 34.0 g/t Au and 83.0 g/t Ag in a grab sample of sulfide-bearing quartz vein material. Drilling has never been conducted in the Martin area. Management warns that rock grab samples are by definition selective and, as such, are not particularly reflective of the mineralization hosted throughout the property.
The property region has seen exploration action by different operators over the years, with Clemson Resources drilling a single hole in 2012 to check for high-grade mineralization in a location beyond the current claim boundaries. Eagle Plains’ 2020 work included high-resolution orthophoto and LIDAR observations.
To date, all activity has supported the interpreted possibility of the Kalum Property to organize both high-grade gold-silver deposits and lower-grade bulk-tonnage gold mineralization.
The technical and scientific submission in the news release was prepared, evaluated, and accepted by Charles C. Downie, P.Geo., a “qualified person” for the uses of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a director of Eagle Plains.
Source: Rex Resources Corp.