Eagle Plains Resources has signed an agreement with Ecomax Energy Services, through which Ecomax can earn a 60% interest in the Acacia property.
The area of this property is 4,600 ha and is situated 45 km north of Kamloops in central British Columbia. According to the agreement, there is an option for Ecomax to earn its interest in the Acacia property by spending $3 M as exploration expenses, along with the payment of $240,000 in cash and by issuing 1.0 M ordinary shares over four years to Eagle Plains.
This property is likely to contain high-grade potential of volcanogenic massive sulphide (VMS) deposits. Normally, these deposits occur in clusters or stacked lenses and comprise both base and precious metals. This property encloses a stratigraphic assembly that hosts several nearby historically producing base and precious metal deposits, which includes the Homestake, Samatosum and Rea Gold mines. At present, the property has at least three famous targets. It is not an indication that the Acacia property will give the same results as that of the past discoveries or results.
The former diamond drilling results returned 10.6 g/t gold, 335.3 g/t silver, 2.74% lead, 0.55% copper and 3.13 % zinc over 2.37 m at the Twin Mountain occurrence. A 1500 m x 250 m soil anomaly and eight massive sulphide lenses located at the Acacia zone stays untested.
Source: http://www.eagleplains.com/