Eagle Plains Resources (EPL.V) has notified the market its option partner on the Iron Ridge IOCG project (with the potential for additional lead-zinc-silver sedex mineralization) has mobilized a drill crew for a 700-1000 meter drill program. As the joint venture partner plans on drilling just 7-10 holes, the hole will be relatively shallow, but could potentially provide a lot information on the geological and mineralized structures and perhaps follow up on Eagle Plains’s discovery of 7 meters of 51.5 g/t gold, over a decade ago, and 14 meters of 5.1 g/t gold, 75.3 g/t silver and 4% ZnPb in the Talon Zone (see below).
The option partner is a private company headquartered in Alberta, and the deal to earn a majority stake in Iron Range was only signed in May. The private company can earn an initial 60% in the project by spending C$3.5M on exploration and making C$250,000 in cash payments to Eagle Plains over an initial five year period, where after it has the option to purchase an additional 20% stake for C$1M in cash.
CEO Tim Termuende also provided a good overview of the activities on this link.
Disclosure: The author has a long position in Eagle Plains Resources. Eagle Plains is not a sponsor of the website, but sister company Taiga Gold is.
