Providence/Eagle Plains Identify Multiple New Drill Targets Based Upon Historical Soil Data and Provides an Update for 2011 Drilling on the Iron Range Project
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/17/12 -- Providence Resources Corp. (TSX VENTURE: PV) ("Providence" or the "Company") and Eagle Plains Resources Ltd. (TSX VENTURE: EPL) are pleased to announce that a systematic compilation and analysis of historical soil geochemistry data has identified eight anomalous zones including two high priority, multi-element soil anomalies that are slated for drill testing in 2012, and six additional anomalous zones, that have been selected for field evaluation as part of the 2012 exploration program (Fig. 1, Table 1). For maps and figures related to his news release please visit our website .
To view Figures 1 and 2, please visit the following link: .
"Our analysis of the historic soil data confirms our belief that the Iron Range Property displays an anomalously high background metal endowment and demonstrates that the entire property is prospective for gold mineralization in addition to the traditionally explored for Sullivan-style lead-zinc mineralization," stated Providence Resources Corp.'s President and CEO Vince Sorace. "The results from the soil data compilation are highly encouraging; we are looking forward to comparing these anomalies with those obtained from electromagnetic and gravity surveys when results are available."
The final 3 drill holes of the 2011 drill program (1,044.2 metres) were completed in August, 2011. Drill holes IR11-027 - IR11-029 intercepted the Talon Zone at depth (Fig. 2). IR11-27 was drilled oblique to the Talon Zone and returned 3 meters (at) 3.29 g/t gold and 4.6 g/t silver, IR11-028 and -029 were drilled perpendicular to the zone and returned 12.0 meters (at) 0.59 g/t gold, 2.5 g/t silver and 2 meters (at) 2.34 g/t gold, 61.2 g/t silver respectively (Fig. 2).
2012 Exploration Program
The Company intends to execute a full exploration program in 2012 with the objective of systematically evaluating all existing exploration data, utilizing newly acquired 2011 geophysical surveys, field evaluating all resulting anomalies and ultimately drill testing the highest priority targets.
Historic Iron Range Soil Surveys
Soil anomalies were identified as part of ongoing compilation of historical data on the Iron Range Project. Data compilation work is producing exploration targets in advance of gravity and electromagnetic survey results that will be available in February, 2012. All available geological, geochemical and geophysical data will be used to delineate priority targets which will be tested during 2012 Phase I and Phase II drilling.
A total of 12,201 soil samples were collected by various operators between 1986 and 2010 within the limits of the Providence Option agreement (Fig.1, Table 2). These data have been systematically compiled by TerraLogic Exploration Services and re-evaluated by Providence Resources Corp. Soil anomalies were selected where assay values exceed the mean value of the survey by at least 1 standard deviation and where an anomaly can be traced across at least two soil lines within a given survey or an adjoining survey. Priority is assigned to anomalies that are present within multiple elements in a given survey.
A total of eight geochemical anomalies have been identified. Anomalies are described and summarized in Table 1 below. Two anomalies (Canyon and Row) are considered high priority at this early stage of evaluation and are already slated for drill testing. The remaining six anomalies will be further evaluated throughout 2012.
2011 Talon Zone Drill Results
Drill intercepts from 2011 diamond drilling for holes IR11-027, IR11-028 and IR11-029 within the Talon Zone are summarized in Figure 2, Table 2 and in the text below. The Talon Zone is a 30 meter-wide, steeply west-dipping, northeast-striking fault zone marked by moderate to intense silica-sericite (minor albite) alteration zone and hosts precious and base metal mineralization. The object of the 2011 diamond drill program was to determine the thickness, strike and depth extent of the gold and base metal mineralization within the Talon Zone.
IR11-027 (543,257mE, 5445755mN/1396mElev.)
IR11-027 shares the same collar as previous drill hole IR11-026 and was drilled -87 degrees toward 080 degrees. This hole was designed to test the continuity and intensity of mineralization within the steeply west-dipping Talon Zone at depth. IR11-027 defines the western limit of the intense silica-sericite-albite alteration zone intersected in IR11-026 drill hole (101.4m of 0.5g/t Au), defined by three narrow intervals of significant gold values. Mineralization occurs in fractures and within a quartz-carbonate breccia matrix with localized narrow sections of semi-massive sulphide. Mineralization is dominantly pyrite with minor arsenopyrite +/- sphalerite and rare galena.
IR11-028 (543,298mE, 5,445,815mN/1415mElev.)
IR11-028 was drilled approximately 70m northeast of IR11-026/027 at 140 degrees azimuth and dip -80 degrees. An isolated intercept of 1.0m of 2.87g/t Au is coincident with the appearance of breccia which is consistent with the down-dip extension of the sub-vertical (west-dipping) Talon zone. Mineralization consists of arsenopyrite with lesser pyrite, rare sphalerite, and galena within a dolomite-calcite-quartz matrix supported breccia.
IR11-029 (543,155mE, 5,445,683mN/1371mElev.)
IR11-029 was the final hole drilled in the 2011 Talon zone drill campaign. In order to obtain a perpendicular cut through the Talon zone, this hole was drilled at 135 degrees azimuth and a -55 degree dip angle. This hole returned 2.0m grading 2.34g/t Au (110-112 meters) defining the central portion of the Talon zone below the surface oxide zone. Mineralization is characterized by a 10 cm interval of massive pyrite and lesser arsenopyrite within an oxidized, limonitic breccia.
Analytical Details and QAQC
QAQC: Blank material, standard grade base metal and precious metal standards, and high grade standards were routinely introduced into the sample chain of custody for analysis of drill core. Statistical analysis of the QAQC data was completed for Au, Pb, Zn and Ag and the reported results are consistent with all analytic procedures completed by Acme Analytical Labs Ltd. being within acceptable parameters.
Geological exploration contracting services on the Iron Range property during 2011 are being provided by TerraLogic Exploration of Cranbrook, B.C. (a wholly-owned subsidiary of Eagle Plains). Diamond drilling is being carried out by F.B. Drilling of Cranbrook, B.C. All fieldwork is under the supervision of geologist J.K. Ryley while C.C. Downie, P.Geo., is hereby identified as the overall project supervisor. Technical aspects of this news release have been reviewed and approved by T.J. Termuende, P.Geo., hereby designated as a qualified person under National Instrument 43-101.
Iron Range Project Summary
The Iron Range deposits were originally staked in 1897, and were covered by Crown grants held by Cominco Ltd. and the Canadian Pacific Railway. Eagle Plains Resources ("Eagle Plains") staked the current claims immediately after the Crown grants reverted in 2000, and has been exploring the property since then. Exploration work to date includes geological mapping, geochemical surveys, diamond drilling and a 690-line-kilometre airborne geophysical survey.
The Iron Range project is owned 100 per cent by Eagle Plains and holds no underlying royalties or encumbrances. An additional 35,800 hectares of claims were added to the original land package, resulting in a total of 56,200 hectares -- an area approximately 11 km by 50 km. The land package now covers over 30 km of the Iron Range structure, most of it unexplored. The claims also overlie rocks of the Aldridge formation, including the same stratigraphic time horizon that hosts the world-class Sullivan deposit located 70 km to the northeast. Over its 100-year lifetime, Sullivan produced approximately 150 million tonnes of ore including three billion ounces of silver, eight million tonnes of zinc and eight million tonnes of lead, collectively worth over $30-billion at current metal prices. The parties caution that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Iron Range property.
Providence Option Agreement
The Iron Range project is owned 100% by Eagle Plains and holds no underlying royalties or encumbrances. Providence holds the option to earn a 60% interest in the Property by spending $3,000,000 on exploration, making $500,000 in cash payments and issuing 1,000,000 shares to EPL over 4 years.
Vince Sorace, President, Providence Resources
For further information regarding Providence, please email or visit our website at .
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Providence Resources Corp.
Vince Sorace
President
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Datum: 17.01.2012 - 14:00 Uhr
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