- Earthwise Minerals (CSE:WISE) has completed a data review of the Iron Range Project in British Columbia.
- Significant historical drilling results were reported, including high-grade gold intersections.
- Earthwise holds an option to acquire up to an 80% interest in the project by meeting specific financial and exploration commitments.
Eagle Plains Resources Ltd. (TSXV:EPL) has announced that Earthwise Minerals Corp. (CSE:WISE), its partner, has successfully completed a comprehensive data review of the Iron Range Gold Project located in British Columbia. The project, owned initially by Eagle Plains, spans an impressive 21,437 hectares.
Historical drilling results have shown promising mineralization, with significant gold intersections recorded. Notably, in 2010, the Talon Zone yielded 14.0 meters grading 5.1g/t gold, 1.86% lead, 2.1% zinc, and 75.3g/t silver, along with another intersection of 7.1 meters grading 8.13g/t gold, 2.84% lead, 3.07% zinc, and 86.6g/t silver. Previous drilling in 2008, located 10 kilometers north, intersected 7.0 meters grading 51.52g/t gold, emphasizing the region's potential.
Under the option agreement, Earthwise has the opportunity to acquire up to an 80% interest in the project. To secure a 70% stake, Earthwise is required to pay CA$250,000, issue 1.5 million shares, and invest CA$4 million in exploration over the next four years. The company can increase its interest to 80% by making an additional CA$1 million payment and completing a bankable feasibility study.
The project is fully permitted and boasts excellent infrastructure, including nearby power and a gas pipeline, with rail access to the Teck smelter. Eagle Plains will continue as the operator of the project, supported by TerraLogic Exploration Inc. as a geoscience consultant.
