Providence Announces Filing of NI 43-101 Report on Iron Range Project
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 staked the current claims immediately after the Crown grants reverted in 2000, and it 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.
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.
About Providence Resources
Providence Resources is a precious and base metal junior exploration company focused on creating shareholder value through acquisition and aggressive exploration in established, highly endowed mineral belts. On March 1st 2012, Providence exercised its option with Eagle Plains and earned a 60% undivided right, title and interest in and to the Iron Range Project. Providence earned its interest by making aggregate cash payments of $500,000, issuing a total of 1,000,000 common shares and completing exploration expenditures of $3,000,000. The parties have entered into a formal joint venture agreement.
President, Providence Resources
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