Eagle Plains and Earthwise Minerals Execute Option Agreement for the Iron Range Gold Project, British Columbia
Eagle Plains and Earthwise Minerals Execute Option Agreement for the
Iron Range Gold Project, British Columbia
Cranbrook, B.C., March 3rd, 2025: Eagle Plains Resources Ltd. (TSX -V:EPL) (“EPL” or “Eagle
Plains”) and Earthwise Minerals Corp. ( CSE: WISE) (“Earthwise”) (“WISE” or “Earthwise”) are
pleased to announce that further to their respective news releases dated February 10, 2025, the parties have
entered into an option agreement (the “Option”) dated February 26, 2025, pursuant to which Earthwise
has been granted the exclusive right to acquire up to an 80% interest in Eagle Plains’ wholly-owned Iron
Range gold project (“the Project”).
Drilling at Iron Range in 2010 resulted in the discovery of the Talon Zone, where drill -hole IR10-010
intersected 2 intervals of strong and continuous mineralization including 14.0m grading 5.1g/t gold,
1.86% lead, 2.1% Zinc, 75.3g/t silver and 7.1m grading 8.13g/t gold, 2.84% lead, 3.07% zinc, 86.6g/t
silver (Eagle Plains news release December 21st, 2010). Previous drilling 10km north of the Talon Zone
in 2008 by Eagle Plains intersected gold mineralization in drill-hole IR08006 which assayed 7.0m grading
51.52g/t (1.50 oz/ton) gold (Eagle Plains news release dated April 20th, 2009).
The 21,437ha Iron Range Project is considered by management of both Eagle Plains and Earthwise to hold
excellent potential for the presence of structurally controlled gold-silver mineralization, iron-oxide copper-
gold (“IOCG”) and Sullivan -style lead-zinc-silver sedimentary-exhalative (“sedex”) mineralization. The
property is owned 100% by Eagle Plains, with a portion of the property subject to an underlying 1.0% Net
Smelter Royalty held by a third party.
To exercise the Option, Earthwise must make a series of cash payments and share issuances to Eagle Plains
and fund exploration expenditures on the Project. These payments, share issuance and expenditures are
separated into two phase s, with the First Option entitling the Company to acquire a 70% interest in the
Project by paying CA$2 50,000, issuing an aggregate of 1,500,000 common shares to EPL and funding
CA$4,000,000 in exploration expenditures on the Project by over a four-year term, including $200,000 in
expenditures in 2025. Pursuant to the Second Option (if elected by Earthwise), the Company may acquire
an additional 10% interest in the Project (for an 80% total interest) by notifying Eagle Plains of its intent
to increase its interest to 80%, making an additional one -time payment of CDN$ 1,0 00,000 cash and
completing a bankable feasibility study on the Property prior to the eight anniversary of the Option.
If either the First Option or the Second Option is exercised, a 2% smelter returns royalty will be granted
to the Eagle Plains over the entire property, 1% of which may be repurchased for CA$1,500,000.
Eagle Plains will serve as Operator under the terms of Option and will reserve the right to use TerraLogic
Exploration Inc. as geoscience consultant. Following the exercise of either the First Option or the Second
Option, Earthwise and Eagle Plains shall then form a 70/30 or 80/20 joint venture (“JV”) to further explore
and develop the Property.
See Iron Range Project Information and Map here
Iron Range Project Summary
The 21,437ha Iron Range Project located near Creston, BC, is owned 100% by Eagle Plains, subject to a
1% NSR on a portion of the claim group. A well -developed transportation and power corridor transects
the southern part of the property, including a high-pressure gas pipeline and a high-voltage hydro-electric
line, both of which follow the CPR mainline and Highway 3. The rail line provides efficient access to the
Teck smelter in Trail, B.C. The project is fully permitted with a Multi-Year Area Based (MYAB) permit
in place issued by the BC Ministry of Mining and Critical Minerals that includes provisions for geophysical
work, mechanical trenching, access trail construction and diamond drilling.
The Iron Range property covers an extensive area approximately 10km x 32km which overlies the regional
Iron Range Fault System (“IRFS”). Prior to the acquisition by Eagle Plains in 2001, the property had seen
little systematic exploration for other than ir on resources known to exist on the property since the late
1800s. Since 2001, Eagle Plains and its partners have completed 21,593m of diamond-drilling in 87 holes,
collected 2482 line -km of airborne and surface geophysical data and analysed 10,053 soil geo chemical
samples, 495 rock samples and 6955 drill core samples.
Qualified Persons
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instru ment 43 -101 -
Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has reviewed and approved
the scientific and technical disclosure in this news release.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains is a well -funded, prolific project generator that continues to
conduct research, acquire and explore mineral projects throughout western Canada, with a focus on critical
metals integral to an increasingly electrified, decarbonized economy.
The Company was formed in 1992 and is the ninth -oldest listed issuer on the TSX -V (and one of only
three that has not seen a roll -back or restructuring of its shares). Eagle Plains has continued to deliver
shareholder value over the years and through numer ous spin outs has transferred over $100,000,000 in
value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable
examples. Eagle Plains latest spinout; Eagle Royalties Ltd. (CSE:“ER”) was listed on May 24, 2023,
and holds a diverse portfolio of royalty assets throughout western Canada.
On October 2, 2024, Eagle Plains announced announce the formation of a separate division within the
Company that will give Eagle Plains’ shareholders direct exposure to strategic opportunities in Canadian
green energy transition. As a wholly owned subsidiary of Eagle Plains, Osprey Power Inc. (“OP”) will
focus on identifying and advancing innovative and diverse clean energy project portfolios in target markets
throughout Canada, with an initial focus on Western Canada.
Eagle Plains’ core business is acquiring grassroots critical- and precious-metal exploration properties. The
Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of
projects toward discovery through collaborative partnerships and development of a highly experienced
technical team.
Expenditures from 2010-2024 on Eagle Plains-related projects exceed $39M, the majority of which was
funded by third -party partners. This exploration work resulted in approximately 50,000m of diamond-
drilling and extensive ground-based exploration work facilitating the advancement of numerous projects
at various stages of development.
Throughout the exploration process, our mission is to help maintain prosperous communities by exploring
for and discovering resource opportunities while building lasting relationships through honest and
respectful business practices.
On behalf of the Board of Directors
“C.C. (Chuck) Downie” P.Geo
President and CEO
For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: [email protected] or visit our website at https://www.eagleplains.com
Cautionary Note Regarding Forward-Looking 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. 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.