Drilling Commences at Eagle Plains 100% Owned George Lake Critical Metals Project, Saskatchewan
Drilling Commences at Eagle Plains 100% Owned George Lake Critical
Metals Project, Saskatchewan
Cranbrook, B.C., February 2, 2026: Eagle Plains Resources Ltd. (TSX-V:EPL)
(OTCQB: EGPLF) (“EPL” or “Eagle Plains”) is pleased to announce that crews have
been mobilized to complete a 1650m, three-hole diamond drilling program at its 100%
owned George Lake Project.
The first phase of drilling is designed to intersect the sedimentary exhalative (sedex)
stratigraphy that hosts the George Lake deposit, in systematic 200 m step outs (both down-
dip and along strike) from historical intersections such as 8.0m of 6.96% Zn, 1.42% Pb,
and 5.91 g/t Ag within a broader interval of 47. 8m of 4.50% Zn, 0.61% Pb, and 3.49
g/t Ag (DDH GL-08-02). Drill targets have been derived through interpretation of results
from geophysical and technical work, paired with advanced modelling to prioritize targets.
Mineralization at George Lake is characterized by significant but sub -economic critical
metal mineralization over a broad strike length of approximately 8.1 kilometers. The source
of this mineralization has never been established, and forms the basis for Eagle Plains’
continuing exploration work. The program will be conducted by TerraLogic Exploration
Inc. of Cranbrook, BC under the direction of Kerry Bates, M Sc., P.Geo ., Exploration
Manager for Eagle Plains. New Age Drilling Solutions has been contracted to complete
diamond drilling activities.
See George Lake Drill Plan Map here
Chuck Downie, P.Geo., President and CEO of Eagle Plains, commented, “We are excited
to initiate the first drill program at the George Lake critical metals project in nearly two
decades. By integrating modern geophysics and advanced modelling to refine drill
targeting, we hope to be able to identify additional mineralization in the immediate deposit
area, as well as test the target stratigraphy outside the area of known mineralization”
George Lake is one of the projects included in a formal Exploration Agreement between
Eagle Plains and the Ya’thi Néné Lands and Resource Office (“YNLR”), representing the
Athabasca Denesułiné First Nations of Hatchet Lake, Black Lake, and Fond du Lac , the
Northern Hamlet of Stony Rapids, and the Northern Settlements of Uranium City,
Wollaston Lake and Camsell Portage . YNLR will be providing technical support for the
program.
The project will also be eligible for the Saskatchewan Targeted Mineral Exploration
Incentive (TMEI), which may provide funding of up to $150,000.00 towards drilling -
related program costs.
About the George Lake Project
The fully permitted 6868 ha George Lake project is located 280km north of La Ronge,
Saskatchewan. The project has excellent access and is located on a recently completed
highway connecting Saskatchewan Highway 905 to the community of Wollaston Lake .
Eagle Plains holds a 100% interest in claims comprising the property, subject to a 2%
royalty held in favour of Summit Royalties Ltd.
See George Lake Project Information and Map here
George Lake Project Highlights
• 4,131m of drilling completed in 22 holes at the deposit, with the best drill holes returning
57.9m grading 2.65% Zn and 0.41% Pb (including 13.5m grading 4.36% Zn and 0.76%
Pb) (DDH GL08 -01) and 47.8m grading 4.03% Zn and 0. 44% Pb (including 8.0m
grading 6.96% Zn and 01.42% Pb) (DDH GL08-02) (SMAF 64E05 0033);
• George Lake Deposit comes to surface and has dimensions of approximately 35m width x
150m depth x 800m length, and is open to depth and along strike;
• Potential for discovery of extensions of existing mineralization and other discrete
mineralization elsewhere on the property;
George Lake Geophysics Summary
The George Lake property was covered by the 2022 eastern Wollaston Domain
electromagnetic and magnetic high resolution geophysical survey, flown by the
Government of Saskatchewan. The 200m line spaced survey was carried out by Geotech
Canada Inc. utilizing Geotech’s VTEM Max Time -Domain Electromagnetic (TDEM)
system. Results from the survey indicate a strong southwest -northeast trending EM
conductor that crosses the entire property. The conductor is coincident with the George
Lake deposit mineralization and has been only partially drill tested. The survey also located
weaker parallel conductor trends north and south of the main conductor, with the northern
conductor coincident with the Spence Lake mineralized zone.
In 2024, Eagle Plains contracted EarthEx Geophysical Solutions to undertake detailed
interpretation of the VTEM survey data to assess the electromagnetic and magnetic
response of the George Lake deposit, and identify new exploration targets. EarthEx
identified 17 target zones and a magnetic inversion component included as part of the
modelling indicates that the contact that hosts the George Lake deposit is near vertical and
continuous to depth, providing valuable information for drill targeting.
George Lake Exploration Target
The results from the 2024 geophysical modeling, and the results from historical drilling 1,
including the continuous nature of the mineralization, the reported grades of the
mineralization, shallow drilling depths and examination of historical drill core indicate the
potential to expand the size of the known George Lake Deposit, with a conceptua l
Exploration Target containing 2MT to 5MT with grades of 3-5% Zn and 0.5-1.5% Pb.
1 SMAF 64E05-0031, 64E05-0026, 64E-0018
The potential quantity and grade of the George Lake mineralization is conceptual in
nature, and there has been insufficient exploration to define a mineral resource. It is
uncertain if further exploration will result in the target being delineated as a min eral
resource.
The property overlies 8 Saskatchewan Mineral Deposit Index (“SMDI”) occurrences
including the George Lake Zn Deposit. Zinc and lead mineralized boulders were
discovered in the George Lake area in 1965 which led Falconbridge Nickel Mines to
acquire a large land position in the area, resulting in a 34 -hole diamond drill program in
1969-70 which defined the George Lake deposit. The deposit contains sedimentary -
exhalative (“sedex”) style mineralization, with a higher-grade core of >5% Zn.
Some of the above results were taken directly from the SMDI descriptions and assessment
reports (SMAF) filed with the Saskatchewan government. Management cautions that
historical results were collected and reported by past operators and have not been verified
nor confirmed by a Qualified Person, but form a basis for ongoing work on the subject
properties.
Qualified Person
Technical information in this News Release has been reviewed and approved by C.C.
Downie, P.Geo., a director and officer of Eagle Plains, hereby identified as the “Qualified
Person” under N.I. 43-101.
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 fourth-oldest listed issuer on the TSX-V (and
the only one of these four 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 numerous spin
outs has transferred over $110,000,000 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, 20 23, and on October
30, 2025, ER shareholders overwhelmingly approved a three -cornered amalgamation that
resulted in a reverse takeover of Eagle Royalties by Summit Royalty Corp. The resulting
issuer is named Summit Royalties Ltd. and trades under the symbol SUM on the TSX
Venture Exchange with a market capitalization of over $100M.
On October 2, 2024, Eagle Plains announced 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 $41M, 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 of Eagle Plains
“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.