Eagle Bay Resources Announces 2023 Cap & Carbo Rare Earth Element (REE) Project Update & Marketing Agreement
E a g l e B a y R e s o u r c e s ( C S E : E B R )
1450 - W e s t P e n d e r S t r e e t
V a n c o u v e r , B . C . V 6 C 1 H 2
w w w . e a g l e b a y r e s o u r c e s . c o m
Eagle Bay Resources Announces 2023 Cap & Carbo Rare Earth Element (REE)
Project Update & Marketing Agreement
News Release - Vancouver, BC, June 28, 2023 – Eagle Bay Resources Corp. (CSE : EBR) (“Eagle Bay”
or the “ Company”), is pleased to announce is has completed a compilation of the extensive historic al
exploration database of diamond drilling, geophysics, soil geochemistry , and geological mapping of Eagle
Bay’s Cap and Carbo Rare Earth Element (“REE”) projects.
The Carbo Property is contiguous to Defense Metals Corp (TSXV-DEFN) Wicheeda Rare Earths Property
to the north and west (Figure 1). The Wicheeda Property has an indicated resource of 5.0 million tonnes
(Mt) at 2.95% rare earth oxide (REO) and inferred resource 29.5 Mt at 1.83% REO (SRK 2021) , and a
positive preliminary economic assessment completed by Defense Metals in 2022 (SRK PEA 2022). Further
drilling has yet to be incorporated in a new resource model and Defense has commenced a Phase II
Hydrometallurgical Pilot Plant Test as part of its preliminary feasibility study of the Wicheeda rare earths
deposit.
Since the Eagle Bay’s listing on the Canadian Securities Exchange March 15 , 2023, it has been focused
on compiling the extensive data bases of previous operators in preparation for the 2023 summer exploration
season. The Cap and Carbo projects saw extensive exploration during 2009 - 2011 which was successful
in taking the early-stage projects to first and second stage diamond drill programs.
The most significant results from the historical 2010 diamond drill hole (DDH) program were intercepted in
hole CA-10-006 on the Carbo Property (Figure 2). This hole returned three (3) distinct intervals of 37.3 m
of 1.43% of REO, 6.6 m of 1.77% REO, and 11.6 m of 1.33% REO (Bruland 2010). Approximately 750 m
to the southwest of hole CA-10-006, Defense Metals Corp intersected significant REE mineralization,
including 89 m of 3.01% REO in hole WI19-29, 130.8 m of 2.59% REO within hole WI19-30, and 82.9 m of
5.47% REO within hole WI19-31 (Raffle 2022).
The company has reconfigured its Cap and Carbo properties for a more efficient exploration program to
focus on the high potential areas where previous drilling , surface work , or airborne surveys have been
conducted. The Company’s combined properties consist of 31 claims totaling 6,768.87 hectares.
E a g l e B a y R e s o u r c e s ( C S E : E B R )
1450 - W e s t P e n d e r S t r e e t
V a n c o u v e r , B . C . V 6 C 1 H 2
w w w . e a g l e b a y r e s o u r c e s . c o m
Figure 1: Eagle Bay Property Map
E a g l e B a y R e s o u r c e s ( C S E : E B R )
1450 - W e s t P e n d e r S t r e e t
V a n c o u v e r , B . C . V 6 C 1 H 2
w w w . e a g l e b a y r e s o u r c e s . c o m
Figure 2: Eagle Bay North West Area Historical Drilling at Carbo, & Defense Properties
At the Carbo c laims, s everal outcrop occurrences identified by previous operators, including Teck
Resources Limited have only been followed up by reconnaissance stage surface work and drilling. These
occurrences will be reevaluated.
A report by Campbell & Walker Geophysics Ltd on previously flown magnetic, EM and radiometric survey
of the Carbo Property and immediate area was completed in April 2019. Targets from that report will be
examined in the field.
The Company has updated it s website to include these maps along with several other relevant figures
prepared by Dahrouge Geological Consulting Inc. (link to website)
E a g l e B a y R e s o u r c e s ( C S E : E B R )
1450 - W e s t P e n d e r S t r e e t
V a n c o u v e r , B . C . V 6 C 1 H 2
w w w . e a g l e b a y r e s o u r c e s . c o m
The Cap and Carbo REE Project is readily accessible by all-weather gravel roads and is near infrastructure,
including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and
major highways allow easy access to the port facilities at Prince Rupert, the closest major North American
port to Asia.
Jody Dahrouge, Director and President of Dahrouge Geology comments “We are very excited to follow up
on the historical results obtained by past operators of the CAP and Carbo properties. Th e historical work
has demonstrated clear potential for the extensive carbonatite outcroppings to host a large mineralized
system that includes REE’s and/or niobium.”
Management cautions that past results or discoveries on adjacent properties (i.e. , Wicheeda) may not
necessarily be indicative to the presence of mineralization on the Company’s properties (i.e., Cap, Carbo).
Marketing Agreement
In addition, Eagle Bay is pleased to announce it has signed an agreement with Zimtu Capital Corp. (TSXv:
ZC; FSE: ZCT1) (“Zimtu”) whereas Zimtu shall provide Eagle Bay Resources services under the
ZimtuADVANTAGE program.
ZimtuADVANTAGE is a marketing service designed for public companies, providing opportunities and
guidance to build their networks. The service offers a range of offerings such as live video conference
presentations, comprehensive social media management, in -house content creation, and influencer
marketing. Additi onal features include the use of Rockstone Research to broaden client company
awareness, dedicated monthly advertising campaigns for investor lead generation, interactive video
conferencing sessions for Q&A, and opportunities for direct investor engagement at trade shows and
conferences across North America and Europe. All these services are tracked and reported weekly to
ensure transparency and effectiveness.
Under the terms of the agreement, the Company will pay Zimtu $12,500 (plus GST) per month for a period
of twelve months amounting to an aggregate of $150,000 (plus GST) for the duration of the one-year term.
Additional information about the Company can be found in the Company’s final Non -offering Prospectus
dated February 28, 2023, as filed under the Company's profile on SEDAR at www.sedar.com. Company's
website is www.eaglebayresources.com.
Qualified Person
Jody Dahrouge, B.Sc., P.Geo. of Dahrouge Geological Consulting Ltd., is a professional licensee with the
Engineers & Geoscientists of British Columbia, and Qualified Person as defined by National Instrument 43-
E a g l e B a y R e s o u r c e s ( C S E : E B R )
1450 - W e s t P e n d e r S t r e e t
V a n c o u v e r , B . C . V 6 C 1 H 2
w w w . e a g l e b a y r e s o u r c e s . c o m
101 Standards of Disclosure for Mineral Projects and has reviewed the technical information in this News
Release. Mr. Dahrouge is a director of Eagle Bay.
About Eagle Bay Resources Corp.
Eagle Bay Resources Corp. is a Canadian exploration company specializing in the acqui sition and
development of high potential rare earth elements (REE’s) and niobium properties, including the Cap &
Carbo Carbonatite Complex’s. The 100% owned properties are located 85 km northeast of Prince George,
British Columbia and are comprised of 3 1 mineral tenures covering 6,768.87 hectare s. Eagle Bay
Resources is publicly listed on the Canadian Stock Exchange (CSE) under trading symbol “EBR”.
On Behalf of the Board of Directors
EAGLE BAY RESOURCES CORP.
David Hodge
Chief Executive Officer
Tel: 604.681.1568
Email: [email protected]
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward -looking statements” under applicable Canadian securities
legislation. Forward-looking statements consist of statements that are not purely historical, including any
statements regarding beliefs, plans, expectations or intentions regarding the future. Forward -looking
statements in this news release include statements with respect to receipt of final approval from the
Canadian Securities Exchange and the e xpected timing of commencement of trading. Forward -looking
statements are subject to various known and unknown risks and uncertainties that may cause actual results,
performance or developments to differ materially from those contained in the statements, including risks
related to factors beyond the control of the Company, including, but not limited to: changes in general
economic conditions or conditions in the financial and capital markets ; uncertainties related to the
availability and costs of financing needed in the future; business and economic conditions in the mineral
exploration industry generally; the supply and demand for labour and other project inputs; changes in
commodity prices; changes in interest and currency exchange rates; risks related t o inaccurate geological
and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of
equipment or processes to operate in accordance with the specifications or expectations, unavailability of
materials and equ ipment, government action or delays in the receipt of government approvals, industrial
disturbances or other job action and unanticipated events related to health, safety and environmental
E a g l e B a y R e s o u r c e s ( C S E : E B R )
1450 - W e s t P e n d e r S t r e e t
V a n c o u v e r , B . C . V 6 C 1 H 2
w w w . e a g l e b a y r e s o u r c e s . c o m
matters); risks related to adverse weather conditions and geopolitical risk and social unrest. There can be
no assurance that such statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements. The Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise, except as
required by law.
The CSE has not in any wa y passed upon the merits of the listing of the common shares of the Company
and has neither approved nor disapproved the contents of this news release. Listing of the common shares
of the Company is subject to satisfaction of the listing requirements of t he CSE, including customary
deliverables in satisfaction of the conditional approval.