Drilling Commences at Eagle Plains’ 100%-Owned Vulcan Critical Metals Project, Southeastern BC
Drilling Commences at Eagle Plains’ 100%-Owned Vulcan Critical
Metals Project, Southeastern BC
Cranbrook, B.C., June 15th , 2023: Eagle Plains Resources Ltd. (TSX -V:EPL) (“EPL” or
“Eagle Plains”) is pleased to report that diamond drilling activity i s underway at the Vulcan
Project, located 30km west of Kimberley, BC . The planned program will include a minimum of
3,000m (9,842’) of diamond drilling in 4-5 holes at the Hilo & West Basin Zones, following up on
encouraging results obtained during 2022 drilling (details following).
Vulcan consists of 12,400ha located 30km west of the world-class Sullivan sedimentary exhalative
(“sedex”) critical metals deposit near Kimberley, BC and is accessible by an extensive network of
well-maintained forest service roads . Encouraging results from the 2022 drill program were
announced previously by Eagle Plains (see news release s December 7th, 2022 and January 18,
2023). Initial observatio ns of core lithologies, mineralogy, alteration and mineral ization from
VU22004 suggest proximity to a sedex-type vent source near the trace of drill-hole VU22004. The
2023 program is designed to extend the mineralized horizons by completing systematic step-out
drilling that will include testing of a prominent off-hole borehole electromagnetic (“BHEM”)
anomaly delineated in late 2022 . Drilling is expected to further define stratabound Pb -Zn-Ag
mineralization and vector towards a suspected source vent complex such as that found at the now-
depleted Sullivan deposit. Eagle Plains management cautions that past results or discoveries on
proximate land are not necessarily indicative of the results that may be achieved on the Vulcan
property.
View 2023 Vulcan drill plan map here
2022 Drilling Highlights:
• Drillhole VU22004 intersected primary bedded sulphides (sphalerite-galena), as well as
textures, mineral assemblages, garnets and alteration ( tourmalinite, sericite) - all indicative of
proximity to an exhalative (sedex) source
• BHEM outlined a strong conductivity anomaly along strike to the south-southeast of VU22004
at depths consistent with the mineralized interval
• Previously reported analytical results for VU22004 include:
11.55m @ 0.46% Zn, 0.02% Pb, 21.48 ppm Cd, 90.65 ppm Sn (545.50-557.05m), including
• 1.50m @1.72% Zn, 68.83 ppm Cd, 32.09 ppm Sn (554.58-556.08m), including
o 0.22m @ 6.46% Zn, 259.00 ppm Cd, 39.10 ppm Sn (554.58-554.80m), and
o 0.18m @ 3.16% Zn, 126.50 ppm Cd, 26.80 ppm Sn (555.53-555.71m)
Management of Eagle Plains considers the Vulcan project to hold excellent potential for the
presence of sedex zinc/lead/silver mineralization. Rocks underlying Vulcan are within the same
sedimentary sequence and host occurrences, with mineralization and alteration styles similar to
those observed at and adjacent to Sullivan. The Main (Hilo 3) mineral occurrence at Vulcan
returned trench samples up to 1.6 % combined lead-zinc over 1.5 metre s from rocks near the
Lower-Middle Aldridge contact (“LMC”), the same time-stratigraphic horizon associated with the
Sullivan deposit.
Tim Termuende, P.Geo, President and CEO of Eagle Plains commented recently on the Vulcan
program: “We are excited to s ee drilling resume at this important critical metals project. The
target we are testing is world-class in scope and results to date have been extremely encouraging,
suggesting the presence of a mineralized sedex vent system at Vulcan. To date, our geologists have
observed many of the important hallmarks of the nearby Sullivan deposit, giving us confidence that
the upcoming program will provide critical information toward the potential discovery of the
source of mineralization intersected by drilling in late 2022”.
The Sullivan mine was discovered in 1892 and is one of the largest sedex deposits in the world.
Over its 100+ year lifetime, Sullivan contained a total of 160 million tonnes of ore averaging 6.5%
lead, 5.6% zinc and 67 g/t sil ver, resulting in 298 million ounces of silver, 18.5 billion pounds of
lead, 17.5 billion pounds of zinc and significant quantities of associated metals, collectively worth
over $40B at current metal prices.
Vulcan Project History
Sullivan-style mineralization was first reported in the mid-1950s at Vulcan. During the 1970s and
1980s, Texas Gulf Sulphur and later Cominco completed extensive geophysical work and drilled
shallow holes to test for continuous mineralization in areas of the property. Drill testing occurred
in the Hilo area during the early 1990s by Ascot Resources. In 1991 a five -hole, 1003m drill
program was completed, with three holes totaling 1535m completed in 1992.
Since acquiring the initial claims on the property in 2002, Eagle Plains has completed an extensive
compilation of all existing data, followed in 2006 by a 125 line-km helicopter-borne time-domain
geophysical survey flown at 200m spacing. Additional claims were added to the property position
as they became available thro ugh staking. Systematic geochemical, geological and geophysical
programs were conducted by Eagle Plains and its partners from 2011-2019.
In June 2020, Eagle Plains completed a two -hole, 977m drill program to test the LMC along an
existing road cut in an area of elevated soil geochemistry and anomalous geophysical features
(magnetometer, induced polarization and magneto -telluric). The LMC contact was successfully
intercepted in Hole VU20002 with significant alteration suggesting proximity to a hydrothermal
source, though no economic mineralization was encountered.
In 2022, Eagle Plains completed a 537 line -km helicopter -borne high -resolution aeromagnetic
survey. Geophysics was followed -up with a 3 -hole, 1700m diamond drilling program. Hole
VU22004 identified sedex-style mineralization at the West Basin zone deeper in the stratigraphic
package than historically tested. Analytical results from VU22004 defined the best intercept on the
property to date . Results from this program have been used to re -interpret the stratigraphic
sequence at the Hilo and West Basin Zones and have identified target stratigraphy considered to
hold high potential to host economic mineralization.
Qualified Persons
The current program will be conducted under the direct supervision by K. Bates, P.Geo ;
Exploration Manager of Eagle Plains. Terralogic Exploration Inc. of Cranbrook, BC will provide
overall project support. New Age Drilling Solutions has been contracted to complete diamond
drilling activities and Bighorn Helicopters of Cranbrook, BC will be providing helicopter support.
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 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. 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 numerous spin outs has transferred over
$100,000,000 in value directly to its sharehol ders, 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.
Eagle Plain s’ 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 2011-2022 on Eagle Plains-related projects exceed $30M, the majority of which
was funded by third -party partners. This exploration work resulted in approximately 45,000m 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
“Tim J. Termuende”
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 accu racy 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 recov ery
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.