Eagle Plains’ Partner Rockridge Commences Drill Program at the High- Grade Knife Lake Copper Project, Saskatchewan
Eagle Plains’ Partner Rockridge Commences Drill Program at the High-
Grade Knife Lake Copper Project, Saskatchewan
Cranbrook, B.C., July 27th, 2022: Eagle Plains Resources (TSX -V:EPL) is pleased to announce that
option partner Rockridge Resources Ltd. (TSX-V: ROCK) (OTCQB: RRRLF) (Frankfurt: RR0)
(“Rockridge”) has commenced a summer drill program of approximately 1,000m at the Knife Lake High-
Grade Copper VMS Project located in Saskatchewan, Canada (the “Knife Lake Project” or “Property”).
Rockridge is fully funded and permitted for this drill program.
Rockridge holds the exclusive option from Eagle Plains to acquire a 100% interest in the Property that
covers the Knife Lake Cu-Zn-Ag-Co VMS deposit (details following). The contiguous claims are located
approximately 50 km northwest of Sandy Bay , Saskatchewan. A 357kV powerline runs within 16 km of
the Knife Lake Deposit area.
See Knife Lake VMS Project Location Map here
Using the results and interpretation from the recently completed geophysical programs, as well as the 2021
drill and field programs, the program will focus on targets at the Gilbert Lake zones as well as at the deposit.
The Knife Lake Project, consisting of 82 claims totaling 56,865 hectares (140,516 acres), is an advanced-
stage copper, silver, zinc and cobalt exploration property in Saskatchewan host to the Knife Lake Deposit.
Jon Weisblatt, Rockridge’s CEO, commented, "We are excited to start this summer drilling program which
will test highly prospective regional targets in addition to resource infill and expansion drilling at the Knife
Lake deposit. There is robust potential for new discoveries and resource expansion at the Property which is
the goal of this drill program. Knife Lake remains a noteworthy exploration opportunity that can offer
investors exposure to a top mining jurisdiction and to commodities in high demand like copper and several
other base and precious metals.”
Summer Diamond Drilling Program
The focus of the 2022 drill program will be on the highly prospective Gilbert Lake target area as well as
continued infill and expansion drilling at the Knife Lake deposit. The program will consist of approximately
1,000m in six to eight drill holes. The Gilbert Lake targets were identified from the results and interpretation
of the previous geophysical, drill and field programs. Results from these programs show that airborne
VTEM surveys can successfully identify zones of VMS -style mineralization hosted in favourable
stratigraphy on the property.
See Knife Lake 2022 Drill Program Target Areas here
The drilling at the Gilbert Lake South target area will further investigate strike -length continuity of the
mineralized horizon intersected in 2021 drilling, which remains open to the south. The holes will also
evaluate potential zoning of mineralization, which is commonly observed in VMS systems. Additional
drilling at a newly discovered copper showing at the Gilbert West Area has also been prioritized. The holes
will target the down -dip extension of a mineralized and intensely altered volcanic package whi ch is
interpreted to be the Knife Lake stratigraphic horizon. The Gilbert West target has never been drill tested.
Rockridge is also planning drilling at the Knife Lake deposit area as infill and expansion drilling to upgrade
the existing resource estima te. Rockridge has received its exploration permit which is good through
February 2024.
Knife Lake Geology and History
The Knife Lake Deposit is interpreted to be a remobilized VMS deposit. The stratabound mineralized zone
is approximately 15m thick and contains copper, silver, zinc, gold and cobalt mineralization which dips 30°
to 50° eastward over a known strike -length within the claim area of 3,700 metres, and a known average
down-dip extension of approximately 300 metres.
See Knife Lake Deposit Map here
The deposit is hosted by felsic to intermediate volcanic and volcaniclastic rocks which have been
metamorphosed to upper amphibolite facies. The deposit contains VMS mineralogy which has been
significantly modified and partially remobilized during the emplacement of granitic r ocks. The
mineralization straddles the boundary between two rock units and occurs on both limbs of an interpreted
overturned fold.
Rockridge has completed twenty-four holes consisting of 3096 metres of diamond drilling in the 2019 and
2021 winter drilling programs. This represented the first drilling on the property since 2001. Both programs
have given Rockridge’s technical team valuable insights into the property geology, alteration, and
mineralization that will be applied to future regional exploration o n the highly prospective and
underexplored land package.
See Knife Lake Project VTEM and Grab Sample Survey Map here
Highlights from the drill programs include previously reported hole KF19003 which intersected net -
textured to semi-massive sulphide mineralization from 11.2m to 48.8m downhole. This 37.6 metre interval
returned 2.03% Cu, 0.19 g/t Au, 9.88 g/t Ag, 0.36% Zn, and 0.01% Co for an estimated 2.42% CuEq.
In August 2019, Rockridge announced a maiden NI 43 -101 resource estimate for the Knife Lake deposit
which consisted of a pit-constrained indicated resource of 3.8 million tonnes at 1.02% CuEq and an inferred
resource of 7.9 million tonnes at 0.67% CuEq using a 0.4% CuEq cut -off. For more information, please
refer to the News Release dated August 14 th, 2019 or th e NI 43 -101 Technical Report on the Mineral
Resource Estimate for the Knife Lake Property, Saskatchewan dated September 27, 2019, filed on Sedar.
Knife Lake Option Agreement Details
To earn a 100% interest in the Knife Lake Project, Rockridge has agreed to make a cash payment to Eagle
Plains of $150,000 (complete), issue up to 5,550,000 common shares of Rockridge (4,550,000 shares issued
to date) and complete $3,250,000 in exploration expenditures over four years. Eagle Plains will retain a 2%
net smelter royalty (“NSR”) on certain claims which comprise the project area. Under the terms of the
agreement Rockridge is designated as the Operator of the project.
Qualified Person
Kerry Bates, P. Geo., a “qualified person” for the purposes of National I nstrument 43-101 - Standards of
Disclosure for Mineral Projects, and a Geologist employed by Eagle Plains Resources, has reviewed and
approved the scientific and technical disclosure in this news release relating to the Knife Lake Project.
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 $100,00 0,000 in value directly to its shareholders, with
Copper Canyon Resources and recently Taiga Gold being notable examples.
The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of
projects toward discovery thro ugh collaborative partnerships and development of a highly experienced
technical team. Eagle Plains also holds significant royalty interests in western Canadian projects, covering
a broad spectrum of commodities on projects controlled by Cameco Corp., Iso Energy Corp., Denison
Mines Corp., Skeena Resources Ltd. and Alexco Resource Corp./Banyan Gold Corp., among others.
Management’s focus is to advance its most promising exploration projects. 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.
Expenditures from 2011-2021 on Eagle Plains -related projects exceed $27M, the majority of which was
funded by third -party partners. This exploration work resulted in approximately 42,000m of diamond -
drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at
various stages of development.
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: mailto:[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.