Eagle Plains’ Partner Rockridge Reports Final Results From 2019 Knife Lake Drilling Including 2.01% Cu and 2.45% CuEq over 15.2m Starting at 5.1m Downhole
Eagle Plains’ Partner Rockridge Reports Final Results From
2019 Knife Lake Drilling Including 2.01% Cu and 2.45% CuEq
over 15.2m Starting at 5.1m Downhole
Cranbrook, B.C., June 10th, 2019: Eagle Plains Resources Ltd. (TSX-V: EPL) (“Eagle Plains”
or the “Company”) has received notice from Rockridge Resources (TSX-V: ROCK) (Frankfurt:
RR0) that it has received and interpreted final results from the 12 hole, 1053 m inaugural winter
drill program completed on Eagle Plains’ 100% -owned Knife Lake Project (the “Property”).
Rockridge has an option to earn a 100% interest in the 85,196 ha Property by making $150,000
in cash payments, completing $3,250,000 in expenditures and issuing 5,250,000 shares to Eagle
Plains. The Property is located 50km northwest of Sandy Bay, Saskatchewan and covers the
majority of the historical Knife Lake Cu-Zn-Ag-Co VMS deposit.
See Knife Lake regional map
The analytical results are summarized below and indicate high grade intercepts in six holes,
including a wide intercept in hole KF19006. Drill hole KF19006 tested the up-dip extension of the
Knife Lake deposit in an area that had not been previously tested. The drill hole intersected net -
textured to semi -massive sulphide mineralization from 5.1m to 20.3m downhole. The 15.2m
interval returned 2.01% Cu, 0.39 g/t Au, 8.16 g/t Ag, 0.17% Zn, and 0.02% Co for an estimated
2.45% CuEq**. Drill hole KF19007, which tested the down-dip extension of the deposit in the same
area as KF19006, intersect ed interstitially-forming to net -textured sulphides between 39.1m to
42.0m. KF19007 returned 2.95m of 0.66% Cu, 0.1 g/t Au, and 2.6 g/t Ag for an estimated 0.82%
CuEq**.
Drill holes KF19009, KF19010, KF19011, and KF19012 were drilled in the southern extent of the
deposit in areas that had either not been drill tested and/or where historical assays had not been
validated. All four drill holes intersected zones of disseminated, interstitially -forming to net -
textured sulphide mineralization. Drill hole KF19011 intersected 14.2m of 0.60% Cu, 0.07 g/t Au,
2.02 g/t Ag, 0.20% Zn, and 0.01% Co for an estimated 0.77% CuEq **. Drill hole KF19012
intersected 10.6m of 0.61% Cu, 0.09 g/t Au, 2.6 g/t Ag, and 0.17% Zn for an estimated 0.76%
CuEq**. Interpretation and QA/QC has now been completed on all twelve holes from the program.
Highlighted intersections from the drill holes are reported in the table below.
Rockridge is now working towards completing an NI 43-101 compliant resource estimate for Knife
Lake which will include results from the 2019 drill program. Rockridge also intends to complete a
summer exploration program on the Knife Lake project.
Drill Results Table KF19-006 - KF19012
Hole From To
Core
Length* Cu Au Ag Zn Co CuEq**
(m) (m) (m) (%) (g/t) (g/t) (%) (%) (%)
KF19006 5.10 20.25 15.15 2.01 0.39 8.16 0.17 0.02 2.45
Includes 8.75 16.00 7.25 3.07 0.72 12.74 0.28 0.03 3.79
Includes 11.00 16.00 5.00 3.58 0.93 15.22 0.35 0.03 4.51
Includes 11.00 12.00 1.00 5.87 0.46 24.20 0.44 0.03 6.62
KF19007 39.05 42.00 2.95 0.66 0.1 2.6 0.0 0.0 0.82
KF19008 No significant intercepts
KF19009
Upper Int 41.00 49.00 8.00 0.43 0.04 1.75 0.12 0.01 0.55
Includes 42.00 44.00 2.00 1.04 0.07 3.16 0.18 0.01 1.25
Lower Int 53.00 55.60 2.60 0.79 0.06 3.48 0.11 0.00 0.90
Includes 55.00 55.60 0.60 1.76 0.15 7.73 0.15 0.00 1.97
KF19010
Upper Int 40.85 43.70 2.85 0.69 0.07 3.24 0.39 0.02 1.00
Includes 40.85 42.00 1.15 1.00 0.10 5.50 1.00 0.03 1.64
Lower Int 53.00 57.70 4.70 0.38 0.03 1.37 0.05 0.01 0.46
KF19011 29.35 43.50 14.15 0.60 0.07 2.02 0.20 0.01 0.77
Includes 29.35 31.65 2.30 1.28 0.13 3.53 0.40 0.00 1.55
Includes 30.00 31.00 1.00 2.80 0.31 7.29 0.55 0.01 3.27
KF19012 26.50 37.05 10.55 0.61 0.09 2.60 0.17 0.00 0.76
Includes 31.00 37.05 6.05 1.07 0.16 4.64 0.26 0.01 1.32
Includes 35.00 36.00 1.00 1.75 0.45 7.13 0.44 0.01 2.24
Summary of Knife Lake Holes 1 – 5 (see details as reported April 30th, 2019 and May 06, 2019)
Hole From To
Core
Length* Cu Au Ag Zn Co CuEq**
(m) (m) (m) (%) (g/t) (g/t) (%) (%) (%)
KF19001 7.50 40.60 33.10 1.28 0.12 4.80 0.13 0.01 1.49
Upper Int 7.50 13.60 6.10 1.67 0.21 7.20 0.31 0.01 1.99
Includes 7.50 11.50 4.00 2.29 0.29 9.80 0.43 0.01 2.72
Middle Int 19.50 24.10 4.60 1.70 0.14 5.90 0.15 0.01 1.94
Includes 21.50 23.50 2.00 2.06 0.23 8.20 0.26 0.02 2.46
Lower Int 30.70 40.60 9.90 1.56 0.13 6.10 0.11 0.02 1.81
Includes 36.70 38.70 2.00 3.37 0.33 14.40 0.26 0.03 3.88
KF19002 9.70 53.50 43.80 0.78 0.07 2.54 0.07 0.01 0.93
Includes 24.30 42.00 17.70 1.27 0.11 3.71 0.07 0.02 1.47
Includes 25.40 30.50 5.10 2.03 0.10 5.04 0.11 0.02 2.28
Includes 29.50 30.50 1.00 5.97 0.21 15.4 0.28 0.04 6.49
KF19003 11.20 48.80 37.60 2.03 0.19 9.88 0.36 0.01 2.42
Includes 24.75 37.90 13.15 4.31 0.37 21.48 0.75 0.02 5.05
Includes 30.00 37.90 7.90 5.98 0.49 29.28 0.94 0.03 6.96
Includes 30.00 34.00 4.00 7.54 0.63 37.16 1.32 0.05 8.92
Includes 31.00 33.00 2.00 10.33 0.60 50.60 1.18 0.01 11.43
KF19004 33.15 36.50 3.35 1.01 0.08 4.21 0.19 0.02 1.25
KF19005 32.00 36.50 4.50 1.03 0.06 3.98 0.15 0.01 1.20
Includes 33.00 35.00 2.00 1.72 0.10 6.32 0.22 0.01 1.97
* Drill indicated intercepts (core length) are reported as drilled widths and true thickness is undetermined
** Assumptions used in USD for the copper equivalent calculation were metal prices of $2.80/lb Cu, $18.00/lb Co,
$1,300/oz Au, $17.00/oz Ag, $1.20/lb Zn and a processing cost of $11.55/tonne. Copper equivalent (CuEq) was
calculated using the formula CuEq = Cu% + ((Zn%*Zn Price*Zn Recovery*Zn Payable*22.0462) + (Co%*Co Price
*Co Recovery*Co Payable*22.0462) + (Augpt*Au Price*Au Recovery*Au Payable/31.1035) + (Ag *Ag Price*Ag
Recovery*Ag Payable/31.1035)) / (Cu price*CuRecov*Cupayable*22.0462)
See Knife Lake Plan Map and Drill Collar Locations
Rockridge completed twelve holes consisting of 1,053m of diamond drilling in the 2019 winter drill
program. This represents the first work on the property since 2001 and has two primary objectives:
confirm the tenor of mineralization reported by previo us operators and expand known zones of
mineralization. All activities will advance the project to ward the goal of completing a NI 43 -101
compliant mineral resource estimate.
Compilation and initial modelling indicates potential for expansion of the hist orical deposit at
depth. The current drilling has been focused on resource upgrade and expansion as well as infill
drilling between historical holes. The program will also give the Company’s technical team
valuable insights into the property geology, alter ation, and mineralization that will be applied to
future regional exploration on the highly prospective and underexplored land package.
Knife Lake contains typical VMS mineralogy which has been significantly modified and partially
remobilized during the emplacement of granitic rocks. Therefore, the known historical deposit may
represent a remobilized portion of a presumably larger “primary” VMS deposit based on general
observations about the mineralogy, mineral textures and metal ratios in the deposit. Most of the
historical work consisted of shallow drilling at the deposit area with little regional work carried out
and limited deeper drilling below the deposit. As a result, there is strong discovery potential both
at depth and regionally.
Knife Lake Geology and History
The Knife Lake area saw extensive exploration from the late 1960s to the 1990s with the last
documented work program completed in 2001. The most recent work was carried out by Leader
Mining International Ltd. Between 1996 and 1998, Lead er completed 315 diamond drill holes,
outlining a broad zone of mineralization occurring at less than 100 meters depth (AF 63M-0006,
Report 10). Late in 1998, Leader published a historical estimate for the deposit, reporting a drill-
indicated resource of 20.3 million tonnes grading 0.6% Cu, 0.1 g/t Au, 3.0 g/t Ag, 0.06% Co and
0.11% Zn. Within the historical estimate, there is a higher grade zone containing 11.0 million
tonnes grading 0.75% Cu in addition to other metals (SMDI 0406). All disclosed historica l
estimates were completed prior to the passing of NI 43 -101 into law and as such the Company
advises that these mineral resource estimates, as disclosed, are not supported by a compliant
National Instrument 43-101 technical report, contrary to NI 43 -101. A qualified person has not
done sufficient work to classify these historical estimates as current mineral resources or mineral
reserves in accordance with NI 43 -101. The above resource estimates are from the
Saskatchewan Mineral Deposit Index (SMDI) 0406. The Company is no t treating the historical
estimates as current mineral resources or mineral reserves. These estimates do not comply to
categories prescribed by National Instrument 43-101 or the Canadian Institute of Mining, and are
disclosed only as indications of the presence of mineralization and are considered to be a guide
for additional work. The historical models and data sets used to prepare these historical estimates
are not available to Eagle Plains and the Company is not aware of any more recen t resource
estimates or data. The 1998 historical resource was calculated using the cross -section method
and used assay data from 241 Leader holes and from 6 other holes drilled prior to Leader’s
drilling. A cutoff grade of 0.3% copper-equivalent and a minimum composite length of 3.0 meters
was used. Holes were plotted on vertical drill sections ranging from Section 20760 N to Section
24905 N, covering a strike length of 4,145 meters. The categories used for the Leader Mining
1998 historical resource esti mates are stated as being “drill -indicated”. This is not a resource
category as defined under 43-101 CP Section 2.4 (1) and (2)6 but based on the methodologies
and drill hole spacing it would likely be equivalent to an inferred resource category.
Drilling at Knife Lake has outlined a series of stratabound mineralized lenses which are controlled
by complex geological structures. In the copper mineralized zone, significant thickening of the
mineralization occurs near the central portion of the deposit. The d eposit is typical of VMS
mineralogy which has been significantly modified and partially remobilized during the
emplacement of granitic rocks. The mineralization straddles the boundary between two rock units
and occurs on both limbs of an overturned fold.
The stratabound mineralized zone is approximately 15m thick with irregular contacts and contains
copper, silver, zinc and cobalt mineralization which dips 30° to 45° eastward over a strike-length
of 4,500m, with an average horizontal width of approximately 300m. Over 400 diamond drill-holes
have been completed in and around the current property boundaries, with much of the drill core
stored under cover and in very good condition.
A 357kV powerline runs within 16 km of the Knife Lake Deposit area, greatly e nhancing the
project’s infrastructure.
QA/QC
Samples were sent for geochemical analysis with ALS Global, Vancouver for the following
analyses: 48 element four acid ICP-MS (ME-MS61) and gold (Au) 30 g Fire Assay – AA finish
(Au-AA23). Over limit analysis were completed using the following analyses: Ore Grade copper
(Cu), nickel (Ni) and zinc (Zn) – four acid ICP-AES (ME-OG62).
On receipt of final certificates of analysis, the QA/QC sample results were reviewed to ensure the
order of samples were reported correctly, that the blanks ran clean, and that the results for each
standard had minimal variance from its certified value. QA/QC for the Knife Lake drilling included
certified reference material (“CRM’s”) and blanks that were inserted into each sample b atch in
order to verify the analytical from the lab. The CRM’s from the first five drill holes reported passed
within 2 standard deviations and the blanks returned acceptable values. All of the lab internal
standards and duplicates were within acceptable values.
Complete analytical results are available on the Rockridge Resources website.
Drill Collar Summary Table
Hole ID Easting Northing Elevation Azimuth Dip Depth
(m) (m) (m) (m)
KF19001 641595.5 6194192.6 387 283 -90 90
KF19002 641622.7 6194154.3 389 283 -65 90
KF19003 641606 6194157 389 280 -55 90
KF19004 641566.8 6194120.1 390 283 -70 90
KF19005 641551.6 6194016.9 388 283 -70 90
KF19006 641590.8 6194285.3 386 283 -65 69
KF19007 641654.5 6194272.6 380 280 -65 90
KF19008 641616.9 6194368 380 283 -60 90
KF19009 641500.3 6193801.7 380 283 -55 84
KF19010 641500.3 6193801.7 380 283 -90 90
KF19011 641337.2 6193337.1 386 280 -55 90
KF19012 641384.4 6193478.8 385 280 -55 90
Qualified Person
The drill program was carried out by Michelle McKeough, of TerraLogic Exploration Services Ltd.
under the supervision of 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 Resources Ltd., who has prepared, reviewed, and approved the scientific and technical
disclosure in this news release.
Knife Lake 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 5,250,000 common shares of Rockridge (2M 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 pro ject area.
Under the terms of the agreement Rockridge is designated as the Operator of the project.
About Eagle Plains Resources Ltd.
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore
mineral projects throughout western Canada. 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.
Managements’ current f ocus is to preserve its treasury while advancing its most promising
exploration projects. In addition, Eagle Plains continues to seek out and secure high -quality,
unencumbered projects through research, staking and strategic acquisitions. Since 2012, Eagle
Plains has added to its portfolio a number of new projects exceeding 130,000 ha targeting mainly
gold, uranium and base-metals in Saskatchewan, a highly -prospective mining jurisdiction which
was recently recognized by the Fraser Institute as the second best place in the world in terms of
Investment Attractiveness. 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 2011-2018 on Eagle Plains-related projects exceed $20M, most of which was
funded by third -party partners. This exploration work resulted in approximately 30,000 m of
diamond-drilling and extens ive 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: [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.