Eagle Plains’ Partner Rockridge Resources Commences Airborne Geophysical Program at Knife Lake Copper Project, Saskatchewan
Eagle Plains’ Partner Rockridge Resources Commences Airborne
Geophysical Program at Knife Lake Copper Project, Saskatchewan
Cranbrook, B.C., February 4th, 2021: Eagle Plains Resources (TSX -V:EPL) has been notified by
option partner Rockridge Resources Ltd. (TSX-V: ROCK) (OTCQB: RRRLF) (Frankfurt: RR0)
(“Rockridge”) that it has commenced a winter exploration program at the Knife Lake Project located in
Saskatchewan, Canada (the “Knife Lake Project” or “Property”). Rockridge holds the exclusive option with
Eagle Plains to acquire a 100% interest in the Property that covers the Knife Lake Cu -Zn-Ag-Co VMS
deposit (see option agreement details, following). The contiguous claims total 32,663 hectares and are
located approximately 50 km northwest of Sandy Bay, Saskatchewan. A 357kV powerline runs within 16
km of the Knife Lake Deposit area, greatly enhancing the project’s infrastructure.
Knife Lake VMS Project Map
http://www.rockridgeresourcesltd.com/_resources/projects/Knife_Lake_Region_20190730.pdf
2021 Exploration Program
Crews have rec ently mobilized to complete a 459 -line kilometer airborne electromagnetic (EM) and
horizontal magnetic gradiometer geophysical survey at the Knife Lake Project using Geotech Ltd.’s
VTEMTM Plus system. The survey is strategically located over the Scimitar a nd Gilbert Lake targets to
investigate over 30 linear kilometers of prospective VMS stratigraphy which hosts the Knife Lake copper
deposit. These targets are considered high -priority after field work in 2019 revealed favorable
mineralization and alteration typical to VMS environments (see news release from November 7, 2019).
This survey represents the first time -domain EM survey to be flown over the property and will allow for
the identification, modeling and prioritization of geophysical conductors for subsequent drill testing.
The Knife Lake deposit contains typical VMS mineralogy which has been significantly modified and
partially remobilized during the emplacement of granitic rocks. Therefore, the known 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 has 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.
2021 Regional Exploration Program and Priority Target Areas
http://www.rockridgeresourcesltd.com/_resources/images/Knife-Lake-Airborne-EM-Feb2021.jpg
Knife Lake Geology and History
The Knife Lake Project 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 Rockridge’s claim are a of 3,700 metres, and a known
average down-dip extension of approximately 300 metres.
Knife Lake Deposit Map
http://www.rockridgeresourcesltd.com/_resources/projects/Knife_Lake_Location_and_Highlights_20190
730.pdf
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 rocks. The
mineralization straddles the boundary betwee n two rock units and occurs on both limbs of an interpreted
overturned fold.
The Company completed twelve holes consisting of 1,053 metres of diamond drilling in the 2019 winter
drilling program . This represented the first drilling on the property since 2 001 and had two primary
objectives: confirm the tenor of mineralization reported by previous operators and expand known zones of
mineralization. Highlights from the drill program included 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. Additionally, previously reported drill hole KF19001 intersected net -textured to fracture -
controlled sulphide mineralization from 7.5 metres to 40.6 metres downhole. This 33.1 metre interval
returned 1.28% Cu, 0.12 g/t Au, 4.80 g/t Ag, 0.13% Zn, and 0.01% Co for an estimated 1.49% CuEq.
Knife Lake Plan Map and Drill Collar Locations
http://www.rockridgeresourcesltd.com/_resources/maps/KN-2019-DDH-Location-20190808.pdf
Compilation and initial modelling indicate potential for expansion of the deposit at depth. The recent
drilling focused on resource upgrade as well as infill drilling between historical holes. The program gave
the Company’s technical team valuable insights into the property geology, alteration, and minerali zation
that will be applied to future regional exploration on the highly prospective and underexplored land
package.
The Knife Lake deposit is a near surface VMS deposit starting a few metres below surface and the deposit
remains open at depth and along strike for potential resource expansion. Rockridge announced a maiden NI
43-101 resource estimate for the Knife Lake deposit (see the News Release dated August 14th, 2019) which
consisted of an indicated resource of 3.8 million tonnes at 1.02% CuEq at a 0.4% CuEq cut-off (3.8 MT at
0.83% Cu, 3.7 gpt Ag, 0.097 gpt Au, 82 ppm Co, 1740.7 ppm Zn). In addition there is an inferred resource
of 7.9 million tonnes at 0.67% CuEq at a 0.4% CuEq cut -off (7.9 MT at 0.53% Cu, 2.4 gpt Ag, 0.084 gpt
Au, 53.1 ppm Co, 1454 .9 ppm Zn). Refer to the NI 43 -101 Technical Report on the Mineral Resource
Estimate for the Knife Lake Property, Saskatchewan dated September 27, 2019 filed by Rockridge 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 (2,750,000 shares issued
to date) and complete $3,250,000 in exploration expenditures ($1,195,000 to date) 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 Persons
Kerry Bates, P. Geo., a “qualified person” for the purposes of National Instrument 43 -101 - Standards of
Disclosure for Mineral Projects, and a Geologist employed by TerraLogic Exploration Inc., has reviewed
and approved the scientific and technical disclosure in this news release.
About Eagle Plains Resources
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 dis covery through 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. Management’s focus is to advance
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. Throughout the
exploration process, our mission is to help maintai n prosperous communities by exploring for and
discovering resource opportunities while building lasting relationships through honest and respectful
business practices.
Expenditures from 2011-2020 on Eagle Plains-related projects exceed $22M, most of which was funded by
third-party partners. This exploration work resulted in approximately 37,000 m 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: [email protected] or visit our website at http://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 Ven ture 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.