Eagle Plains’ Partner Rockridge Resources to Commence a Fully Funded Drill Program at the High-Grade Knife Lake Copper Project, Saskatchewan
Eagle Plains’ Partner Rockridge Resources to Commence a Fully Funded
Drill Program at the High-Grade Knife Lake Copper Project, Saskatchewan
Cranbrook, B.C., June 9 th, 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”) is set to commence a fully funded Summer 2022 diamond drill program in mid-July at the
Knife Lake Copper VMS Project located in Saskatchewan, Canada (the “Knife Lake Project” or
“Property”). Using the results and interpretation from the 2021 geophysical programs, as well as the 2021
drill and field programs, the upcoming program will focus on Geophysical VTEM t argets at the Gilbert
Lake zones. Furthermore, Rockridge is evaluating other targets across the property as well as infill and
expansion drill targets 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.
Rockridge holds the exclusive o ption 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
Plans for Upcoming Summer Diamond Drilling Program
The focus of the 2022 drill program will be on the highly prospective Gilbert Lake target area. The Gilbert
Lake targets were identified from the results and interpretation of the 2021 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. Additionally, Rockridge is
currently finalizing 3D modeling of the VTEM data focusing on the highest -priority drill targets for the
upcoming program. Rockridge has signed contracts for the installation of the exploration camp, helicopter
rental and a preferred drill contractor to support the upcoming program.
Rockridge’s CEO, Jonathan Wiesblatt, commented: “Returning to the Knife Lake Proj ect for a summer
drilling campaign is a top priority for Rockridge. Exploration at target areas outside of the existing mineral
resource offers compelling discovery potential as there has been limited historical work done on these
highly prospective targets. Our work to date has only advanced our thesis that the identified target areas
display very common characteristics synonymous with comparable VMS systems. Our efforts have been
focused on identifying new prospective VMS discoveries in and around the Knife Lake deposit. The project
remains an exciting exploration story that can offer investors exposure to a top mining jurisdiction and to
commodities in high demand like copper. We look forward to updating our shareholders in the coming
weeks.”
See Knife Lake Target Areas 2022 Drill Program Map here
Specifically, Rockridge has assessed high-priority targets that include additional drill testing in the Gilbert
Lake Area. The planned holes 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 holes at a newly discovered
copper showing at the Gilbert West Area have also been prioritized. The holes will target the down-dip
extension of a mineralized and intensely altered volcanic package which is interpreted to be the Knife Lake
stratigraphic horizon. The Gilbert West target has never been drill tested.
Summary of Exploration in 2021
Rockridge received and prev iously announced results from a field program completed in October of last
year. A two-person field crew was mobilized to complete mapping and prospecting at regional target areas,
investigating conductivity and magnetic anomalies identified through the Ph ase I (February 2021) and
Phase II (October 2021) airborne geophysical programs (VTEM).
See Knife Lake Project VTEM and Grab Sample Survey Map here
Prospecting on the west side of the Gilbert Lake target identified altered volcanic and green pegmatite
lithologies consistent with the host rocks at the deposit, indi cating continuity of favourable stratigraphy
approximately 10 km west of the deposit. Field geologists reported visual confirmation of trace interstitial
chalcopyrite hosted within the green pegmatite interval.
The drill program at the Gilbert North and South target areas in 2021 was designed to evaluate conductivity
and magnetic anomalies identified during the early 2021 airborne VTEM Plus survey and corresponding
surficial geochemical anomalies. It was the first modern drill program that tested these ta rget areas and
several drill intercepts included pyrrhotite -pyrite dominant VMS -style mineralization hosted at the same
stratigraphic horizon as the Knife Lake Deposit. Following the initial drilling at the Gilbert North and South
targets, a Borehole Elect romagnetic survey of all holes at the Gilbert North and South target areas was
completed to refine future drill targets which will be tested in this upcoming program. Furthermore,
previous surficial work programs have indicated that the stratigraphic posit ion of the targeted anomalies
correlates with the Knife Lake Deposit to the east. The discovery potential at the broader 15 km Gilbert
trend is robust and warrants follow-up work. Rockridge continues to utilize modern exploration techniques
and methods with the goal of making new discoveries.
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 Rockridge’s 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 rocks. The
mineralization straddles the boundary between two rock units and occ urs 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 on the highly prospective and
underexplored land package.
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 the 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 Instrument 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 deli ver shareholder value over the years and
through numerous spin-outs has transferred over $100,000,000 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 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 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 pr omising 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: [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 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.