Eagle Plains / SKRR Announce 2022 Winter Drilling Program at Olson Gold Project, Saskatchewan
Eagle Plains / SKRR Announce 2022 Winter Drilling Program at Olson Gold
Project, Saskatchewan
Cranbrook, B.C., January 27, 2022: Eagle Plains Resources Ltd. (TSX-V: “EPL”, “Eagle Plains” )
and SKRR Exploration (“SKRR”: CSE) are pleased to announced that crews and equipment have been
mobilized to EPL’s 100%-owned Olson property (the “Property”) to commence a 10-hole, 1850m (6000’)
diamond drilling program. SKRR may earn up to a 75% interest in the property over three years (option
agreement details below) . The Olson property area covers 5 ,712 ha located within the Trans Hudson
Corridor 100 km east of La Ronge , Saskatchewan and 80km south of SSR Mining’s Seabee Gold
Operation. The 2022 diamond drill program is fully funded by SKRR.
2022 Drill Program
The current program will follow up on results from the EPL/SKRR 18-hole, 2981 m (9778’) drill program
completed in Fall 2020 and the 12 -hole, 1674m (5492’) drill program completed in Winter 2021. The
2020/21 programs were successful in defining significant gold mineralization at known but underexplored
target areas as well as identifying new mineralized zones at the previously undrilled Michaels Lake and
Ackbar Target Areas (see EPL News Releases May 6, 2021, February 4th, 2021 and March 25th, 2021).
The current 10-hole, 1850m (6000’) 2022 drill program is designed to further test gold mineralization at
the Olson, Ackbar Lake, Carina and Michael’s Lake zones.
See Olson regional map here
2022 Target Areas
Olson:
Drilling at the Olson Target Area is design ed to complete a series of step-out drill holes along strike and
along dip from previous mineralized intersections at the Olson Zone.
Previous highlights include:
• OL20017: 19.94m @1.19 g/t Au (130.46m - 150.40m), including
o 1.23m @ 9.64 g/t Au (140.65m - 141.88m)
• OL21025: 13.1m @ 0.89 g/t Au (32.22m – 45.32m),
• OL21026: 29.44m @ 1.30 g/t Au (105.04m – 134.48m), including
o 0.78m @ 14.55 g/t Au (126.45m – 127.23m)
Ackbar Lake:
Drilling at the Ackbar Lake area is designed to test a broad magnetic anomaly positioned perpendicular to
known shears. Soil geochemistry surveys from the area returned highly anomalous Au-in-soil results that
correlate well with mapped geology.
Previous highlights include:
• OL21029: 8.12 m @ 0.75 g/t Au (98.00-106.12m), including:
o 1.40m @ 2.39 g/t Au (101.75-103.20m)
Michael’s Lake:
The Michael’s Lake Target has been tested by two drill holes completed in 2020 and 2021. The holes were
unsuccessful in intersecting the contact between Brownell Lake Group metasediments and the Brownell
Lake Pluton. This favourable contact is known to host broad zones of anomalous gold mineralization at the
Point showing to the south. The 2022 program is designed to adequately test the stratigraphic contact and
correlating geophysical IP conductivity anomaly.
Previous highlights from Michael’s Lake include:
• OL20018: 6.46m @ 0.77g/t Au (158.00-164.46m), including
o 1.12m @ 2.85 g/t Au (161.97-163.09m).
Carina:
The Carina target was last drilled in 1987. Historic drill results show significant gold concentrations at the
contact between and overlying metasedimentary and underlying metabasalt packages. The 2022 program
is designed to test strike-length continuity of historic intersections.
Historic highlights from the Carina target area include:
• DDH 87-3: 5.77m @ 1.52 g/t Au (38.41-44.18m)
• DDH 87-10: 6.64m @ 1.92 g/t Au (46.65-53.29m), including
o 3.51m @ 3.04 g/t Au (47.56-51.07m)
Some of the above results and information were taken directly from historic assessment reports filed with
the Saskatchewan Government. Management cautions that historical results were collected and reported
by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for
ongoing work in the Olson Property area.
See Olson drill collar locations here
Tim Termuende, P.Geo., President and CEO of Eagle Plains commented recently on the results: “We are
extremely encouraged by results obtained from SKRR’s most aggressive exploration to date. The presence
of significant gold mineralization in numerous areas of the Olson property speaks to the high overall
exploration potential of the property and its rich mineral endowment . We look optimistically forward to
results from this latest round of drilling activity.”
Sherman Dahl, CEO, SKRR Exploration stated: “As we begin our 2022 drill program at Olson, it is clear
that the well-known Trans Hudson Corridor mining district still contains zones of substantial high -grade
mineralization. Based on the drilling we completed in 2021 and subsequent surface exploration whi ch is
now ongoing, it is our belief that we are only just beginning to scratch the surface here and extensive further
work will be required before we can begin to understand the scale of the mineralized zones at The Olson
Gold Project."
Olson Project Summary
The Olson project area overlies regionally sheared, highly strained meta-volcanic and intrusive rocks which
are considered to be prospective for orogenic gold mineralization. The property is host to 29 mineral
occurrences defined by histor ical geological mapping, prospecting, trenching and 4700 m of diamond
drilling, with the last drilling reported in 2008 . Historical drilling at Olson Lake has intersected 7.5 m
grading 2.07 g/t Au including 13.00 g/t Au over 0.65 m, and grab samples of up to 105.52 g/t Au have been
collected at the Kalix occurrence. 2018-2019 fieldwork completed by Eagle Plains and a previous partner
consisted of a detailed compilation of historical data, geological mapping , soil geochemical work and
prospecting. The fall 2020 drill program at the Olson intersected significant gold mineralization including
new discoveries at the previously undrilled Point, Jena and Michael’s Lake zones, high grade
mineralization in a step out hole at the historic Olson showing and wide inte rcepts of near surface
mineralization at the Siskin Zone. The project is considered to be significantly underexplored, with known
gold occurrences open at depth and along strike.
Some results are historical in nature and have not been confirmed by Eagle Plains/SKRR but are considered
to be reliable and will form a basis for ongoing work.
Olson Option Agreement Details
Under the Agreement, SKRR may earn -in up to a 51% interest in the Property by making certain staged
cash payments, share payments of common shares in the capital of SKRR to Eagle Plains and exploration
expenditures over a period as follows: (i) $10,000 in cash upon execution of a letter of intent in respect of
the Transaction (received); (ii) $20,000 in cash and 200,000 common shares upon TSXV approval of the
Transaction (received); (iii) $40,000 in cash, 200,000 common shares and $200,000 in exploration
expenditures on or before December 31, 2020 (received); (iv) $80,000 in cash, 200,000 common shares and
$500,000 in exploration expenditures on or before December 31, 2021; and (v) $100,000 in cash, 200,000
common shares and $800,000 in exploration expenditures on or before December 31, 2022.
SKRR may earn -in up to a an additional 24% (75% total) interest in the Property by making addi tional
exploration expenditures of $1,500,000 on the Property and issuing 200,000 common shares of SKRR to
Eagle Plains on or before December 31, 2023.
Qualified Persons
The 2022 drill program is expected to take four-weeks to complete and is supervised by Jarrod Brown,
P.Geo. of Terralogic Exploration Services of Cranbrook, B.C. The program will rely extensively on support
services and personnel from the town of Deschambault Lake, SK for which we express our gratitude .
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., has prepared, 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 approximately $95,000,000 in value directly to its
shareholders, with Copper Canyon Resources and 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. 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: [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