Eagle Plains / SKRR Continue to Intersect Significant Gold Mineralization at the Olson Gold Project, Saskatchewan
Eagle Plains / SKRR Continue to Intersect Significant Gold Mineralization at
the Olson Gold Project, Saskatchewan
Cranbrook, B.C., May 6th 2021: Eagle Plains Resources Ltd. (TSX-V: “EPL”, “Eagle Plains”) and
SKRR Exploration (“SKRR”: CSE) have received results from the 12-hole, 1674m (5,492’) drill program
recently completed on EPL’s 100%-owned Olson property (the “Property”). SKRR may earn up to a 75%
interest in the property over three years (option agreement details below). The Olson property area covers
5,038 ha located within the Trans Hudson Corridor 100 km east of La Ronge, Saskatchewan and 80km
south of SSR Mining’s Seabee Gold Operation. All 2021 work was fully funded by SKRR.
The current program was designed to follow up on results from a 2,981m (9,778’) drill program completed
on the property in Fall 2020, where 13 of the 18 of the drillholes 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 Zone showing and wide intercepts of near surface
mineralization at the Siskin Zone (see EPL News Releases February 4th, 2021 and March 25th, 2021).
The current program continued to demonstrate the near surface, large size potential of the Point Zone with
significant widths of gold mineralization. The Point Zone shows good continuity in width and often with
narrow higher-grade intervals. New highlights include:
• OL21019: 50.24m @ 0.41 g/t Au (3.23m – 53.47m), including:
o 6.25m @ 1.15 g/t Au (35.75m – 42.00m)
• OL21020: 39.5m @ 0.37 g/t Au (2.66m – 42.16m), including:
o 12.61m @ 0.60 g/t Au (20.00m – 32.61m)
• OL21023: 7.04m @ 0.43 g/t Au (36.46m – 43.50m), and
o 9.02m @ 1.16 g.t Au (67.53m – 76.55m), including:
o 4.55m @ 1.59 g/t Au (72.00m – 76.55m)
Drill results at the Olson Zone continue to show encouragement and demonstrate well developed thickness
with higher grade intervals. The Olson Zone is open in all directions. Significant intersections include:
• OL21025: 13.1m @ 0.89 g/t Au (32.22m – 45.32m), and:
o 8.41m @ 0.72 g/t Au (122.47m – 130.88m)
• OL21026: 11.04m @ 0.61 g/t Au (48.63m – 59.67m) and:
o 29.44m @ 1.30 g/t Au (105.04m – 134.48m), including:
o 10.21m @ 2.95 g/t Au (120.11m – 130.32m), including:
o 5.54m @ 4.12 g/t Au (121.69m – 127.23m), including:
o 0.78m @ 14.55 g/t Au (126.45m – 127.23m)
Other Winter Program Drilling Highlights
• 9 of 12 holes completed intersected significant mineralization
• New Gold Discovery: First hole completed at Ackbar Lake, drill hole OL21029, returned 0.75g/t
over 8.12m, including 2.39g/t over 1.4m;
• Mineralized Core: 92 of the 717 core samples collected returned greater than 0.5 g/t Au, with 38
samples greater than 1 g/t Au.
See Olson regional map here
Winter 2021 Drill Results
SKRR completed 12 holes (1674m, 5,492’) of diamond drilling that tested the Point (6 holes), Olson (4
holes), Michael’s Lake and Ackbar zones (1 hole each), all located in the central part of the property. One
hole was abandoned due to rapidly deteriorating ice conditions.
See Olson property map here
Analytical results ranged from trace values to broad low grade and narrow higher-grade intercepts, as
summarized below.
Select Drill Results Table:
OL21019 - 031 Significant Intervals
Hole From To Core Length (m)* Au
(g/t) Zone
OL21019 3.23 53.47 50.24 0.41
Point
Including 35.75 42.00 6.25 1.15
Including 40.46 42.00 1.54 2.85
OL21020 2.66 42.16 39.50 0.37
Including 20.00 32.61 12.61 0.60
Including 30.51 32.61 2.10 1.25
OL21021 2.50 17.00 14.50 0.42
Including 10.23 11.17 0.94 3.17
OL21022 19.55 20.55 1.00 3.02
OL21023
Upper Interval 36.46 43.50 7.04 0.43
Including 38.16 38.75 0.59 2.29
Lower Interval 67.53 76.55 9.02 1.16
Including 72.00 76.55 4.55 1.59
Including 75.29 76.55 1.26 4.10
OL21024 no significant intercepts Michael's
Lake
OL21025
Olson
Upper Interval 32.22 45.32 13.1 0.89
Including 34.91 37.4 2.49 3.67
Lower Interval 122.47 130.88 8.41 0.72
Including 122.47 125.0 2.53 1.60
Including 123.15 124.19 1.04 2.81
OL21026
Upper Interval 48.63 59.67 11.04 0.61
Including 48.63 49.7 1.07 2.55
Lower Interval 105.04 134.48 29.44 1.30
Including 120.11 130.32 10.21 2.95
Including 121.69 127.23 5.54 4.12
Including 126.45 127.23 0.78 14.55
OL21027 abandoned
OL21028 no significant intercepts
OL21029 98 106.12 8.12 0.75 Ackbar Including 101.75 103.2 1.4 2.39
OL21030 no significant intercepts Olson
OL21031 127.9 143 15.15 0.39 Point
* All drill indicated intercepts as reported in this news release are measured along core length and true thickness is yet to be determined.
See Olson Zone map and drill collar locations here
Drill holes OL21019 - 23, and OL21031 tested the shear-vein systems associated with the contact between
granodiorite and meta-sediments at the Point showing, where 2020 drilling returned 39.80m of 1.09g/t Au
including 1.53m of 13.80 g/t Au in DDH OL2004.
OL21019-21, 30m step back holes from OL20004 , intercepted broad zones of gold mineralization that
extend from granodiorite at surface across the contact with the metasediments. Hole OL21019 intercepted
0.41 g/t Au over 50.24m, including 1.15 g/t Au over 6.25m and 2.85 g/t Au over 1.54m. Hole OL21020
intercepted 0.37 g/t Au over 39.50m, including 0.6 g/t Au over 12.61m and 1.25 g/t Au over 2.10m. Hole
OL21021 intercepted 0.42 g/t Au over 14.50m, including 3.17 g/t Au over 0.94m.
OL21022, a 50m step-out south along strike from holes OL21019-21 returned a best intercept of 3.02 g/t
Au over 1.00m from 19.55-20.55m.
OL21023, a 50m step -out north along strike from holes OL21019 -21 intercepted two zones of gold
mineralization. The upper interval returned 0.43 g/t Au over 7.04m, including 2.29 g/t Au over 0.59m
associated with arsenopyrite/pyrrhotite stringer veins within the Brownell Lake Pluton. Mineralization in
the lower interval was associated with a granodiorite dyke, and returned 1.16 g/t Au over 9.02m, including
4.1 g/t Au over 1.26m.
OL21031, a 75m step-out north along strike from OL21023, returned 0.39g/t Au over 15.15m.
Drill holes OL21025 - 26, and OL21030 were drilled at the Olson Zone. Hole OL21025 was drilled as a
65m step-out to the west along strike from hole OL20017, which returned 9.64 g/t Au over 1.23m. It
intercepted two significant zones of gold mineralization. The upper interval returned 0.89 g/t Au over
13.10m, including 3.67 g/t Au over 2.49m, associated with sericite alteration in metabasalt. The lower
interval returned 0.72 g/t Au over 8.41m associated with up to 1% vein-hosted and disseminated
arsenopyrite.
Hole OL21026 was drilled to infill an 150m gap in historic drilling at the Olson showing. The hole
intercepted well developed quartz veining and silicification and returned 1.30 g/t Au over 29.44m,
including 4.12 g/t Au over 5.54m and 14.55 g/t Au over 0.78m.
Hole OL21029, the first hole ever drilled at the Ackbar Lake Zone, was designed to test a large soil
anomaly. It returned 0.75 g/t Au over 8.12m, including 2.39 g/t Au over 1.40m, with mineralization
hosted in diorite with up to 1% vein-hosted and disseminated arsenopyrite.
Tim Termuende, P.Geo., President and CEO commented recently on the results: “ We are extremely
encouraged by the results to date at the Olson Project and congratulate SKRR for their con fidence and
perseverance and the TerraLogic exploration team for their excellent work to date. The presence of
consistent high grade gold mineralization identified at the Olson Zone and low-grade, bulk-tonnage gold
mineralization discovered at the Point an d Ackbar Zones confirms the overall potential of the Olson
Project and bodes well for further exploration and potential resource development. We look optimistically
forward to future exploration of the property.”
Sherman Dahl, CEO, SKRR Exploration stated: “Our Olson drilling was ambitiously designed to test the
size potential of the Olson gold system. It was successful on all fronts. The presence of consistent high
grade gold mineralization identified at the Olson project confirms the overall potential growing into a
significant resource”.
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 historical 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 intercepts 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.
QA/QC
Geological and geotechnical logging and core sampling were completed at a facility on the Olson property.
Assay intervals were based on visual identification of mineralization, presence and density of quartz veins
and lithological boundaries. Terralogic Ex ploration geologists maintained chain of custody and sampling
procedures reported in this news release according to best industry practice and with due attention to quality
assurance and quality control, including sampling field duplicates and insertion of certified standard and
blank samples.
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). Samples
that returned over 1ppm Au by Au-AA23 were re-analysed using gold (Au) 30g Fire Assay – Gravimetric
finish (Au-GRA21).
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 Olson Drilling Program included certified reference
material (“CRM’s”) and blanks that were inserted into each sample batch in order to verif y the analytical
from the lab. The CRM’s from all holes reported passed within 3 standard deviations and the blanks returned
acceptable values. All of the lab internal standards and duplicates were within acceptable values.
Olson Option Agreement Details
Under the Agreement, SKRR may earn -in up to a 51% int erest 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 additional
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.
Iron Range Project Update
Eagle Plains has received an anniversary cash payment of $15,000 from its option partner (an arm’s length
private Alberta company (“the Company”)), related to an option agreement on Eagle Plains’ 100% owned
Iron Range Project located near Creston, in Southern British Columbia . Eagle Plains has also recently
received final data/reporting/interpretation from the 2020 Iron Range field program, wholly funded by the
Company. 2020 work at the Iron Range included soil, rock, and stream sediment geochemistry, a Quantum
Geoelectrophysics (QGEP), or Quantum Direct Matter Indicator (QDMI) non conventional geophysical
survey, and 10 hole, 738m diamond drilling pr ogram. Although the results from the 2020 work are
inconclusive, further work has been recommended to continue to advance the Iron Range project.
Under terms of the option agreement as announced May 5th, 2020, the Company holds the exclusive right
to earn up to a 60% interest in the Iron Range Project (the “Project”) from Eagle Plains over a five -year
period by incurring $3,500,000 in exploration expenditures and making $250,000 in cash payments to Eagle
Plains. The Company retains the right to increase its interest to 80% by making a one-time cash payment
of $1,000,000 to Eagle Plains.
Management of Eagle Plains considers the Iron Range project to hold excellent potential for the presence
of both iron -oxide copper -gold (“IOCG”) and Sullivan -style lead -zinc-silver sedimentary -exhalative
(“sedex”) mineralization. The Iron Range property covers an area of approximately 10km x 60km which
overlies the regional Iron Range Fault System (“IRFS”). Prior to the acquisition and initial involvement of
Eagle Plains in 2001, the property had seen little systematic exploration for other than iron resources known
to exist on the property since the late 1800s. Since 2001, Eagle Plains and its partners have completed
17,964m in diamond-drilling in 70 holes, collected 2482 line-km of airborne and surface geophysical data
and analysed 10,078 soil geochemical samples, 498 rock samples and 5749 drill core samples.
Drilling at Iron Range in 2010 resulted in the discovery of the Talon Zone, where drill -hole IR10-010
intersected 2 intervals of strong and continuous mineralization including 14.0m grading 5.1g/t gold, 1.86%
lead, 2.1% Zinc, 75.3g/t silver and 7.1m grading 8.13g/t gold, 2.84% lead, 3.07% zinc, 86.6g/t silver (Eagle
Plains news release December 21st, 2010). Previous drilling 10km north of the Talon Zone in 2008 by
Eagle Plains intersected gold mineralization in drill -hole IR08006 which assayed 7.0m grading 51.52g/t
(1.50 oz/ton) gold (Eagle Plains news release dated April 20th, 2009).
Qualified Persons
The four-week program at the Olson was supervised by Jarrod Brown, P.Geo. of Terralogic Exploration
Services of Cranbrook, B.C. and relied extensively on support services and personnel from the town of
Deschambault Lake, SK for which we express our gratitude. The Iron Range drill program was supervised
by Kerry Bates, P.Geo. 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 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. 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, unencumbere d projects through research, staking and strategic acquisitions. 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 2011-2020 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 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.