Eagle Plains / SKRR Drilling Continues to Intersect Widespread Gold Mineralization at the Olson Gold Project, Saskatchewan
Eagle Plains / SKRR Drilling Continues to Intersect Widespread Gold
Mineralization at the Olson Gold Project, Saskatchewan
Cranbrook, B.C., May 3rd, 2022: Eagle Plains Resources Ltd. (TSX-V: “EPL”, “Eagle Plains”) and
SKRR Exploration (“SKRR”:CSE) have received results from the 10-hole, 1867m (6125’) 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
11,219 ha located within the Trans Hudson Corridor 20km nor thwest of Deschambault Lake ,
Saskatchewan and 80km south of SSR Mining’s Seabee Gold Operation. All 2022 work was fully funded
by SKRR.
The 2022 program was designed to follow up on results from SKRR’s 18-hole, 2,981m (9780’) drill
program completed in Fall 2020 and the 12-hole, 1674m (5492’) diamond drill program completed in
Winter 2021. Both programs were successful in intersecting significant gold mineralization, extending
known mineralized trends at the Olson and Sisken Zones as well as defining newly discovered gold
mineralization at the Point, Jena, Ackbar and Michael’s Lake Zones (see EPL news releases February
4th, 2021, March 25th, 2021 & May 6, 2021)
Winter Program Drilling Highlights:
• Winter 202 2 program continued to demonstrate the potential for broad mineralized zones at
Michael’s Lake. New discoveries include:
o OL22009: 50.35 m @ 0.56 g/t Au (85.00-135.35m)
• Drill results at the Olson Zone continue to be encouraging : step-out holes show continuity of
mineralized shear veins along strike and down -dip of previous intersections . The Olson Zone
remains open in all directions. Significant intersections include:
o OL22003: 8.07 m @ 1.62 g/t Au (47.73-55.80m), including:
o 0.89 m @ 5.64 g/t Au (51.11-52.00m)
o OL22006: 2.07 m @ 2.44 g/t Au (74.70-76.77m)
• Drilling at Ackbar Lake focused on extending gold mineralization first discovered in 2021. 2022
drilling proved strike-length continuity of mineralization >100m from the discovery hole OL21029.
Significant intersections include:
o OL22008: 6.75 m @ 0.95 g/t (62.00-68.75m), including:
o 1.02 m @ 1.97 g/t (63.48-64.50m)
o OL22008 confirmed continuity of mineralization over >100m. This mineralization was
first discovered in drill hole OL21029, returning 0.75g/t Au over 8.12m, including 2.39g/t
Au over 1.4m;
• 9 of 10 holes completed during the recent program intersected significant gold mineralization
See Olson regional map here
See Olson property map here
Select Drill Results Table
Hole
From
(m)
To
(m)
Core
Interval
(m) Au (g/t)
Azimuth
(°)
Dip (°)
Zone
OL22001 47.00 48.00 1.00 1.20 160 45
Olson
OL22002 17.63 18.38 0.75 2.34
155 50 and 81.60 83.70 2.10 3.20
including 81.60 82.64 1.04 5.22
OL22003 47.73 55.80 8.07 1.62
155 55
including 50.00 54.30 4.30 2.78
including 51.11 52.00 0.89 5.64
and 66.14 67.15 1.01 1.01
and 72.50 73.25 0.75 1.69
OL22004 125.32 126.74 1.42 1.43 155 55
and 134.00 135.00 1.00 1.33
OL22005 23.33 37.90 14.57 0.50
155 55 including 32.45 33.50 1.05 1.27
and 74.41 76.10 1.69 0.89
including 75.10 76.10 1.00 1.05
OL22006 74.70 76.77 2.07 2.44
155 65 and 88.50 89.50 1.00 1.37
and 100.23 105.90 5.67 0.81
including 102.72 103.98 1.26 1.72
OL22007 32.42 33.80 1.38 2.00
210 55
Ackbar
and 51.35 52.50 1.15 1.01
and 130.60 137.50 6.90 0.43
including 136.92 137.50 0.58 1.01
228.10 229.00 0.90 1.42
OL22008 62.00 68.75 6.75 0.95
210 45 including 62.00 65.72 3.72 1.25
including 63.48 64.50 1.02 1.97
OL22009 85.00 135.35 50.35 0.56 290 70 Michael's
Lake including 131.00 134.10 3.10 1.48
OL22010 no significant intercepts 150 45 Carina
* 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 maps and drill collar locations here
Drillholes OL22001 – 006 were completed at the Olson Zone and were designed to test mineralized shear-
veins hosted in strained metavolcanic rocks. Results from 2022 show that mineralization reported in historic
holes have strike and dip direction continuity and remains open in all directions. Hole OL22003 returned
8.10 m of 1.62 g/t Au including 0.84m of 5.64 g/t Au. Hole OL22006 returned 2.44 g/t Au over 2.07 m
Drillholes OL22007 – 008 were completed at Ackbar Lake and tested mineralized shear/vein systems
hosted in granodiorite-diorite of the Brownell Lake Pluton. Mineralization in this zone was first discovered
during the 2021 program in hole OL21029. OL22008 returned 0.95 g/t Au over 6.75 m including 1.97 g/t
over 1.02m.
OL22009 tested a geophysical chargeability anomaly at the Michael’s Lake Zone that was first intersected
in OL20018 and OL21024. OL22009 was designed as a 120 m step -out from OL21024 and successfully
intersected mineralized hosted at the contact between the Brownell Lake Pluton and surround country rock.
Assays show a broad, low-grade Au mineralization associated with the contact, returning 50.35m of 0.56
g/t Au including 3.10 m of 1.48 g/t Au.
Drillholes OL22010 tested the western extension of Au mineralization reported in historic drilling at the
Carina Zone. The hole intersected semi -massive arsenopyrite hosted in a 1.0 m thick quartz vein. Assays
did not return economically significant Au concentrations.
Tim Termuende, P.Geo., President and CEO commented recently on the results: “ We continue to be
encouraged by results to date at the Olson Project . The presence of consistent high grade gold
mineralization identified at the Olson Zone and low -grade, bulk-tonnage gold mineralization discovered
at the Point, Ackbar and Michael Lake Zones confirms the overall potential of the Olson Project and the
widespread presence of gold mineralization on the property.
Ross McElroy, Chairman and Chief Geologist, SKRR Exploration stated: “With multiple drill confirmed
target areas displaying a diverse style of gold mineralization, the Olson property continues to im press,
showing encouraging signs of the potential to host deposit scale occurrences. Hole OL22009 at Michael
Lake, with a 50m wide mineralized interval is an excellent example of the large and robust scale of gold
mineralization at Olson.
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 ge ological mapping, prospecting, trenching and 4700m of diamond
drilling, with the last drilling by third party operators reported in 2008. Historical drilling at Olson Lake
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. Fall 2020 drill program by SKRR at the Olson Zone 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. Follow-up drilling in 2021 extended known mineralization
at historical occurrences and resulted in a new gold discovery at the previously undrilled Ackbar Zone.
The Olson project is considered to be significantly underexplored, with many 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 Exploration 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) 50 g Fire Assay – AA finish (Au-AA25). Samples
that returned over 1ppm Au by Au-AA24 were re-analysed using gold (Au) 50g Fire Assay – Gravimetric
finish (Au-GRA22).
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 verify 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% interest in the Property by completing exploration
expenditures of $3,000,000, making cash payments of $250,000 and issuing 1,000,000 voting class
common shares to EPL over a 4 year period ending December 31, 2022 . SKRR may earn -in up to a an
additional 24% (75% total) interest in the Property by making add itional 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 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 . 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 over $100,000,000 in val ue 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. Management’s focus is to advance its most promi sing 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.