Eagle Plains Acquires Additional Tenure and Commences 2021 Fieldwork at the Slocan Graphite Property

Eagle Plains Acquires Additional Tenure and Commences 2021

Fieldwork at the Slocan Graphite Property

Cranbrook, B.C., October 21st, 2021 : Eagle Plains Resources Ltd. (TSX-V: “EPL”) is pleased to

report that it has mobilized crews to commence exploration fieldwork at the road-accessible Slocan

Graphite Project located 34km northwest of Castlegar, British Columbia. The project is owned 100% by

Eagle Plains with no underlying royalties or encumbrances. The property hosts several large flake graphite-

bearing outcrops and float occurrences known as the Tedesco Zone, which is interpreted to extend over

2.0km. Prior to the commencement of fieldwork Eagle Plains acquired by staking an additional 188 ha of

mineral tenure to increase the property size to 2387 ha. 2021 program work will be managed by

TerraLogic Exploration Services of Cranbrook, BC. under the supervision of Jarrod A. Brown, P.Geo.

The current program will focus on prospecting and geological mapping in unde rexplored areas of the

property to locate extensions of the known graphite mineralized horizon and to better understand controls

on mineralization.

See project location and summary map here

About the Slocan Graphite Project

Graphite is a naturally occurring form of carbon and is an excellent conductor of both electricity and heat.

It is becoming increasingly important as a critical strategic component in advancing alternative energy

solutions including wind and solar power, hybrid vehicles and other alternative energy uses. It is also a

mainstay of the steel production industry. Canada is currently ranked as the 5th largest supplier of graphite.

The Slocan Graphite Project benefits from excellent infrastructure including a high-voltage transmission

line within 1.2 km of the property boundar ies, an extensive network of forestry roads on and around the

property, and an existing graphite processing plant and facilities located 1.5 km west of the property ,

owned by Eagle Graphite Corporation.

Graphite mineralization was initially discovered in logging road exposures in the late 1990’s. Ground and

airborne geophysical surveys were completed in the project area in 2000 and 2010 respectively. Both

surveys indicated strong conductive anomalies t hat correlate well with surface mineralization and are

interpreted to extend along strike and down-dip of known occurrences. A limited number of documented

samples have been taken across the Tedesco horizon and analysed for carbon graphite ranging from trace

values to grades of up to 3.36 and 4.43 per cent.

Graphite mineralization is hosted primarily in carbonate and calc-silicate lithologies within the Passmore

Dome of the Valhalla Metamorphic Complex, a geologic setting consistent with a crystalline flake graphite

deposit model. Previous operators have estimated the mineralized horizon to be up to 50m thick, however

cite that it is difficult to determine due to a lack of surface exposure. The horizon has never been tested

by diamond drilling.

Past workers in the area concluded: “Although the graphite occurrences at Tedesco are in the early stages

of exploration, geological, assay, and geophysical data indicate significant potential to form an economic

deposit” (BC Assessment Report 26537). Eagle Plains geologists are of the opinion that the high-quality,

large flake character of the graphite mineralization found to date, spatial extent of conductivity from a

2010 airborne electromagnetic (“EM”) survey, minimal historic exploration activity, excellent proximity

to infrastructure and the favorable economic outlook for graphite as a strategic commodity make Slocan

Graphite a compelling project for continued exploration and a potentially significant component of Eagle

Plain’s broad and varied portfolio of exploration projects. The project is consistent with EPL’s policy of

identifying and acquiring undervalued exploration projects during cyclical downturns within a particular

commodity space.

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 at the Slocan

Graphite property. While the company considers the above historical information to be relevant to

investors as it may indicate the presence of mineralization, the reader is cautioned that a Qualified Person

has not done sufficient work to evaluate the potential of the property to contain an economic deposit and

that there is no certainty that the property contains a graphite deposit.

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 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 whic h 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.