Eagle Plains Acquires Strategic Disposition at Pine Channel Gold Project, Saskatchewan
Eagle Plains Acquires Strategic Disposition at Pine Channel Gold
Project, Saskatchewan
Cranbrook, B.C., April 05, 2023: Eagle Plains Resources Ltd. ( “EPL”:TSX-V, or “Eagle Plains” )
has acquired a strategic mineral disposition within its’ Pine Channel Gold Property tenure that covers the
historic Algold Bay mineralization. Apogee Minerals Ltd (TSX-V-“APMI”) holds the exclusive option
to acquire an 80% interest (less 2% NSR) in the Pine Channel Property.
About Algold Bay
The Algold Bay tenure has been in good standing since 1979 and covers several Au mineralized showings
on the north shore of Lake Athabasca. Gold mineralization at Algold Bay was first reported in 1935 and
subsequent work has included prospecting, trenching, geophysical surveys, and 5 short diamond drill
holes, with the last recorded work in 1988 by Colchis Resources.
The MEL-CEC showing is a vertically dipping shear zone exposed for approximately 300m strike length.
Historical chip sampling has returned values ranging from trace to 100.1 g/t (3.24 oz/t) Au over 0.8m,
26.4g/t Au over 1.9 m, 16.5 g/t Au over 1.31m, and 11.2 g/t over 1.3m. Drill intercepts at the MEL-CEC
returned values ranging from trace to a high of 63.5 g/t (2.04 oz/t) Au over 60cm.
The Algold Creek occurrence, a 3.7m wide quartz-tourmaline vein, returned values from trace to a high of
9 g/t Au from a grab sample. At the Occurrence 3 Au Showing, quartz stringers with arsenopyrite and
visible gold returned values from trace up to 5.7 g/t Au.
Rock grab samples are selective samples by nature and as such are not necessarily representative of the
mineralization hosted across the property. These results are historical in nature and have not been
confirmed by Eagle Plains, but are considered to be reliable and will form a basis for ongoing work.
Pine Channel Gold Property Summary
View Pine Channel Project/Highlight Map here
The Pine Channel Property consists of 2 9 mineral dispositions covering 6,5 19 hectares located
approximately 40 km west of Stony Rapids, Saskatchewan which is the logistics/business hub for northern
Saskatchewan. The property can be accessed year -round by float - or ski-equipped aircraft from Stony
Rapids or Fort McMurray, AB. The eastern and northern part of the property is transected by a high voltage
powerline. Most geological fieldwork is limited to late May to October but other operations such as
geophysical surveys and diamond drilling can be completed year-round.
The main dep osit type that is being explored for at Pine Channel is structurally controlled vein -quartz
(lode) gold deposits. Mineral occurrences on the Pine Channel Property contain predominantly gold, with
rare base metal occurrences. Within the Pine Channel tenures there are twenty historical showings reported
by the Saskatchewan Mineral Deposit Index (SMDI).
Highlights from documented historical work and previously reported results include:
• North Norite Bay (SMDI 2183): 407.96 g/t Au over 0.5 m (drill hole)
• ELA (SMDI 1574): 39.96 g/t Au over 0.55 m (drill hole)
• Holes G-1 and G-3 (SMDI 2329): 3.20 g/t Au over 1 m (drill hole)
• Occurrence No. 6/Occurrence No. 8 (SMDI 1581): 90.6 g/t Au over 0.2 m (trench sample)
• Cole Lake Ni-Cu (SMDI 1583): 0.45% Ni over 7.0 m (drill hole), 6.2 g/t Au, 0.01% Ni and 0.06%
Cu over 3.0 m (trench sample)
The above results were summarized from SMDI descriptions and 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 Pine Channel property area.
In 2019-2020, Eagle Plains completed field programs focused on prospecting and mapping in a reas of
known mineral occurrences. The work confirmed the widespread occurrences of auriferous quartz veins
and associated shear systems in the Pine Channel property. Analytical results from the seventy -two rock
samples collected in 2020 range from 6 ppb Au to 68,400 ppb Au. Twenty-three of the samples returned
greater than 1 g/t Au, and eight returned greater than 10 g/t Au. The most encouraging of the known
showings are the ELA Shaft showing (SMDI 1574) and Occurrence No. 6 and No. 8 (SMDI 1581), which
both demonstrate anomalous gold geochemical results and potential for extension of known mineralization
along strike.
2022 work included a helicopter-borne high-resolution aeromagnetic and radiometric survey covering 380
line-km. The survey was completed b y Precision Geosurveys Inc. of Langley, British Columbia. In
addition, a 70 km2 Lidar and orthophoto survey was conducted by Eagle Mapping Ltd. of Langley British
Columbia. Lineation analyses of the Lidar imaging, combined with the aeromagnetic data, defin ed a
number of new target areas adjacent to and along strike from known mineralization, which will be priority
targets for future exploration.
Pine Channel Option Agreement Details
In May 2021, Apogee entered into an option agreement with Eagle Plains. To earn an 80% interest in the
Pine Channel property, Apogee agrees to complete CAD $3,000,000 in exploration expenditures, issue
2,000,000 voting class common shares to Eagle Plains and make $150,000 in cash payments over a 4-year
period. A 2% NSR is reserved on the claims comprising the property . Under the terms of the agreement
Eagle Plains is designated as the Operator of the project.
Qualified Person
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, has prepared, reviewed, and
approved the scientific and technical disclosure in the 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 -out transactions, has transferred over $100,000,000 in value di rectly 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.
In late 2022 Eagle Plains announced the formation of a separate division within the Company; Eagle
Royalties Ltd. (“ER”) which holds many of Eagle Plains’ diverse portfolio of royalty a ssets. The
restructuring will enhance the valuation of Eagle Plains’ extensive royalty interests, enabling ER to market
and develop its royalty assets while seeking additional royalty acquisition opportunities. Eagle Plains’
royalties cover a broad spectrum of commodities on projects controlled by Cameco Corp., Iso Energy Corp.,
Denison Mines Corp., Skeena Resources Ltd. and Hecla Mining Co./Banyan Gold Corp., among others.
Planning is underway to spin-out Eagle Royalties during H22023 which will enable Eagle Plains to continue
to focus on its core business model of acquiring and advancing grassroots critical - and precious -metal
exploration properties.
Expenditures from 2011 -2022 on Eagle Plains -related projects exceed $30M, the majority of which was
funded by third -party partners. This exploration work resulted in approximately 45,000m of diamond -
drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at
various stages of development. Throughout the explo ration 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.
On behalf of the Board of Directors of Eagle Plains
“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 https://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.