Eagle Plains/ALX Execute Purchase Agreement for Axis Lake Claims
Eagle Plains/ALX Execute Purchase Agreement for Axis Lake Claims
Cranbrook, B.C., October 7th, 2019: Eagle Plains Resources Ltd. ( “EPL”:TSX-V, “Eagle Plains”)
has completed the sale to ALX Uranium Corp. (“ALX”:TSX-V) (subject to regulatory approval) of 31
individual dispositions totaling 5,064ha (12,513 acres) in the Athabasca region of northern Saskatchewan.
The claims are considered prospective for nickel, cobalt and copper mineralization and will complement
ALX’s existing claim package comprising the Falcon Nickel Project.
Under terms of the agreement, ALX will assume a 100% interest in the claims for consideration of $20,000
cash and 2,000,000 common shares of ALX. Eagle Plains will retain a 2.0% net smelter royalty, of which
ALX has the right to purchase 1.0% of the NSR for $2.0 million.
Upon closing of the Transaction, ALX will control the entire known strike length of three separate Ni-Cu-
Co deposits at Falcon, as outlined by historical dril ling programs carried out by various explorers since
1929. The addition of the new claims consolidates and increases ALX’s land position at Falcon to
approximately 12,233 hectares (30,228 acres) (see ALX news release dated June 12, 2019).
About the Falcon Nickel Project
The centre of Falcon is located approximately 14 kilometres (8.7 miles) northwest of Stony Rapids,
Saskatchewan within the Tantato Domain, which forms a segment of the Snowbird Tectonic Zone. A long
history of exploration beginning in 192 9 discovered numerous Ni -Cu-Co showings within Falcon’s
boundaries, including the Axis Lake deposit (“Axis Lake”), the Rea Lake deposit (“Rea Lake”) and the
Currie Lake deposit (“Currie Lake”).
Axis Lake is the most significant Ni-Cu-Co deposit within the Falcon area and was the subject of historical
mineral resource estimates variously reported as:
• 3,750,000 tons of 0.60% nickel, 0.60% copper, and 0.15% cobalt (c. 1929 -1930, from Mineral
Occurrences in the Precambrian of Northern Saskatchewan, Beck, 1959) and
• 3,400,000 tons of 0.60% nickel and 0.60% copper, (Technical Report, Organic Soil Samp ling,
Airborne And Ground Geophysics and Diamond Drilling, Fond Du Lac Property, Fond Du Lac
Area, Northern Saskatchewan, Canada dated April 15, 2007, Vivian and Lo, 2007)
Historical mineral resource estimates for Rea Lake of 70,400,000 tons grading 0 .10% copper and 0.10%
nickel plus traces of gold and silver are reported in the Saskatchewan Mineral Deposit Index (“SMDI”)
1627. Historical mineral resource estimates for Currie Lake of 47,536 tonnes grading 0.79% nickel are
reported in SMDI 1585.
The historical mineral resource estimates listed above use categories that are not consistent with National
Instrument 43 101 (“NI 43 -101”) and cannot be compared to NI 43 -101 categories, and should not be
relied upon. A qualified person has not done sufficient work to classify the estimates as current resources
and ALX is not treating the estimates as a current resource estimates. However, the estimates are relevant
to guiding ALX’s exploration plans and provide geological information regarding the type of
mineralization that could be present in the Falcon area.
The technical information in this news release has been reviewed and approved by C.C. Downie, P.Geo.,
Qualified Person and director of Eagle Plains in accordance with the Canadian regulatory requirements set
out in NI 43 -101. Readers are cautioned that the technical information described in this news release is
historical in nature; however, the information is deemed credible and was produced by professional
geologists in the years discussed.
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 ou r diverse portfolio of projects toward discovery through collaborative partnerships and
development of a highly experienced technical team. Managements’ current focus is to preserve its
treasury while advancing its most promising exploration projects. In a ddition, Eagle Plains continues to
seek out and secure high -quality, unencumbered projects through research, staking and strategic
acquisitions. Since 2012, Eagle Plains has added to its portfolio a number of new projects exceeding
130,000 ha targeting mainly gold, uranium and base-metals in Saskatchewan, a highly-prospective mining
jurisdiction which was recently recognized by the Fraser Institute as the second best place in the world in
terms of Investment Attractiveness. Throughout the exploration proces s, 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 2011-2018 on Eagle Plains-related projects exceed $20M, most of which was funded
by third-party partners. This exploration work resulted in approximately 30,000 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 inhere nt risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements.