Eagle Plains and Partner Refined Energy Receive Permit for Drilling at Dufferin West Uranium Property, Saskatchewan
Eagle Plains and Partner Refined Energy Receive Permit for Drilling at
Dufferin West Uranium Property, Saskatchewan
Cranbrook, B.C., March 3 rd, 2025: Eagle Plains Resources Ltd. ( “EPL”:TSX-V, or
“Eagle Plains”) is pleased to announce that it has received a permit for work, including
diamond drilling, at Eagle Plains’ 100% owned Dufferin West Property, from the
Saskatchewan Ministry of Environment. P artner Refined Energy Corp (CSE: RUU;
OTC: RFMCF; FRA: CWA0) (“Refined”)) is focused on advancing three priority target
areas as described in the January 7, 2025 news release . A drill program is being planned
for the highest priority targets.
Refined holds the exclusive option to acquire up to a 75% interest in the 10,140ha Dufferin
Project, which is made up of the North and West Dufferin properties, located
approximately 18km from Cameco’s Centennial Deposit where historic drill hole VR -
031W3 intersected 8.78% U308 over 33.9m (SMAF 74G12-0061).
Three priority target areas with signatures consistent with potential uranium deposits were
identified by Condor Consulting Inc. using archived versatile time domain electromagnetic
(VTEM) and magnetic data. The three geophysical target areas are adjacent to the Virgin
River shear zone. The highest-priority target area is represented by two conductors. One is
a strong conductor associated with a distinct magnetic transition. This conductor is
interpreted to ex tend from the unconformity at the sandstone contact well into the
underlying basement rocks. The second conductor is also interpreted to extend from the
unconformity to a lesser distance into the underlying basement rocks. These targets have
never been dri ll tested, and the depth of sandstone cover above the unconformity is
estimated to be relatively shallow at less than 200 metres. Uranium deposits in the
Athabasca basin are often located at or underneath the unconformity contact between the
overlying sandstone and the basement rocks. The other two targets are also characterized
by conductors with associated magnetic features.
The Dufferin Project is located within an area asserted to be the traditional territory of both
the Birch Narrows Dene Nation and the Saskatchewan Métis Nation. Eagle Plains and
Refined will make best efforts to engage with local communities in order to es tablish
effective communication and mitigate any specific concerns regarding work programs.
Mark Fields, Chief Executive Officer of Refined stated: "We are very encouraged to be in
a position to undertake an initial drill program for Refined in the Athabasca basin,
renowned for its history of exploration, discovery and development of high-value uranium
mines. The Dufferin project is located in proximity to NE -SW-trending faults, which are
known to host uranium mineralization. Our work is focused on the discovery of potential
high-grade deposits that characterize the Athabasca basin."
See Dufferin West Project Information and Map here
The Dufferin Project is located on or in close proximity to the known trace of the Virgin
River Shear Zone and related splays which are key structures for potential uranium
mineralization.
The Project is prospective for unconformity- and basement-hosted uranium mineralization
in proximity to the Virgin River Shear Zone. Faulted basement contacts and brittlely
reactivated structures are the primary locations for mineralization in the area covered by
the Dufferin Project. The relatively high concentration of secondary uranium -bearing
minerals demonstrated by prior exploration work on the Dufferin Project may also indicate
uranium mineralization remobilization may play an important role in this region of the
Athabasca Basin. Geophysical EM and magnetic anomalies demonstrated by prior
exploration work on the Dufferin Project are supported by previous uranium and boron soil
and lake sediment anomalies along the inferred fault zones, which are expected to aid in
focusing future exploration programs.
Some of the above results were taken directly from the SMDI descriptions and assessment
reports (SMAF) 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 on the subject
properties. Eagle Plains’ management cautions that past results or discoveries on
proximate land are not necessarily indicative of the results that may be achieved o n the
subject properties.
Dufferin Option Agreement Details
To exercise the Option, Refined must make a series of cash payments and share issuances
to Eagle Plains and fund exploration expenditures on the Project. These payments, share
issuance and expenditures are separated into two phases, with the first Option entitling the
Company to acquire a 60% interest in the Project by paying CA$275,000, issuing an
aggregate of 1,000,000 post -consolidated common shares to EPL and funding
CA$2,600,000 in exploration expenditures on the Project by December 31, 2026. Pursuant
to the second phase of the Option, the Company may acquire an additional 15% interest in
the Project (for a 75% total interest) by paying an additional CA$500,000, issuing an
additional 500,000 post -consolidated Shares to EPL and funding an additional
CA$3,000,000 in expl oration expenditures on the Project by December 31, 2028. The
Dufferin project is owned 100% by EPL, which has been appointed as Operator during the
first Option period.
If the First Option or the Second Option is exercised, a 2% smelter returns royalty will be
granted to Eagle Plains, 1% of which may be repurchased for CA$2,000,000.
Qualified Person
Technical information in this News Release has been reviewed and approved by C.C.
Downie, P.Geo., a director and officer of Eagle Plains, hereby identified as the “Qualified
Person” under N.I. 43-101.
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, with a focus on critical metals integral to an increasingly electrified, decarbonized
economy.
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 numer ous spin outs
has transferred over $100,000,000 in value directly to its shareholders, with Copper
Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains latest
spinout; Eagle Royalties Ltd. (CSE:“ER”) was listed on May 24, 2023, and ho lds a
diverse portfolio of royalty assets throughout western Canada.
On October 2, 2024, Eagle Plains announced announce the formation of a separate division
within the Company that will give Eagle Plains’ shareholders direct exposure to strategic
opportunities in Canadian green energy transition. As a wholly owned subsidiary of Eagle
Plains, Osprey Power Inc. (“OP”) will focus on identifying and advancing innovative
and diverse clean energy project portfolios in target markets throughout Canada, with an
initial focus on Western Canada.
Eagle Plains’ core business is acquiring grassroots critical- and precious-metal exploration
properties. 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.
Expenditures from 2010-2023 on Eagle Plains-related projects exceed $39M, the majority
of which was funded by third -party partners. This exploration work resulted in
approximately 50,000m of diamond-drilling and extensive ground-based exploration work
facilitating the advancement of numerous projects at various stages of development.
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.
On behalf of the Board of Directors of Eagle Plains
“C.C. (Chuck) Downie, P.Geo”
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.