Eagle Plains Commences Drilling at Vulcan Base-Metal Project, Southeast British Columbia

Eagle Plains Commences Drilling at Vulcan Base-Metal Project,

Southeast British Columbia

Cranbrook, B.C., August 25th, 2022: Eagle Plains Resources Ltd. (TSX-V: “EPL”) is pleased to

announce that field crew s have been mobilized to complete a 1600m, 3-4 hole drilling program on the

8,617 ha Vulcan property located 30 km west of Kimberley, BC. The property is owned 100% by Eagle

Plains with no underlying royalties or encumbrances. Vulcan is considered to hold significant potential to

host silver -lead-zinc mineralization similar to that mined over 100 + years at the world -class Sullivan

deposit located 30 km to the east . TerraLogic Exploration Services Inc. of Cranbrook, BC has been

contracted to carry out the current program under the supervision of Kerry Bates, P.Geo.

In early 2022 Eagle Plains completed a 537 line-km helicopter-borne high-resolution aeromagnetic survey

designed to cover approximately 8 km of strike length of highly-prospective stratigraphy interpreted to be

the Lower-Middle Contact (“LMC”) of the Aldridge Formation. The LMC represent s “Sullivan Time”,

the time-equivalent stratigraphic horizon that hosts sedimentary-exhalative (“sedex”) style mineralization

at the Sullivan deposit. The survey data was integrated with the existing Vulcan database which was used

to model drill targets for the current diamond drilling program.

View Vulcan Targeting Video here

Vulcan Project Summary

Management of Eagle Plains considers the Vulcan project to hold excellent potential for the presence of

sedex mineralization. Rocks underlying the Vulcan are within the same sedimentary sequence and host

occurrences with mineralization and alteration styles similar to those observed at and adjacent to the now-

depleted Sullivan deposit. The Main (Hilo) mineral occurrence at Vulcan returned up to 1.6 % combined

lead-zinc over 1.5 metres from rocks near the Lower-Middle Aldridge contact (“LMC”), the same time-

stratigraphic horizon which hosts the Sullivan deposit.

The Sullivan mine was discovered in 1892 and is one of the largest sedex deposits in the world. Over its

100+ year lifetime, Sullivan contained a total of 160 million tonnes of ore averaging 6.5% lead, 5.6% zinc

and 67 g/t silver, resulting in 298 million ounces of silver, 18.5 billion pounds of lead, 17.5 billion pounds

of zinc, and significant quantities of associated metals ; collectively worth over $40B at current metal

prices. Eagle Plains m anagement cautions that past results o r discoveries on proximate land are not

necessarily indicative of the results that may be achieved on the Vulcan property.

Vulcan Project History

Sullivan-style mineralization was first reported in the mid-1950s at Vulcan. During the 1970s and 1980s,

Texas Gulf Sulphur and later Cominco completed extensive geophysical work and drilled shallow holes

to test for continuous mineralization in areas of the property. The most comprehensive testing occurred

in the Hilo area during the early 1990s by Ascot Resources. In 1991 a five-hole, 1003m drill program was

completed, with three holes totaling 1535m completed in 1992.

Since acquiring the initial claims on the property in 2002, Eagl e Plains has completed an extensive

compilation of all existing data, followed in 2006 by a 125 line -km helicopter-borne time -domain

geophysical survey flown at 200m spacing. Additional claims were added to the property position as they

became available th rough staking. Systematic geochemical, geological and geophysical programs were

conducted by Eagle Plains and its partners from 2011-2019.

In June, 2020, Eagle Plains completed a two-hole, 977m drill program to test the LMC along an existing

road cut in a n area of elevated soil geochemistry and anomalous geophysical features (magnetometer,

induced polarization and magnetotellurics). The LMC contact was successfully intercepted in Hole

VU20002 with significant alteration suggesting proximity to a hydrothermal source, though no economic

mineralization was encountered.

Update on Iron Range Drilling Program

Drilling activity has been co ncluded on Eagle Plain’s Iron Range Project, currently under option to a

private Alberta-based company. A total of 2618m was completed in 4 holes throughout the course of the 8

week program, targeting Sullivan -style sedimentary -hosted ba se metal mineralization and stru cturally-

hosted gold mineralization associated with the Iron Range fault structure. Two holes were abandoned short

of target depth due to drilling complications. Results will be released as they are received, compiled and

interpreted.

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 -outs has transferred ov er $100,000,000 in value 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 disc overy 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 on projects controlled by Cameco C orp., Iso Energy Corp., Denison

Mines Corp., Skeena Resources Ltd. and Alexco Resource Corp./Banyan Gold Corp., among others.

Management’s focus is to advance its most promising 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, th e 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: mailto:[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.