Eagle Plains Completes Summer Drilling Program at Vulcan Critical Metals Project, Southeast BC
Eagle Plains Completes Summer Drilling Program at Vulcan Critical
Metals Project, Southeast BC
Cranbrook, B.C., August 15th, 2023: Eagle Plains Resources Ltd. (TSX -V:EPL) (“EPL” or “Eagle
Plains” or the “Company”) is pleased to report that diamond drilling activity has been completed at the
Vulcan Project located 30km west of Kimberley, BC . Critical metal mineralization and sedimentary-
exhalative (“sedex”) style alteration was intercepted in all completed holes over significant widths and
over a broad area, though not in economic concentrations. Observation of geological features in all holes
suggest that a robust mineralized vent source was active in the area. The Vulcan property is owned 100%
by Eagle Plains and has no underlying royalties or encumbrances.
Since the current program commenced in mid -June, a total of 4,256m (13,963’) in six holes have been
completed. The program started with the deepening of Drill-hole VU22004 (drilled in 2022) by 231.8m.
The next four holes were collared from the same drill pad as VU22004, with the final two holes collared
from another drill pad located approximately 470m to the northwest, one of which (VU23005) was
abandoned at 39.6m . Borehole electromagnetic (“BHEM”) surveys were successfully completed on 3
holes (VU23003, VU23004, VU23006) , with results pending . Geophysical work was carried out by SJ
Geophysics Ltd. (Delta, BC) utilizing their Volterra Borehole Acquisition System.
Geological interpretation based on current drilling and geological mapping has resulted in the recognition
of a separate distinct mineralizing event named the Vulcan Horizon , located at least 146m (467’)
stratigraphically below the Hilo Horizon. Exploration this season has also helped to better de lineate the
Hilo Horizon, which has been the focus of historic work on the property. The Hilo Horizon, as defined in
drillhole intercepts and outcrop, occurs near the Lower-Middle Aldridge contact (“LMC”), the same time-
stratigraphic horizon associated with the Sullivan deposit, located 30km east of Vulcan . Eagle Plains’
2022 and 2023 Vulcan drilling intercepted a thick package of variably mineralized and altered fragmental
rocks beneath the Hilo Horizon, stratigraphically below any of the historical drill testing in the West Basin
area of the Vulcan Property . Mineralization within the fragmental unit can be up to 226m thick and is
typically constrained to clasts and rare in-situ stratabound bands . The Vulcan Horizon lies beneath the
fragmental unit and occurs as up to 140m true thickness stratabound package of generally thin bedded
Lower Aldridge sediments with bedding -parallel laminations containing sphalerite (Zn), galena (Pb),
pyrrhotite (Fe), arsenopyrite (As) and chalcopyrite (Cu). The interval contains local fine-grained argillite
with black tourmalinite alteration , suggesting proximity to a hydrothermal vent source . Drill holes
VU22004, VU23001, VU23002, VU23003 and VU23004 intercepted the Vulcan Horizon sequence.
2023 drilling has confirmed widespread sedex-style mineralization and alteration in the West Basin area
of Vulcan. In addition, a thick unit of massive sand fragmental identified in 2023 is consistent with infill
facies along the margins of a second or third order basin, which are thought to be critical as structural traps
for exhalative mineralization.
Preliminary interpretation indicates that mineralization remains open down-dip and along strike. Detailed
geochemical results from the 2022 and 2023 drill program s will be combined with geological and
structural models to identify additional drill targets to test for a vent source interpreted to be responsible
for mineralization and alteration seen to date. Plans are underway to mobilize the drill from site over the
coming days. Detailed reporting will be completed when all geochemical and geophysical results have
been received, analyzed and interpreted.
See Vulcan drill-hole plan here
Drill-hole VU23004 was drilled to a depth of 934.8m at an azimuth of 106° and dip -80°. This hole was
designed to undercut VU22004 which first intersected significant sphalerite ( Zn) and galena ( Pb)
mineralization hosted in both clasts and as discrete stratabound mineralization in the Hilo and Vulcan
Horizons. The hole intersected weak laminated pyrrhotite-sphalerite-galena mineralization within the Hilo
Horizon (275.8-288.8m), immediately underlying the LMC. A broad fragmental was intersected between
288.8-934.8m, significantly thicker than intersections of the same horizon in previous holes. Similar to
other holes the fragmental clasts show compositional zonation. Clasts outside of mineralized horizons are
wacke-dominant with lesser quartzite . Between 678.9-796.3m clasts are comprised of weakly
disseminated to semi-massive pyrrhotite-sphalerite-galena, indicating redeposition of earlier mineralized
stratigraphy. Underlying the mineralized zone is unmineralized fragmental to end of hole. Preliminary
interpretations of the drastic increase in fragmental thickness indicate the hole was drilling down a
discordant clastic dyke, similar to footwall feeder zones observed beneath and proximal to the Sullivan
Deposit. Further geological modelling and geochemical analysis is underway to interpret the geometry of
the fragmental package and how it may relate spatially to mineralizing vent structures.
Drill-hole VU23005 was drilled at azimuth 104° and dip -55°. The hole was terminated at a depth of 39.6m
after downhole surveying indicated that the hole was mis -aligned and deviating to the south. In an effort
to preserve the planned step-out distances from completed holes the decision was made to shut down and
re-align the hole at a more favourable azimuth.
Drill-hole VU23006 reached a depth of 744.0 m at an azimuth of 92° and a dip of -55°. The hole was
collared in the Middle Aldridge Formation, intersecting the LMC at 231.0m. Weak pyrrhotite-sphalerite-
galena mineralization was noted in the Hilo Horizon (239.5-273.5m), forming mm-scale laminae within a
bedded wacke interval. A broad fragmental interval was intersected between 239.5 -642.1m. Similar to
previous holes , the fr agmental is dominated by unmineralized wacke clasts at the top, grading into
mineralized fragments between 404.1-630.1m. Mineralization of clasts vary from pyrrhotite dominant to
semi-massive sphalerite -galena. Mineralized clasts reach up to 39 cm in width but average 2-4 cm.
Underlying the fragmental is thin bedded argillite and wacke typical of Lower Aldridge rocks. A zone of
intense tourmaline alteration with pyrrhotite±chalcopyrite±arsenopyrite was intersected between 676.4 -
735.0m, interpreted to represent vent-proximal alteration.
Vulcan consists of 12,400ha located 30km west of the world -class Sullivan sedex critical metals deposit
near Kimberley, BC and is accessible by an extensive network of well -maintained forest service roads .
Encouraging results from EPL’s 2022 drill program were announced previously by Eagle Plains (see news
releases December 7th, 2022 , January 18, 2023 , July 20th, 2023 ). 2023 drilling has aided in further
defining fragmental and stratabound Zn-Pb-Ag mineralization alteration, providing important information
which will aid considerably in understanding the geological environment present at Vulcan.
Management of Eagle Plains considers the Vulcan project to hold excellent potential for the presence of
sedex-style zinc-lead-silver mineralization. Rocks underlying Vulcan are within the same sedimentary
sequence and host mineralization and alteration similar to those observed adjacent to Sullivan. Tim
Termuende, P.Geo, President and CEO of Eagle Plains commented recently on the 2023 Vulcan program:
“We continue to improve our understanding of the geology with every hole drilled at Vulcan. The
completion of current drilling activity will allow our technical team to integrate results from detailed core
logging, surface mapping, geochemical sampling and geophysical surveys to guide future drilling.
Significant (though sub-economic) mineralization and alteration has now been traced at depth by drilling
for over 600m laterally and 400m down-dip. Observation of geological features seen in all holes
completed in 2022 and 2023 strongly suggests that Vulcan holds excellent potential for hosting sedex -
style mineralization such as that seen at the nearby Sullivan Deposit”.
The Sullivan mine was discovered in 1892 and is one of the largest sedex deposits in the wo rld. 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’ management cautions that past results or 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. Drill 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, Eagle Plains has completed an extensive
compilation of all existing data, follo wed 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 through 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 an area of elevated soil geochemistry and anomalous geophysical features (magnetometer,
induced polarization and magneto-telluric). The LMC contact was successfully intercepted in Hole VU20-
002, with significant alteration suggesting proximity to a hydrothermal source , though no economic
mineralization was encountered.
In 2022, Eagle Plains completed a 537 line -km helicopter-borne high-resolution aeromagnetic survey.
Geophysics was followed-up with a 3-hole, 1700m diamond drilling program. Hole VU22004 identified
sedex-style mineralization at the West Basin zone deeper in the stratigraphic package than historically
tested. Analytical results from VU22004 defined the best intercept on the property to date . Results from
this program have been used to re -interpret the stratigraphic sequence at the Hilo and West Basin Zones
and have identified target stratigraphy considered to hold high potential to host economic mineralization.
Qualified Persons
The current program is being conducted under the direct supervision of K. Bates, P.Geo ., Exploration
Manager of Eagle Plains. TerraLogic Exploration Inc. of Cranbrook , BC (a wholly-owned subsidiary of
Eagle Plains) has been engaged to provide overall project support.
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instru ment 43 -101 -
Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has reviewed and approved
the scientific and technical disclosure in this 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 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 holds a diverse portfolio of royalty
assets throughout 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 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 exploration process, our mission is to help maintain prosperous communities by exploring
for an d discovering resource opportunities while building lasting relationships through honest and
respectful business practices.
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 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.