Eagle Plains Completes Vulcan Drilling, Geophysical Program
Eagle Plains Completes Vulcan Drilling, Geophysical Program
Cranbrook, B.C., October 11th, 2022: Eagle Plains Resources Ltd. (TSX-V:EPL) (“EPL” or “Eagle
Plains”) reports that it has successfully completed a three-hole, 1700m drilling program on Eagle Plains’
100% owned, Vulcan Project, located 30km west of Kimberley, BC. The Vulcan Property is accessible
by an extensive network of well -maintained forest service roads. All three holes successfully intersected
stratigraphy containing the Lower-Middle Aldridge contact (“LMC”), the same time-stratigraphic horizon
which hosts the nearby Sullivan deposit. The second hole of the program (VU22004) is particularly
significant and suggests close proximity to a lead -zinc mineralized feeder system. Downhole
electromagnetic surveying was carried out at the completion of drilling activity (details following).
The following summaries and photos are intended as preliminary updates only, with final detailed
reporting to follow as laboratory analytical results are received , compiled and interpreted and final
geophysical products have been received.
Hole 1 (VU22003): Total depth 630.0m (2067’); Az: 100°; Inclination: -50°
As reported September 12th 2022, drill-hole VU22003 intersected minor disseminated sphalerite (zinc)
mineralization near the top of the hole and a narrow (<10cm) band of strat iform sulphide (pyrrhotite)
mineralization approximately 20m below the Lower Middle Contact (“LMC”) in rocks of the Aldridge
Formation. Preliminary results obtained using a portable XRF spectrometer indicate elevated zinc values
for the interval. Geologists interpret this mineralization to represent the Sullivan time horizon and are
encouraged with the results. A downhole geophysical (BHEM) survey was attempted on this hole, but
near-surface caving within the hole prevented insertion of the downhole probe, resulting in abandonment
of the survey in this area.
Hole 2 (VU22004): Total depth 597.2m (1959’); Az: 106°; Inclination: -45°
Originally planned for 400m, VU22004 was deepened following observation of banded, cm-scale strata-
controlled sphalerite (zinc) and galena (lead) mineralization within a thick (139m) fragmental unit
containing abundant clasts of sphalerite, galena and pyrrhotite mineralization persisting well below the
interpreted Sullivan time horizon , which was intersected at ~303m. Portable XRF analysis of these cm -
scale sphalerite bands indicated point concentrations in excess of 10% zinc in addition to highly
anomalous silver, lead and cadmium values. Similar mineralization is reported in historical drill holes in
Lower Aldridge footwall rocks east of the North Star deposit approximately 3 km south of Sullivan,
suggesting permeable silty sediments were impregnated with mineralization from the nearby active
feeder system (P. Ransom, P.Geo., personal communication) . A downhole electromagnetic geophysical
survey (BHEM) was successfully completed on this hole and suggests discrete off -hole anomalies at
depths consistent with mineralization observed in drill-core.
Pyrrhotite-sphalerite±galena mineralized fragmental clasts. DDH VU22004 (437.75m)
Mineralized fragmental with interbedded wacke. Mineralized fragments (pyrrhotite-sphalerite-galena)
and semi -massive strat iform sulphide mineralization (pyrrhotite -sphalerite-galena) are abundant
throughout the broad fragmental unit. VU22004 (438.86-447.74m)
Stratiform pyrrhotite -sphalerite-galena mineralization hosted within a broad fragmental unit. pXRF
analysis reports >10% combined Zn-Pb. VU22004 (441.34m)
Stratiform semi -massive pyrrhotite -sphalerite-galena (7 -cm and 2 -cm true thickness) hosted within a
broad fragmental with intercalated wacke. VU22004 (445.79m)
Hole 3 (VU22005): Total depth 473.5m (1553’); Az: 095°; Inclination: -50°
Hole 3 crossed the interpreted LMC at approximately 327m, and intercepted fragmental material and trace
bedded sulphide mineralization, though thicknesses and mineralization is less persistent and intense than
that seen in Hole 2 (VU22004). Disseminated sphalerite with associated tourmalinite was reported in a
1.2m wide vein intersected at 295.0m. A downhole geophysical survey was attempted on this hole, but as
was the case with Hole 1, a blockage near the top of the hole prevented insertion of the downhole probe,
resulting in abandonment of the survey in this area.
Given the recognition of persistent mineralization at depths well below LMC (interpreted Sullivan Time),
management intends to re view all available historical drill core relating to the Vulcan property, as most
historical holes were stopped stratigraphically above the mineralized intervals intersected in Hole 2
(VU22004). Future exploration at the Vulcan will be guided by this re-interpretation of the geology.
Tim Termuende, P.Geo, President and CEO of Eagle Plains commented recently on the Vulcan program:
“although mineralization at Vulcan has been recognized for many years, the pieces of the exploration
puzzle continue to fall into place, high -lighting the pro ject’s significance. Many of the geological
hallmarks of the nearby Sullivan deposit are displayed at Vulcan. The recognition of widespread
mineralization in Hole VU22004 at depths previously untested in the area strongly suggest that more
drilling is warr anted. Planning in that regard in currently underway, with future results eagerly
anticipated”.
Vulcan Project Summary
Tim Termuende President/CEO Discusses the Vulcan 2022 drill Program here
View Vulcan Project Highlight Map and Drill Core Photos here
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 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. 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 an 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.
2022 Vulcan Program Logistical Summary
The 2022 Vulcan program was carried out by TerraLogic Exploration Services of Cranbrook, BC under
the supervision of Kerry Bates, P.Geo. Drilling services were contracted to Proterra Drilling Solutions of
Quesnel. SJ Geophysics of Delta, BC was retained to carry out down -hole electromagnetic surveying.
BC. Bighorn Helicopters of Cranbrook, BC provided helicopter support on two of the three holes
completed.
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 over $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 advanc ing our diverse portfolio
of projects toward discovery 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 Corp., Iso Energy Corp., Denison
Mines Corp., Skeena Resources Ltd. and Banyan Gold Corp., among many 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, the 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: [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.