Eagle Plains Executes Option Agreement with Canter on Schott’s Lake Copper Project, Saskatchewan
Eagle Plains Executes Option Agreement with Canter on
Schott’s Lake Copper Project, Saskatchewan
Cranbrook, B.C., July 22, 2021: Eagle Plains Resources Ltd. (TSX-V: “EPL”) and Canter Capital Corp.
(a private BC corporation) have executed a formal agreement whereby Canter holds the exclusive right to
earn a 60% interest in EPL’s 100% -owned Schott’s Lake copper-zinc project by completing $5,000,000
in exploration expenditures, making $500,000 in cash payments and issuing 1,000,000 common shares to
Eagle Plains over a four year period . A 2% NSR is reserved for Eagle Plains, which may be reduced to
1% upon payment by Canter of $1M. T he claims cover an area of 2,160ha located in northeastern
Saskatchewan, 40 km northwest of Flin Flon, Manitoba. Access to the property is gained via win ter road
and/or float plane.
Eagle Plains has recently completed a ground-based electromagnetic survey over 6.5 line -kms, covering
known mineralization and surveying areas interpreted to have high potential. 3 -D modelling of existing
drill hole data is now underway. The objective of the 2021program is to identify possi ble down-plunge
extensions of the existing deposit and search for similar mineralization elsewhere in the property.
See Schott’s Lake property details here
Schott’s Lake Geology and History
The Schott’s Lake property hosts metamorphic and intrusive rocks which are dominantly volcanic in origin
and associated with an island arc environment. The rocks are folded into a n easterly-dipping synform.
Mineralization was first discovered in 1953 by Kay Lake Mines . A total of 79 drill holes have been
completed for a total of 9516m (31,200’) and a historical resource of 1,983,850 tonnes grading 0.61%
copper and 1.35% zinc (Aur Resources, 2003-SDMI 0320). Notably, the historical resource did not include
precious metal enrichment and/or cobalt. Eagle Plains’ management considers these estimates to be
historical in nature and cautions that a Qualified Person has not done sufficient work to classify the
historical estimates as current mineral resources or mineral reserves in accordance with National
Instrument 43 -101. These estimates do not comply with current definitions prescribed by National
Instrument 43 -101 or the Canadian Institute of Mining and are disclosed only as indications of the
presence of mineralization and are considered to be a guide for additional work. The historical models
and data s ets used to prepare these historical estimates are not available to Eagle Plains, nor are any
more recent resource estimates or drill information on the Property.
Mineralization at Schott’s Lake consists of semi-massive to massive pyrrhotite and pyrite with associated
chalcopyrite (copper) and sphalerite (zinc) mineralization. The Schott’s Lake deposit is interpreted to be
a typical exhalative massive sulphide zone. The mineralized zone has an ave rage thickness of 20.4m, is
overturned and lies on the eastern limb of a major north -easterly plunging fold. The deepest mineralized
intercept is at a vertical depth of 266 meters with mineralization open to depth.
The following table outlines significant historical drill intercepts:
Table 1- Significant Drill Intercepts-Schotts Lake Project*
Hole ID Width(m) From(m) To(m) Cu(%) Zn(%)
1 16.7 unknown Unknown 1.1 1.83
4 0.76 unknown Unknown 4.3 3.3
13 5.8 30.4 36.2 2.5 0.17
35 1.7 256.8 258.5 2.07 0.01
65 15.8 82.3 98.1 0.38 1.84
66 7.6 71.6 79.2 0.96 5.48
67 3.0 49.1 52.1 1.71 3.48
68 17.9 133.8 151.7 0.85 1.53
69 18.3 128.2 146.5 0.53 1.09
70 22.7 149.7 172.4 0.54 1.96
75 27.4 183.5 210.9 0.35 2.25
* intercepts in the above table refer to actual drilled thickness in meters and may not
represent the true thickness of the intercept
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards
of Disclosure for Mineral Projects, has prepar ed, reviewed, and approved the scientific and technical
disclosure in the news release.
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 our diverse portfolio of projects toward dis covery 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. Management’s focus is to
advance its most promising exploration projects. In addition, Eagle Plains continues to seek out and secure
high-quality, unencumbered projects through research, staking and strategic acquisitions. Throughout the
exploration process, our mission is to help maintai n prosperous communities by exploring for and
discovering resource opportunities while building lasting relationships through honest and respectful
business practices.
Expenditures from 2011-2020 on Eagle Plains-related projects exceed $22M, the majority of which was
funded by third -party partners. This exploration work resulted in approximately 37,000 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 inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements.