Eagle Plains Executes Option with Aben Resources on Slocan Graphite
Eagle Plains Executes Option with Aben Resources on Slocan Graphite
Cranbrook, B.C., November 10th, 2021: Eagle Plains Resources Ltd. (TSX-V: “EPL”) has executed
a formal option agreement (subject to regulatory approval) with Aben Resources Ltd. (TSX-V:”ABN”)
whereby Aben holds the exclusive right to earn a 100% interest, less 2% Net Production Royalty (“NPR”)
in the road-accessible Slocan Graphite Project located 34km northwest of Castlegar, British Columbia
(the “Agreement”) . Under terms of the Agreemen t, Aben must complete $1,000,000 in exploration
expenditures, issue 850,000 common shares and make $150,000 in cash payments to Eagle Plains over a
three-year period. In addition, if at any time Aben or its successors report a resource of greater than 10Mt
for tenures comprising the property, EPL will receive a one-time “Success Fee” of 500,000 Aben shares.
The Slocan Graphite project consists of 2,387 ha owned 100% by Eagle Plains with no underlying royalties
or encumbrances. The property hosts several large flake graphite -bearing outcrops and float occurrences
known as the Tedesco Zone, which is interpreted to extend over 2.0km. Eagle Plains recently completed
fieldwork on the property and is encouraged by preliminary field observations, with the program focused
on prospecting and geological mapping in underexplored areas of the property in an effort to locate
extensions of the known graphite mineralized horizon and to better understand controls on mineralization.
See project location and summary map here
About the Slocan Graphite Project
Graphite is a naturally occurring form of carbon and is an excellent conductor of both electricity and heat.
It is becoming increasingly important as a critical strategic component in advancing alternative energy
solutions including wind and solar power, hybrid vehicles and other alternative energy uses. It is als o a
mainstay of the steel production industry. Canada is currently ranked as the 5th largest supplier of graphite.
The Slocan Graphite Project benefits from excellent infrastructure including a high-voltage transmission
line within 1.2 km of the property boundaries, an extensive network of forestry roads on and around the
property, and an existing graphite processing plant and facilities located 1.5 km west of the property ,
owned by Eagle Graphite Corporation.
Graphite mineralization was initially discovered in logging road exposures in the late 1990’s. Ground and
airborne geophysical surveys were completed in the project area in 2000 and 2010 respectively. Both
surveys indicated strong conductive anomalies th at correlate well with surface mineralization and are
interpreted to extend along strike and down-dip of known occurrences. A limited number of documented
samples have been taken across the Tedesco horizon and analysed for carbon graphite ranging from trace
values to grades of up to 3.36 and 4.43 per cent.
Graphite mineralization is hosted primarily in carbonate and calc-silicate lithologies within the Passmore
Dome of the Valhalla Metamorphic Complex, a geologic setting consistent with a crystalline flake graphite
deposit model. Previous operators have estimated the mineralized horizon to be up to 50m thick, however
cite that it is difficult to determine due to a lack of surface exposure. The horizon has never been tested
by diamond drilling.
Past workers in the area concluded: “Although the graphite occurrences at Tedesco are in the early stages
of exploration, geological, assay, and geophysical data indicate significant potential to form an economic
deposit” (BC Assessment Report 26537). Eagle Plains geologists are of the opinion that the high-quality,
large flake character of the graphite mineralization found to date, spatial extent of conductivity from a
2010 airborne electromagnetic (“EM”) survey, minimal historic exploration activity, excellent proximity
to infrastructure and the favorable economic outlook for graphite as a strategic commodity make Slocan
Graphite a compelling project for continued exploration and a potentially significant component of Eagle
Plain’s broad and varied portfolio of exploration projects. The project is consistent with EPL’s policy of
identifying and acquiring undervalued exploration projects during cyclical downturns within a particular
commodity space.
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 at the Slocan
Graphite property. While the company considers the above historical information to be relevant to
investors as it may indicate the presence of mineralization, the reader is cautioned that a Qualified Person
has not done sufficient work to evaluate the potential of the property to contain an economic deposit and
that there is no certainty that the property contains a graphite deposit.
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 Resources Ltd., has prepared,
reviewed, and approved the scientific and technical disclosure in this news release.
Acacia Termination
Eagle Plains has been notified by option partner 37 Capital (“37 Capital”) that the option agreement dated
Sept 30th, 2019 and amendment agreement dated Oct 15 th, 2020 between 37 Capital and Eagle Plains
relating to the Acacia Property are terminated and of no further force or effect. The Acacia property is
located 45.0 km north of Kamloops in central British Columbi a and is considered to have excellent
potential for hosting volcanogenic massive sulphide (“VMS”) deposits . The property has been held by
Eagle Plains since 2001 and carries no underlying royalties or encumbrances.
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, most of whic h 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.