Eagle Plains Identifies Prominent Off-Hole Geophysical Anomaly at Vulcan, Reports on Encouraging Petrographic Results
Eagle Plains Identifies Prominent Off-Hole Geophysical Anomaly at
Vulcan, Reports on Encouraging Petrographic Results
Cranbrook, B.C., January 18, 2023: Eagle Plains Resources Ltd. (TSX -V:EPL) (“EPL” or “Eagle
Plains”) reports that final results from Borehole Time-Domain Electromagnetic (“BHEM”) surveying and
thin-section petrography have been received from its 2022 three -hole, 1,700m (5,577’) drilling program
on Eagle Plains’ Vulcan critical metals project. The Vulcan project is owned 100% by Eagle Plains and
carries no underlying royalties or encumbrances.
Vulcan is located 30km west of the world-class Sullivan sedimentary exhalative (“sedex”) critical metals
deposit near Kimberley, BC and is accessible by an extensive network of well -maintained forest service
roads. Analytical results from the 2022 drill program were announced previously by Eagle Plains (see
news release December 7th, 2022 ). Initial observations of core lithologies, mineralogy, alteration and
mineral tenor from VU22004 suggest proximity to a sedex-type vent source near the trace of the drill-hole.
Recently-interpreted petrographic work and borehole geophysical results strongly s upport this
interpretation.
Highlights:
• Thin section petrographic interpretation from drill -hole VU22004 identified primary bedded
sulphides, as well as textures, mineral assemblages, garnets and alteration (tourmalinite, sericite) -
all indicative of proximity to an exhalative (sedex) source.
• BHEM outlined a strong conductivity anomaly along strike to the south-southeast of VU22004 at
depths consistent with the mineralized interval.
• Previously-reported analytical results for VU22004 include:
11.55m @ 0.46% Zn, 0.02% Pb, 21.48 ppm Cd, 90.65 ppm Sn (545.50-557.05m), including
▪ 1.50m @1.72% Zn, 68.83 ppm Cd, 32.09 ppm Sn (554.58-556.08m), including
• 0.22m @ 6.46% Zn, 259.00 ppm Cd, 39.10 ppm Sn (554.58-554.80m), and
• 0.18m @ 3.16% Zn, 126.50 ppm Cd, 26.80 ppm Sn (555.53-555.71m)
Drillhole VU22004 was completed in the West Basin Zone and was designed to target the Lower-Middle
Aldridge Contact (“LMC”) and test for sedex-style mineralization hosted at “Sullivan Time” (considered
to be located directly beneath LMC). This hole indicates that limited historic drilling in the area stopped
short of target stratigraphy. The LMC was intersected at 303.0m and is underlain by a broad mineralized
fragmental unit (334.1-473.0m) with an abundance of pyrrhotite-sphalerite-galena (iron-zinc-lead) clasts
and intact mineralized beds increasing down-hole. Two thin-sections of the mineralized fragmental show
that mineralized clasts have a high abundance of tourmaline and garnet associated with primary bedded
sulphides (pyrrhotite-sphalerite-galena). Underlying the fragmental unit is a zone of thin to medium
bedded sediments (473.0-597.0m) hosting sphalerite-dominant stratabound mineralization. Thin section
petrographic analysis from the Lower Aldridge mineralized sequence show s the same strong association
between tourmalinite and primary bedded sulphides. Su lphide mineralization associated with significant
tourmaline and the presence of garnets is indicative of an exhalative mineralizing event. The sulphide
assemblage in the footwall mineralization shows increased concentrations of chalcopyrite and
arsenopyrite, which suggests the drillhole is proximal to a mineralizing vent, a relationship also observed
at the Sullivan deposit.
The BHEM survey of drillhole VU22004 identified a series of conductors underlying the Lower-Middle
Contact between 315.0-520.0 m which correlate to mineralization observed in VU22004. The survey also
outlined a very strong off-hole conductive anomaly along strike to the southeast. The modelled conductor
dips moderately to the northwest, with a geophysical signature consistent with stratabound mineralization.
VU22004 did not adequately test the core of the geophysical anomaly and further drilling through a series
of strike-length step-outs is strongly recommended.
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 apparently stopped stratigraphically above the mineralized intervals intersected in
VU22004. Future exploration at the Vulcan will be guided by this re-interpretation of the geology. Permits
are in place for continued drilling in 2023, with detailed planning underway.
Tim Termuende, P.Geo, President and CEO of Eagle Plains commented recently on the Vulcan program:
“Eagle Plains’ management is extremely pleased and encouraged by the presence of primary bedded
sulphide mineralization in Hole VU22004 over significant intervals and at approximately the same time-
stratigraphic horizon as the nearby Sullivan deposit. In addition, alteration and mineralogy consistent
with sedex deposits, coupled with a strong off-hole anomaly make this a compelling target area. Permits
and funding are in place and planning is underway to move forward with additional drilling by the end of
Q2 2023. Given EPL’s 100% ownership of the project, the current financial health of Eagle Plains and
the scale of the Vulcan target, Eagle Plains holds the rare opportunity for a junior exploration company
to be in a position to move forward independently on a rapidly-developing world-class critical metals
target.”
View Vulcan Project Highlight Map and Drill Core Photos here
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, BC. SJ Geophysics of Delta, BC was retained to carry out down-hole electromagnetic surveying.
Bighorn Helicopters of Cranbrook, BC provided helicopter support and t hin section petrography was
completed by Vancouver Petrographics Ltd of Langley, BC.
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 Resourc es. 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, 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 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 feat ures (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.
Management of Eagle Plains considers the Vulcan project to hold excellent potential for the presence of
sedex mineralization. Rocks underlying 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 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.
Eagle Plains’ 100% owned Findlay project, located directly north of the Vulcan, shares the same
prospective geology and will also be re-examined in light of the Vulcan results.
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 $100,00 0,000 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 discovery through collaborative partnerships and development of a highly experienced
technical team.
In late 2022 Eagle Plains announced the formation of a separate division within the Company; Eagle
Royalties Ltd. (“ER”) which will hold many of Eagle Plains’ diverse portfolio of royalty assets. The
restructuring will enhance the valuation of Eagle Plains’ extensive royalty interests, enabling ER to market
and develop its royalty assets while seeking additional royalty acquisition opportunities. Eagle Plains’
royalties cover a broad spectrum of commodities on projects controlled by Cameco Corp., Iso Energy
Corp., Denison Mines Corp., Skeena Resources Ltd. and Hecla Mining Co./Banyan Gold Corp., among
others. Eagle Plains will continue to focus on its core business model of acquiring and advancing
grassroots critical- and precious-metal exploration properties.
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 and 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.