Eagle Plains Increases Uranium Project Portfolio
Eagle Plains Increases Uranium Project Portfolio
Cranbrook, B.C ., October 12th, 202 3: Eagle Plains Resources Ltd. (TSX -V:EPL)
(“EPL” or “Eagle Plains”) is pleased to provide an update on its expanding portfolio of
Saskatchewan uranium projects.
Eagle Plains currently holds a 100% interest in 13 individual projects comprising a total of
34,563 ha of mineral dispositions in Saskatchewan covering both basement and
unconformity hosted uranium targets , an increase of 7 ,000 ha (25%) over the past three
months. The projects range from early-stage grassroots to drill ready and are distributed
throughout the prospective Athabasca Basin including the Patterson Lake South ( PLS),
Beaverlodge, and Dufferin-Centennial camps. Recent acquisitions include the Collins Bay
Extension (CBE) - 2174 ha, Dufferin North - 3124 ha, and most recently the Gulch - 1685
ha, a past producing project. A detailed compilation and interpretation of available data from
historical work programs has begun and will lead to recommendations for future work.
The recent acquisitions by Eagle Plains are in addition to projects outlined in a news release
issued September 22nd, 2023
See Eagle Plains Athabasca Basin U projects map here
Gulch
The recently acquired Gulch project is prospective for both basement and unconformity
hosted uranium deposits. The 1685 ha property overlies four Saskatchewan Mineral Deposit
Index ( “SMDI”) occurrences on the Crackingstone Peninsula, located twenty kilometers
southwest of Uranium City.
Uranium mineralization at the historic Gulch Uranium Mine (SMDI 1221) is associated with
the regional Black Bay structure. Underground development and diamond drilling work
between 1953 - 1957 outlined 11 mineralized shoots. At the Lucy (SMDI 1223) , trenching
in 1954 returned values from below detection to up to 0.37% U 3O8 over 3m. Grab samples
of altered sediments containing hematite and pitchblende (a uranium containing mineral)
from the Duvex Oils and Mines Radioactive Zones (SMDI 1224) returned values from trace
up to 2.23% U3O8.
The last documented work on the Gulch property was by CanExplor in 2015 (Mineral
Assessment Work 74N09-0178) as part of a larger regional program to determine the
controls on mineralization in the Gulch Mine area. Work included prospecting, chip and
channel sampling, and 51 short (22.01m total) “packsack” drillholes. Conclusions from the
program were that a nomalous U mineralization was associated with mapped surface
lineaments, similar to the structural zones known to host mineralization on the past -
producing Gulch uranium mine. Further work was recommended for the property, including
deeper drilling.
Rock grab samples are selective samples by nature and as such are not necessarily
representative of the mineralization hosted across the property.
The above results were taken directly from the SMDI descriptions and assessment reports
filed with the Saskatchewan government. 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 on the subject properties. Management
cautions that past results or discoveries on proximate land are not necessarily indicative of
the results that may be achieved on the subject properties.
EPL is seeking to advance its uranium portfolio through collaborative partnerships, with all
of its Saskatchewan Uranium projects currently available for option.
Qualified Persons
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
reviewed and approved the scientific and technical disclosure in this news release.
Update on Dictator Property Option
Eagle Plains reports that i t has received formal notice from option partner Riverstick
Resources Corp. (a private B.C. company) , that Riverstick has terminated its option on the
2578 ha Dictator property located 70km east of Vernon, BC. Recent work at Dictator has
outlined two prominent magnetic features within an area where high-grade gold mineralized
float boulders were located during the summer of 2020. In April 2022, Eagle Plains received
a Multi Year Area Based (MYAB) Permit from the BC Ministry of Energy, Mines and Low
Carbon Innovation that will guide future exploration on the Property. In addition to being
permitted, the project has excellent infrastructure and meets the minimum expenditure
requirement for listing on Canadian exchanges. More information on the Dictator project
can be found on the Eagle Plains Website: https://www.eagleplains.com/projects/dictator.
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, with a focus on critical metals integral to an increasingly electrified, decarbonized
economy.
The Company was formed in 1992 and is the ninth -oldest listed issuer on the TS X-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 $ 115,000,000 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 d iscovery 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 r esulted 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
“C.C. (Chuck) Downie” P.Geo
V.P. Exploration and Director
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.