Eagle Plains Intersects Significant Mineralization at Vulcan
Eagle Plains Intersects Significant Mineralization at Vulcan
Cranbrook, B.C., December 7th, 2022: Eagle Plains Resources Ltd. (TSX-V:EPL) (“EPL” or “Eagle
Plains”) reports that final analytical results have been received from its Fall, 2022 three-hole, 1,700m
(5,577’) drilling program on Eagle Plains’ 100% owned Vulcan Project located 30km west of the world-
class Sullivan deposit in Kimberley, BC. The Vulcan Property is accessible by an extensiv e network of
well-maintained forest service roads. All three holes successfully intersected stratigraphy containing the
Lower-Middle Aldridge Formation contact (“LMC”), the same time-stratigraphic horizon which hosts the
Sullivan deposit. The second hole of the program (VU22004) is particularly significant and suggests close
proximity to a lead-zinc mineralized feeder system at depths previously unrecognised by past operators.
Downhole electromagnetic surveying was ca rried out at the completion of drilling activity ; final results
from the geophysical survey are pending.
2022 Drilling Highlights:
• The targeted Lower-Middle Contact was intersected in all 3 drillholes. DDH VU22001 defined the
contact 1.8 km south of the area of 2020 drilling by Eagle Plains
• Drillhole VU22004 intersected a broad interval of fragmental (334.1 -473.0m) hosting pyrrhotite-
sphalerite-galena mineralized clasts and cm-scale intact beds of bedded sulphides
o 4.77m @ 0.14% Zn, 0.21% Pb, 1.5 g/t Ag, 5.10 ppm Cd, 144.81 ppm Sn (441.2-445.97m),
including
▪ 0.43m @ 0.38% Zn, 0.81% Pb, 7.65 g/t Ag, 14.05 ppm Cd, 99.80 ppm Sn (441.20-
441.63m)
▪ 0.97m @ 0.32% Zn, 0.53% Pb, 2.98 g/t Ag, 12.58 ppm Cd, 166.31 ppm Sn (445.00-
445.97m), including:
• 0.22m @ 1.11% Z n, 2.17% Pb, 11.90 g/t Ag, 45.2 0 ppm Cd, 143.50 ppm
Sn (445.75-445.97m)
• Drillhole VU22004 intersected stratiform sphalerite mineralization hosted in thin-medium bedded
Lower Aldridge sediments (“Sullivan Time”) from 473.0m to end of the hole at 597.0m
o 2.03m @ 0.8 7% Zn , 0.01% Pb , 2.70 g/t Ag, 51.57 ppm Cd , 140.95 ppm Sn (511.00-
513.03m) including
▪ 0.85m @ 1.16% Zn, 0.02% Pb, 5.08 g/t Ag, 72.87 ppm Cd, 72.87 ppm Sn (512.18-
513.03m)
o 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)
• Preliminary results from the BHEM survey of VU22004 indicate conductivity anomalies through
the mineralized fragmental. Final survey results and 3D plate modelling are pending
• Drillhole VU22005 intersected a thin zone of stratiform pyrrhotite-sphalerite-galena
mineralization hosted in a previously unmapped fragmental underlying the LMC
2022 Drill Collar Locations
• Hole ID Easting* Northing* Elev (m) Final Depth (m) Az Inc
VU22003 543630 5509969 1245 630 100 -50
VU22004 547015 5516176 2255 597 106 -45
VU22005 546371 5513867 2090 473 95 -50
*All coordinates are projected in NAD83 UTM Zone 11N
Significant Drill Results
Hole
From
(m) To (m)
Core
Interval (m) Ag (g/t) Zn (%) Pb (%)
Zn+Pb
(%) Cd (ppm) Sn (ppm)
VU22003 No significant assays
VU22004 441.20 445.97 4.77 1.55 0.14 0.21 0.35 5.09 144.81
including 441.20 441.63 0.43 7.65 0.38 0.81 1.19 14.05 99.80
including 445.00 445.97 0.97 2.99 0.32 0.53 0.85 12.58 166.31
including 445.75 445.97 0.22 11.90 1.11 2.17 3.28 45.20 143.50
and 511.00 514.04 3.04 3.37 0.62 0.03 0.66 37.03 153.16
including 511.00 513.03 2.03 2.71 0.87 0.01 0.88 51.57 140.95
including 512.18 513.03 0.85 5.08 1.16 0.02 1.18 72.87 93.23
and 545.50 557.05 11.55 - 0.46 0.02 0.48 21.48 90.65
including 554.58 556.08 1.50 - 1.72 - 1.72 68.83 32.09
including 554.58 555.71 1.13 - 2.14 - 2.14 85.67 33.16
including 554.58 554.80 0.22 - 6.46 - 6.46 259.00 39.10
including 555.53 555.71 0.18 - 3.16 - 3.16 126.50 26.80
VU22005 No significant assays
Drillhole VU22003 was completed in a previously undrilled area of the property, an approximate 1.8km
strike length step-out to the south of 2020 drillholes. The hole was designed to test a coincident heli-borne
magnetic high anomaly (2022) and a regional gravity high anomaly (1998) positioned near the inferred
position of the LMC. The hole intersected massive magnetite hosted at the margins of thick sequence of
Moyie Sills (279.2-451.3m), interpreted to be the source of the geophysical anomalies. The hole wa s
successful in defining the position of the LMC in the valley bottom, intersecting at a depth of 541.1m.
Underlying the LMC is a thin interval of carbonaceous wacke hosting a thin 7-cm semi-massive pyrrhotite
mineralization interpreted to be Sullivan Muds. Assays did not return significant results.
Drillhole VU22004 was completed in the West Basin Zone and was designed to target Lower-Middle
Contact (LMC) and test for SEDEX -style mineralization hosted at “Sullivan Time” (considered to be
located directly beneath LMC) . The LMC was intersected at 303 .0m and is underlain by a broad
mineralized fragmental unit (334.1-473.0m) with abundance of pyrrhotite±sphalerite±galena clasts and
intact mineralized beds increasing down-hole. Assays returned 0.32% Zn & 0.53% Pb (0.88% combined
Pb+Zn) over 0.97m (445.00-445.97m). Underlying the fragmental is a zone from 473.0m to end of the
hole at 597.0m of medium to thin bedded wacke, argillite and quartzites interpreted to be Lower Aldridge
sedimentary sequence. Mineralization consists of stratiform sphalerite with rare galena and arsenopyrite.
Assays returned 0.62% Zn and 0.03% Pb (0.65% Pb+Zn) over 2.03m (511.00 -513.03m) and 1.72% Zn
over 1.50m (554.58-556.08m).
Drillhole VU22005 was designed to intersect the LMC and investigate a historic ground UTEM anomaly
(1986) that was not previously drill tested. The LMC was intersected at 327.3 m with two thin intervals
of underlying fragmental between 337.2-339.0m and 340.25-341.11m. The lowermost fragmental interval
hosts a 6 -cm band of bedding parallel pyrrhotite -sphalerite-galena. Assays did not return results of
economic significance. The source of the historic UTEM conductivity anomaly remains unclear.
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
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 currently underway.
Tim Termuende, P.Geo, President and CEO of Eagle Plains commented recently on the Vulcan program:
“though analytical results from Hole VU220 04 were sub -economic overall, the stratigraphic location,
mineralogy and geological significance of our findings cannot be overstated. The presence of lead -zinc
mineralized clasts within the fragmental unit coupled with discrete mineralized sedimentary beds within
muds interpreted to lie at Sullivan Time suggest close proximity to a feeder vent. Given the strong
geological similarities to Sullivan and the size and scale of that orebody, management is extremely
encouraged by results to date and eagerly anticipates aggressive continuing exploration in 2023.”
Vulcan Project Summary
View Vulcan Project Highlight Map and Drill Core Photos here
View Vulcan Drill Hole VU22004 Interpretation Video 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, Eagle Plains has completed an extensive
compilation of all exi sting 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 geop hysical 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 geophysi cal 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.
Eagle Plains’ 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.
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, BC. 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 I nstrument 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 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 contr olled 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 an d 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.