Eagle Plains Obtains Regulatory Approval for Slocan Graphite Option
Eagle Plains Obtains Regulatory Approval for Slocan Graphite Option
Cranbrook, B.C., January 25th, 2022: Eagle Plains Resources Ltd. (TSX-V: “EPL”) has received
Regulatory Approval from the TSX Venture Exchange for the option agreement on the Slocan Graphite
Property (November 9th) between Aben Resources (TSX-V:”ABN”) and Eagle Plains. Aben may 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
Agreement, 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
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 advanci ng alternative energy
solutions including wind and solar power, hybrid vehicles and other alternative energy uses. It is also a
mainstay of the steel production industry. Canada is currently ranked as the 5th largest supplier of graphite.
See Forecasted Global Demand for Raw Battery Minerals Chart here
(Source – Benchmark Mineral Intelligence)
About the Slocan Graphite Project
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 an d 2010 respectively. Both
surveys indicated strong conductive anomalies that 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
they cite that it is difficult to determine due to a lack of surf ace 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). Aben Resources is in agreement with Eagle Plains geologists
who 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.
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. Whil e 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 t o contain an economic deposit and
that there is no certainty that the property contains a graphite deposit.
See Slocan Graphite Project Zoff Airborne Magnetic Image here
“The Slocan Graphite Project is an excellent addition to Aben’s portfolio of Projects and will allow the
Company to move into the very exciting EV battery metals space that is currently experiencing exponential
growth due to the electrification of the Auto Industry.” Comments Aben President and CEO Jim Pettit.
Tim Termuende, P.Geo, President and CEO of Eagle Plains commented on the transaction: “we are happy
to partner with Aben on this exciting project. The option to Aben is consistent with Eagle Plains’ strategy
of researching and identifying opportunities in the mineral exploration industry and are happy to have the
technical, financial and marketing abilities of Aben’s team aligned with our own. Our equity ownership
in Aben and production royalty ensure that EPL shareholders will benefit in step with exploration success
on the Project, while downside exploration and development risk to our shareholders is eliminated”.
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.
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 approximately $95,000,000 in value directly to its
shareholders, with Copper Canyon Resources and 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. 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. 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.
Expenditures from 2011-2021 on Eagle Plains-related projects exceed $27M, the majority of which was
funded by third -party partners. This exploration work resulted in approximately 42,000m 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.