Eagle Plains/Pacific Imperial Execute Option Agreement for Brownell Lake Copper Project, Saskatchewan
1
Eagle Plains/Pacific Imperial Execute Option Agreement
for Brownell Lake Copper Project, Saskatchewan
Cranbrook, B.C., March 28, 2023: Eagle Plains Resources Ltd. ( “EPL”:TSX-V, or “Eagle
Plains”) has executed an option agreement (subject to regulatory approval) with Pacific Imperial
Mines Inc . (“ PPM”: TSX -V) whereby PPM may earn up to a 60% interest in the 1863 ha
Brownell Lake VMS-polymetallic exploration project located 17km west of the community of
Deschambault Lake, Saskatchewan. The project is owned 100% by Eagle Plains, subject to a 2%
underlying royalty.
Under the terms of the agreement, PPM may earn its interest by completing $5,000,000 in
exploration expenditures, issuing 1,000,000 voting class common shares and making $500,000 in
cash payments over a 4 year period. Planning is underway to commence a ground-based time-
domain electromagnetic (TDEM) geophysical survey in the coming weeks.
Brownell Lake Project Summary
The Brownell Lake Project is host to regionally deformed meta-volcanic rocks which are
considered to be prospective for volcanogenic massive sulphide (“ VMS”) mineralization.
Historical select drilling results include 3.35 m of 0.48% Cu, 2.28% Zn, 1.46 g/t Au; 2.2 m of 6%
Zn; and 20.5 m of 0.49% Cu. Historic work has delineated a 2,600m length EM/magnetic anomaly
coincident with the VMS horizon, with an additional 1 ,700 m of prospective magnetic anomaly
that remains untested by electromagnetics and diamond drilling. Results are historical in nature
and have not been confirmed by Eagle Plains, but are considered to be reliable and will form a
basis for ongoing work.
In December 2003, Shane Resources released a geological resource for the Brownell Lake Property
of 1,251,900 tonnes grading 0.56% Cu and 1.75% Zn (Saskatchewan Mineral Deposit Index 0339),
based on 37 historic, mostly shallow, drill holes. Eagle Plains’ management considers the mineral
resource estimates to be historical in nature and cautions that a Qualified Person has not done
sufficient work to classify the historical estimates as current mineral resources or mineral reserves
in accordance with National Instrument 43 -101. These estimates do not comply with current
definitions prescribed by National Instrument 43-101 or the Canadian Institute of Mining, and are
disclosed only as indications of the presence of mineralization and are considered to be a guide
for additional work. The historical models and data sets used to prepare these historical estimates
are not available to Eagle Plains, nor are any more recent resource estimates or drill information
on the Property.
2
After acquiring the core tenures in 2018, Eagle Plains completed a comprehensive data compilation
followed by a 2018 surface work program comprising soil sampling, geological mapping and
prospecting, a ground based magnetic-VLF geophysical survey, and whole-rock lithogeochemical
sampling of select surface rocks and historical drill core samples. Modelling of t hese results
indicate that the Brownell VMS -style mineralization extends further east than previous ly
interpreted. Additional geological mapping and soil sampling was completed in 2021 along the
projected eastern extension of the mineralized horizon. Further, historical work has not tested the
altered and mineralized stratigraphy to depths below 158m.
Technical information concerning the Brownell Lake and Olson properties has been reviewed and
approved by C.C. Downie, P.Geo., a director and officer of Eagle Plains, hereby identified as the
“Qualified Person” under N.I. 43-101.
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 -out transactions, has transferred over
$100,000,000 in value directly to its shareholders, with Copper Canyon Resources and recen tly
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 holds 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 Energ y Corp., Denison Mines Corp., Skeena Resources Ltd. and Hecla Mining
Co./Banyan Gold Corp., among others. Planning is underway to spin -out Eagle Royalties during
H22023 which will enable Eagle Plains to 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 appro ximately 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 of Eagle Plains
“Tim J. Termuende”
President and CEO
3
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.