Eagle Plains Partner Apogee Minerals Commences Airborne Geophysical Survey at Pine Channel Gold Project
Eagle Plains Partner Apogee Minerals Commences Airborne
Geophysical Survey at Pine Channel Gold Project
Cranbrook, B.C., June 8th, 2022: Eagle Plains Resources Ltd. (TSX-V:EPL) (“EPL”
or “Eagle Plains”) has been notified by option partner Apogee Minerals (TSX-V APMI)
that survey equipment has been mobilized to EPL’s 6,500 ha, 100%-owned Pine Channel
project located 43 km west of Stony Rapids, S askatchewan (the “Property”). Precision
Geosurveys Inc. of Langley British Columbia has been contracted to complete a 380 line-
km helicopter-borne high-resolution aeromagnetic and radiometric survey.
To earn an 80% interest in the property, Apogee will complete $3,000,000 in exploration
expenditures, issue 2,000,000 voting class common shares to Eagle Plains and make
$150,000 in cash and payments over a 4-year period (see details below). EPL will retain a
2.0% net smelter returns royalty on the Property (subject to underlying royalties on certain
areas of the Property), of which 1% may be purchased by Apogee at any time for
CDN$1,000,000.
Eagle Plains acquired the project in 2018 -2020 by staking and purchase from third -party
vendors and in 2019 and 2020 completed field programs designed to evaluate and confirm
the nature of mineralization previously documented at historical showings.
See Pine Channel Project Map here
Pine Channel Gold Property Summary
The Pine Channel Property consists of 28 mineral dispositions covering 6,502.63 hectares
located approximately 40 km west of Stony Rapids, Saskatchewan -the logistics/business
hub for northern Saskatchewan. The property can be accessed year-round by float- or ski-
equipped aircraft from Stony Rapids or Fort McMurray, AB. The eastern and northern part
of the property is transected by a high voltage powerline. Most geological fieldwork is
limited to late May to October but other operations such as geophysical surveys and
diamond drilling can be completed year-round.
Highlights from documented historical work include:
▪ North Norite Bay (SMDI 2183): 407.96 g/t (14.39 oz/T) Au over 0.5 m (drill hole)
▪ ELA (SMDI 1574): 39.96 g/t (1.41 oz/t) Au over 0.55 m (drill hole)
▪ Holes G-1 and G-3 (SMDI 2329): 3.20 g/t Au over 1 m (drill hole)
▪ Occurrence No. 6/Occurrence No. 8 (SMDI 1581): 90.6 g/t (3.20 oz/T) Au over 0.2 m
(trench)
▪ Cole Lake Ni-Cu (SMDI 1583): 0.45% Ni over 7.0 m (drill hole), 6.2 g/t Au, 0.01% Ni
and 0.06% Cu over 3.0 m (trench)
The main deposit type that is being explored for at Pine Channel is structurally controlled
vein-quartz (lode) gold deposits. Mineral occurrences on the Pine Channel Property contain
predominantly gold, with rare base metal occurrences. Within the Pine Cha nnel tenures
there are eighteen historical showings reported by the Saskatchewan Mineral Deposit Index
(SMDI).
Government mapping in the Pine Channel area dates from 1913, with the first industry
work reported in 1950. A total of 51 assessment reports have been filed within the current
Pine Channel tenure area. Past operators include Golden Rule Resources Ltd. and Colchis
Resources Ltd. who were both active on the project during the 1980’s, the last sustained
period of exploration in the area. The most recent work prior to Eagle Plains acquiring the
claims in 2018 was in 2013 when the area was flown with an airborne Variable Time
Domain Electromagnetic (“VTEM”) survey focused on locating targets for diamond
exploration. There has been a total of 6,066 meters of diamond drilling in 115 historic holes
completed within the current Pine Channel property claim boundaries with the majority of
the holes completed less than 100 meters in length. Although the wide-spaced drilling did
intersect significant gold mineralization in places, much of the drilling was completed
using thin diameter core which is considered in effective for assessing the high grade
“nuggety” gold shears and veins found at Pine Channel.
The first recorded systematic exploration work on the Pine Channel property was in 1950
by Goldfields Uranium Mines. The first significant program on the property was in 1980
by Golden Rule Resources who completed 246 line -km of airborne EM (INPUT) and
magnetic surveying. Follow -up ground work loc ated 11 significant occurrences. From
1985-1988 Colchis Resources completed VLF -EM geophysics, biogeochemical surveys,
prospecting, soil sampling and trenching followed by shallow diamond drill testing of
selected targets.
The Pine Channel project lies within the Tantato Domain which is composed of highly
deformed gneisses which form the eastern margin of the Archean Rae Craton.
Metamorphic rocks which have been subject to varying degrees of strain form the majority
of the property area.
The above results were summarized from 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 in the Pine Channel property area.
In 2019-2020, Eagle Plains completed field programs focused on prospecting and mapping
in areas of known mineral occurrences. The work confirmed the widespread occurrences
of aurif erous quartz veins and associated shear systems in the Pine Channel property.
Analytical results from the seventy-two rock samples collected in 2020 range from 6 ppb
Au to 68,400 ppb Au. Twenty-three of the samples returned greater than 1 g/t Au, and eight
returned greater than 10 g/t Au. The most encouraging of the known showings are the ELA
Shaft showing (SMDI 1574) and Occurrence No. 6 and No. 8 (SMDI 1581), which both
demonstrate anomalous gold geochemical results and potential for extension of known
mineralization along strike.
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 projec ts 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 ov er 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 va lue 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
on projects controlled by Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena
Resources Ltd. and Alexco Resource Corp./Banyan Gold Corp., among others.
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 Ven ture
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 curre ntly
anticipated in such statements.