Eagle Plains Partner Intersects High Grade Copper at Knife Lake Project
Eagle Plains Partner Intersects High Grade Copper at Knife Lake Project
Cranbrook, B.C., April 30th 2019: Eagle Plains Resources Ltd. (TSX-V: EPL) has received
notice from Rockridge Resources (Frankfurt: RR0) (TSX-V: ROCK) (Frankfurt: RR0) that
it has received results from drilling completed during its 12 hole, 1053 m inaugural winter drill
program at its flagship Knife Lake Project located in Saskatchewan (the “Knife Lake Project”
or “Property”) . Interpretation and QA/QC has been completed on the first two holes and
additional results will be released as interpretation and QA/QC work is completed. Rockridge
recently entered into an Option Agreement with Eagle Plains Resources Ltd. to acquire a 100%
interest in the Property that covers the majority of the historical Knife Lake Cu -Zn-Ag-Co VMS
deposit. The contiguous claims total approximately 85,196 hectares and are lo cated
approximately 50 km northwest of Sandy Bay, Saskatchewan.
See Knife Lake Regional Map
Analytical results ranged from trace values to broad, high grade intercepts, as summarized
below. Drill holes KF19001 and KF19002 successfully confirmed mineralization in historical
drill holes. Drill hole KF19001 intersected net -textured to fracture -controlled sulphide
mineralization between 7.5m to 40.6m, returning 33.1m (core length) of 1.28% Cu, 0.12 g/t Au,
4.80 g/t Ag, 0.13% Zn, and 0.01% Co for an estimated 1.49% CuEq. Drill hole KF19002
intersected net -textured to semi -massive sulphide mineralizatio n between 9.7 m to 53.5m,
returning 43.8m (core length) of 0.78% Cu, 0.07 g/t Au, 2.54 g/t Ag, 0.07% Zn, and 0.01% Co
for an estimated 0.93% CuEq. Of note, anomalous gallium of up to 23.1 ppm and indium of up to
15.2 ppm we re intersected in both the mineralized zones from holes KF19001 and KF19002.
Highlighted intersections from the first two drill holes are reported in the table below.
Drill Results Table:
Hole From To Core
Length * Cu Au Ag Zn Co CuEq **
(m) (m) (m) (%) (g/t) (g/t) (%) (%) (%)
KF19001 7.50 40.60 33.10 1.28 0.12 4.80 0.13 0.01 1.49
Upper
Int. 7.50 13.60 6.10 1.67 0.21 7.20 0.31 0.01 1.99
Includes 7.50 11.50 4.00 2.29 0.29 9.80 0.43 0.01 2.72
Middle
Int. 19.50 24.10 4.60 1.70 0.14 5.90 0.15 0.01 1.94
Includes 21.50 23.50 2.00 2.06 0.23 8.20 0.26 0.02 2.46
Lower
Int. 30.70 40.60 9.90 1.56 0.13 6.10 0.11 0.02 1.81
Includes 36.70 38.70 2.00 3.37 0.33 14.40 0.26 0.03 3.88
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KF19002 9.70 53.50 43.80 0.78 0.07 2.54 0.07 0.01 0.93
Includes 24.30 42.00 17.70 1.27 0.11 3.71 0.07 0.02 1.47
Includes 25.40 30.50 5.10 2.03 0.10 5.04 0.11 0.02 2.28
Includes 29.50 30.50 1.00 5.97 0.21 15.4 0.28 0.04 6.49
* Drill indicated intercepts (core length) are reported as drilled widths and true thickness is
undetermined
** Assumptions used in USD for the copper equivalent calculation were metal prices of $2.80/lb
Cu, $18.00/lb Co, $1,300/oz Au, $17.00/oz Ag, $1.20/lb Zn and a processing cost of
$11.55/tonne. Copper equivalent (CuEq) was calculated using the formula CuEq = Cu% +
((Zn%*Zn Price*Zn Recovery*Zn Payable*22.0462) + (Co%*Co Price *Co Recovery*Co
Payable*22.0462) + (Augpt*Au Price*Au Recovery*Au Payable/31.1035) + (Ag *Ag Price*Ag
Recovery*Ag Payable/31.1035)) / (Cu price*CuRecov*Cupayable*22.0462)
See Knife Lake Plan Map and Drill Collar Locations
Rockridge completed twelve holes consisting of 1,053m of diamond drilling in the 2019 winter
drill program . This represents the first work on the property since 2001 and has two primary
objectives: confirm the tenor of mineralization reported by previous operators and expand known
zones of mineralization. All activities will advance the project toward the goal of co mpleting a
NI 43-101 compliant mineral resource estimate.
Compilation and initial modelling indicates potential for expansion of the historical deposit at
depth. The current drilling has been focused on resource upgrade and expansion as well as infill
drilling between historical holes. The program will also give valuable insights into the property
geology, alteration, and mineralization that will be applied to future regional exploration on the
highly prospective and underexplored land package.
Knife Lake contains typical VMS mineralogy which has been significantly modified and
partially remobilized during the emplacement of granitic rocks. Therefore, the known historical
deposit may represent a remobilized portion of a presumably larger “primary” VMS deposit
based on general observations about the mineralogy, mineral textures and metal ratios in the
deposit. Most of the historical work consisted of shallow drilling at the deposit area with little
regional work carried out and limited deeper drilling b elow the deposit. As a result, there is
strong discovery potential both at depth and regionally.
Knife Lake Geology and History
The Knife Lake Project is interpreted to be a remobilized VMS deposit. The stratabound
mineralized zone is approximately 15m thick and contains copper, silver, zinc and cobalt
mineralization which dips 30° to 45° eastward over a strike -length of 4,500m, with an average
horizontal width of approximately 300m. Over 400 diamond drill -holes have been completed in
and around the current property boundaries, with much of the drill core stored under cover and in
very good condition.
The deposit is hosted by felsic to intermediate volcanic and volcaniclastic rocks which have been
metamorphosed to upper amphibolite facies. The deposit is typical of VMS mineralogy which
has been significantly modified and partially remobilized during the emplacement of granitic
rocks. The mineralization straddles the boundary between two rock units and occurs on both
limbs of an overturned fold.
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The Knife Lake area saw extensive exploration from the late 1960s to the 1990s with the last
documented work program completed in 2001. Drilling has outlined a series of stratabound
mineralized lenses which are controlled by complex geological structures. In the co pper
mineralized zone, significant thickening of the mineralization occurs near the central portion of
the deposit. Sulphides and rare native copper are visible in outcrop. Massive sulphides consist of
25% to 60% pyrrhotite and 0.2% to 10% chalcopyrite min eralization. Pyrite is present as
irregular disseminations and masses. Locally, up to 8% sphalerite (zinc mineralization) is
present.
The first documented work in the Knife Lake showing area occurred between 1969 -1973,
consisting of ground and airborne geophysical surveys and extensive soil geochemical sampling.
The discovery drill -hole, collared in September 1969, returned 2.37% Cu over 4.48 m from
19.96-24.44m, including 3.5% Cu over 2.5 m from 20.27 -22.77m. A total of 96 diamond drill
holes (8,232 m) wer e completed between 1969 and 1971, and in 1973 Straus Exploration
announced a maiden resource on the Knife Lake Deposit. Other previously reported historical
drill results include 1.37% Cu, 5.07 g/t Ag, 115 ppm Co, 1182 ppm Zn over 60.13m (core
length) beginning at a depth of 2.37m in hole K -96-02 as well as 0.99% Cu, 4.73 g/t Ag, 103
ppm Co over 38.83m (core length) beginning at a depth of 6.11m in hole K-96-36.
Hudson Bay Exploration and Development Company Ltd. later carried out a regional Airborne
EM geophysical survey in the Knife Lake – Scimitar Lake area, followed up by geological
mapping, prospecting, ground geophysics , and diamond drilling. The property was subsequently
optioned to Copperquest Incorporated in 1989, who carried out further geophys ical and
geochemical surveys and optioned the property to Leader Mining International in 1996. Between
1996 and 2001, Leader flew various airborne geophysical surveys in the area, including
electromagnetic (“EM”), magnetic, and gravity surveys. This was followed up with stripping and
trenching of the outcropping deposit area. Ground TEM, magnetic, ground IP/Resistivity and
VLF-EM surveys were completed over and adjacent to the main deposit area.
Between 1996 and 1998, Leader completed 315 diamond drill holes, outlining a broad zone of
mineralization occurring at less than 100 meters depth (AF 63M -0006, Report 10). Late in 1998,
Leader published a historical estimate for the deposit, reporting a dr ill-indicated resource of 20.3
million tonnes grading 0.6% Cu, 0.1 g/t Au, 3.0 g/t Ag, 0.06% Co and 0.11% Zn. Within the
historical estimate, there is a higher grade zone containing 11.0 million tonnes grading 0.75% Cu
in addition to other metals (SMDI 040 6). All disclosed historical estimates were completed prior
to the passing of NI 43 -101 into law and as such the Company advises that these mineral
resource estimates, as disclosed, are not supported by a compliant National Instrument 43 -101
technical report, contrary to NI 43 -101. A qualified pers on has not done sufficient work to
classify these historical estimates as current mineral resources or mineral reserves in
accordance with NI 43 -101. The above resource estimates are from the Saskatchewan Mineral
Deposit Index (SMDI) 0406. The Company is n ot treating the historical estimates as current
mineral resources or mineral reserves. These estimates do not comply to categories prescribed
by National Instrument 43 -101 or the Canadian Institute of Mining, and are disclosed only as
indications of the pr esence 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 and the author is not aware of any more recent resource estimat es or
data. The 1998 historical resource was calculated using the cross-section method and used assay
data from 241 Leader holes and from 6 other holes drilled prior to Leader’s drilling. A cutoff
grade of 0.3% copper-equivalent and a minimum composite length of 3.0 meters was used. Holes
were plotted on vertical drill sections ranging from Section 20760 N to Section 24905 N,
covering a strike length of 4,145 meters. The categories used for the Leader Mining 1998
historical resource estimates are stated a s being “drill -indicated”. This is not a resource
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category as defined under 43 -101 CP Section 2.4 (1) and (2)6 but based on the methodologies
and drill hole spacing it would likely be equivalent to an inferred resource category.
In 1997, Leader International shipped a 2.4 tonne bulk sample of mineralized material excavated
from the surface outcrop of the Knife Lake deposit to Lakefield Research Limited for
metallurgical test -work. Lakefield concluded that the copper metallurgy was straightforward.
Following a simple flowsheet, greater than 90% copper recovery was achieved at a concentrate
grade of 28% Cu. Gold recovery in the copper concentrate was 80%. The cobalt recovery in the
copper cleaner concentrate was 13%, with 28% of the cobalt present in cleaner tailing products.
Another 48% of the cobalt was present in the sulphide concentrate.
A 357kV powerline runs within 16 km of the Knife Lake Deposit area, greatly enhancing the
project’s infrastructure.
QA/QC
Samples were sent for geochemical analysis wi th ALS Global, Vancouver for the following
analyses: 48 element four acid ICP -MS (ME-MS61) and gold (Au) 30 g Fire Assay – AA finish
(Au-AA23). Over limit analysis were completed using the following analyses: Ore Grade copper
(Cu), nickel (Ni) and zinc (Zn) – four acid ICP-AES (ME-OG62).
On receipt of final certificates of analysis, the QA/QC sample results were reviewed to ensure
the order of samples were reported correctly, that the blanks r an clean, and that the results for
each standard had minimal variance from its certified value. QA/QC for the Knife Lake drilling
included certified reference material (“CRM’s”) and blanks that were inserted into each sample
batch in order to verify the analytical from the lab. The CRM’s from the first two drill holes
reported passed within 2 standard deviations and the blanks returned acceptable values. All of
the lab internal standards and duplicates were within acceptable values.
Complete analytical results are available on the Rockridge Resources website.
Drill Collar Summary Table
Hole ID Easting Northing Elevation Azimuth Dip Depth
(m) (m) (m) (m)
KF19001 641595.5 6194192.6 387 283 -90 90
KF19002 641622.7 6194154.3 389 283 -65 90
Qualified Person
The drill program was carried out by Michelle McKeough, of TerraLogic Exploration Services
Ltd. under the supervision of Charles C. Downie, P.Geo., a “qualified person” for the purposes
of National Instrument 43 -101 - Standards of Disclosure for Mineral Pr ojects, and a Director of
Eagle Plains Resources Ltd., who has prepared, reviewed, and approved the scientific and
technical disclosure in this news release.
Knife Lake Agreement
To earn a 100% interest in the Knife Lake Project, Rockridge has agreed to make a cash payment
to Eagle Plains of $150,000 upon regulatory approval (complete), issue up to 5,250,000 common
shares of Rockridge (2M shares issued to date) and complete $3,250,000 in exploration
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expenditures over four years. Eagle Plains will retain a 2% net smelter royalty (“NSR”) on
certain claims which comprise the project area. Under the terms of the agreement Rockridge is
designated as the Operator of the project.
About Eagle Plains Resources Ltd.
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore
mineral projects throughout western Canada. The Company is committed to steadily enhancing
shareholder value by advancing our diverse portfolio of projects toward dis covery through
collaborative partnerships and development of a highly experienced technical team.
Managements’ current focus is to preserve its treasury while advancing its most promising
exploration projects. In addition, Eagle Plains continues to seek ou t and secure high -quality,
unencumbered projects through research, staking and strategic acquisitions. Since 2012, Eagle
Plains has added to its portfolio a number of new projects exceeding 130,000 ha targeting mainly
gold, uranium and base -metals in Saskatchewan, a highly-prospective mining jurisdiction which
was recently recognized by the Fraser Institute as the second best place in the world in terms of
Investment Attractiveness. 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 2011-2018 on Eagle Plains-related projects exceed $20M, most of which was
funded by third -party partners. This exploration work resulted in approximately 30,000 m 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 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.