Eagle Plains Partner Refined Energy Commences Work Programs and Adds Additional Claims at Dufferin Lake Uranium Project, Saskatchewan
Eagle Plains Partner Refined Energy Commences Work Programs and
Adds Additional Claims at Dufferin Lake Uranium Project,
Saskatchewan
Cranbrook, B.C., October 07, 2024: Eagle Plains Resources Ltd. (“EPL”:TSX-V, or “Eagle Plains”)
is pleased to announce that partner Refined Energy Corp (CSE: RUU; OTC: RFMCF; FRA: CWA0)
(“Refined”) has commenced 2024 work on Eagle Plains’ 100% owned Dufferin Project. Refined holds
the exclusive option to a acquire 75% interest in the Project, which is made up of the North and West
Dufferin properties, located approximately 18km from Cameco’s Centennial Deposit where historic drill
hole VR-031W3 intersected 8.78% U308 over 33.9m (SMAF 74G12 -0061). The planned work includes
an airborne MobileMT geophysical survey at Dufferin North and interpretation and modeling of historical
geophysical data at Dufferin West and North. The Dufferin North interpretation and modeling will include
3D inversions. In add ition to the above work, Refined and Eagle Plains have acquired a further 2,837
hectares at Dufferin West, further expanding the Dufferin Project to 10,140 hectares.
See Dufferin Project Information & Map here
The Dufferin Project is located on or in close proximity to the known trace of the Virgin River Shear Zone
and related splays which are key structures for potential uranium mineralization.
An airborne MobileMT geophysical survey is planned for the Dufferin North property. The MobileMT is
an advanced geophysical method that can effectively identify deep seated structures that may be associated
with feeder fault systems to uranium mineralization.
The Dufferin West program will initially focus on an advanced interpretation of available geophysical
datasets in order to determine the most prospective locations for follow up electromagnetic (“EM”) ground
surveys to refine drill targeting.
The Dufferin Project is prospective for unconformity - and basement-hosted uranium mineralization in
proximity to the Virgin River Shear Zone. Faulted basement contacts and brittlely reactivated structures
are the primary locations for mineralization in the area covered by the Dufferin Project. The relatively high
concentration of secondary uranium bearing minerals demonstrated by prior exploration work on the
Dufferin Project may also indicate uranium mineralization remobilization may play an important role in
this region of the Athabasca Basin. Geophysical EM and magnetic anomalies demonstrated by prior
exploration work on the Dufferin Project are supported by previous uranium and boron soil and lake
sediment anomalies along the inferred fault zones, which are expected to aid in focusing future exploration
programs.
Some of the above results were taken directly from the SMDI descriptions and assessment reports (SMAF)
filed with the Saskatchewan government. Management cautions that historical results were collected and
reported by past operators and have not been veri fied nor confirmed by a Qualified Person, but form a
basis for ongoing work on the subject properties. Eagle Plains’ management cautions that past results or
discoveries on proximate land are not necessarily indicative of the results that may be achieved o n the
subject properties.
Dufferin Option Agreement Details
To exercise the Option, Refined must make a series of cash payments and share issuances to Eagle Plains
and fund exploration expenditures on the Project. These payments, share issuance and expenditures are
separated into two phases, with the first Option e ntitling the Company to acquire a 60% interest in the
Project by paying CA$275,000, issuing an aggregate of 1,000,000 post -consolidated common shares to
EPL and funding CA$2,600,000 in exploration expenditures on the Project by December 31, 2026.
Pursuant to the second phase of the Option, the Company may acquire an additional 15% interest in the
Project (for a 75% total interest) by paying an additional CA$500,000, issuing an additional 500,000 post-
consolidated Shares to EPL and funding an additional CA$3 ,000,000 in exploration expenditures on the
Project by December 31, 2028. The Dufferin project is owned 100% by EPL, wh ich has been appointed
as Operator during the first Option period.
If the First Option or the Second Option is exercised, a 2% smelter returns royalty will be granted to the
Eagle Plains, 1% of which may be repurchased for CA$2,000,000.
Qualified Person
Technical information in this News Release 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, with a focus on critical
metals integral to an increasingly electrified, decarbonized economy.
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 numer ous spin outs has transferred over $100,000,000 in
value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable
examples. Eagle Plains latest spinout; Eagle Royalties Ltd. (CSE:“ER”) was listed on May 24, 2023,
and holds a diverse portfolio of royalty assets throughout western Canada.
On October 2, 2024, Eagle Plains announced announce the formation of a separate division within the
Company that will give Eagle Plains’ shareholders direct exposure to strategic opportunities in Canadian
green energy transition. As a wholly-owned subsidiary of Eagle Plains, Osprey Power Inc. (“OP”) will
focus on identifying and advancing innovative and diverse clean energy project portfolios in target markets
throughout Canada, with an initial focus on Western Canada.
Eagle Plains’ core business is acquiring grassroots critical- and precious-metal exploration properties. 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.
Expenditures from 2010-2023 on Eagle Plains-related projects exceed $38M, the majority of which was
funded by third -party partners. This exploration work resulted in approximately 50,000m 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
“C.C. (Chuck) Downie, P.Geo”
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.