Eagle Plains Provides Corporate Update, Future Outlook
Eagle Plains Provides Corporate Update,
Future Outlook
Cranbrook, B.C., March 14, 2023: Management of Eagle Plains Resources Ltd. (TSX-V:EPL)
("EPL", "Eagle Plains" or the “Company”) is pleased to provide information regarding important
developments relating to the Company and to inform shareholders on significant upcoming events.
Highlights:
Milestones:
• Arrangement Agreement, Amalgamation Agreements executed relating to proposed spin out
of Eagle Royalties, expected Record Date March 17th, 2023 (NR Mar 1, 2023);
• Significant mineralization reported on 100% owned Vulcan Property (NR Dec 7, 2022);
• Multiple lithium-related projects recently acquired (NR Mar 2, 2023);
• Eagle Plains holds over $11M in cash, in addition to substantial investment, real estate assets;
• Annual net revenues from 100%-owned TerraLogic averaging >$1M/year for past 5 years;
• Taiga Gold merger generated $3.5M cash to EPL during 2022;
• Seven active option agreements in place-aggressive exploration planned.
Outlook:
• Completion of Eagle Royalties Spin-out expected late April, 2023;
• Numerous drill programs planned for 2023 (Eagle Plains and partners) including the Vulcan;
• Continuing EPL project generator model with new British Columbia and Saskatchewan
projects;
• Continuing focus on critical metals, energy metals and precious-metal projects;
• Terrralogic Exploration Services has confirmed multiple third-party exploration programs
for 2023.
Eagle Royalties Spin-Out
In late 2022 Eagle Plains announced the formation of Eagle Royalties (“ER”), a wholly -owned
subsidiary mandated with managing the extensive royalty assets acquired by Eagle Plains after 30
years of exploration in Western Canada. Over 50 royalty assets were subsequ ently transferred to
ER, covering a broad spectrum of commodities including precious-metals, critical-metals (copper,
zinc, graphite, lithium, uranium, REE’s), diamonds and industrial minerals. Over twenty of these
royalty assets are related to lands held by third parties such as Cameco Corp., Iso Energy Corp.,
Denison Mines Corp., Skeena Resources Ltd. and Hecla Mining Co./Banyan Gold Corp., among
many others.
On January 4th, 2023 Eagle Plains announced its intention to spin -out Eagle Royalties to its
shareholders on a 1:3 basis, while concurrently amalgamating with 1386884 BC (“138”), a well -
funded private BC corporation, which would facilitate the listing of ER on the Canadian Securities
Exchange (“CSE”). The combined corporate entity will be called Eagle Royalties Ltd.
On March 1st, 2023 EPL announced the completion of an arrangement agreement with ER and
execution of a formal amalgamation agreement with 138, paving the way for completion of the
transaction and listing. The matter will be put to shareholders at a special meeting planned for late
April, with listing planned for early May (subject to court, regulatory and shareholder approvals).
On completion of the above transactions, it is anticipated that Eagle Royalties Ltd. will commence
trading with a healthy treasury holding a minimum of $2.5M in cash.
Vulcan Project Summary, Drilling Plans
First acquired by Eagle Plains by staking in 2002, the road-accessible Vulcan property is
considered to hold significant potential for the presence of sedimentary exhalative (“sedex”) style
mineralization similar to that of the now depleted Sullivan deposit located 30km to the east and
within the same stratigraphic sequence. Vulcan is owned 100% by EPL and bears no underlying
royalties or encumbrances.
Analytical results f rom the 2022 drill program were announced previously by Eagle Plains (see
news release December 7th, 2022). Initial observations of core lithologies, mineralogy, alteration
and mineral tenor from VU22004 indicate a possible sedex -type vent source near the trace of the
drill-hole. A news release on January 18, 2023 announced subsequent petrographic work and
borehole geophysical results which strongly support this interpretation.
Previously-reported analytical results for VU22004 include:
11.55m @ 0.46% Zn, 0.02% Pb, 21.48 ppm Cd, 90.65 ppm Sn (545.50-557.05m), including;
• 1.50m @1.72% Zn, 68.83 ppm Cd, 32.09 ppm Sn (554.58-556.08m), including;
• 0.22m @ 6.46% Zn, 259.00 ppm Cd, 39.10 ppm Sn (554.58-554.80m), and
• 0.18m @ 3.16% Zn, 126.50 ppm Cd, 26.80 ppm Sn (555.53-555.71m).
With funding and permits now in place Eagle Plains’ personnel are planning an aggressive drilling
program, expected to commence in mid-June, 2023. A 10,000’/3,000m, 5-6 hole Phase 1 program
will target mineralization intersected in Hole VU22004 designed to provide a geological vector to
locate the interpreted nearby vent source.
View Vulcan Project Highlight Map and Drill Core Photos here
Financial Health
Eagle Plains currently enjoys strong financial health. As of mid-February, the Company has over
$11M in cash and short -term investments, controls $800,000 in securities of partner companies,
and owns $1.35M in real estate assets with no debt. EPL owns outright the office building from
which it’s based and has long -term leases with professional groups for unused space, effectively
offsetting the majority of overhead expenses. TerraLogic Exploration Ser vices Ltd. (“TL”), a
wholly-owned subsidiary of Eagle Plains, continues to generate significant revenues, averaging
over $1M/ year over the past 5 years, with over $2M in revenues in 2022.
Recent Project Acquisitions
During 2022 and 2023 EPL personnel have been aggressively researching and acquiring quality
exploration projects in British Columbia and Saskatchewan. On March 2, 2023, Eagle Plains
announced that it had successfully acquired by staking 2 properties in British Columbia and 4 in
Saskatchewan comprising a total of 19,503 ha which are considered prospective for the presence
of Lithium Cesium Tantalum (“ LCT”) type pegmatites. Staking activities followed extensive
research conducted by Eagle Plains’ personnel utilizing both public and propriet ary data sources.
The individual projects were targeted for lithium bearing minerals such as spodumene, based on
the presence of favourable stream and lake sediment geochemistry, geological mapping, and
significant mineral occurrences within the subject ar eas. Updates to the Eagle Plains website to
reflect these acquisitions will occur as information about these projects is received and validated.
• Over 19,000 ha prospective for lithium staked in BC and Saskatchewan;
• George Lake, SK: 3662ha acquired to cover 8km mine ralized trend that hosts Zn -Pb sedex
deposit;
• Cook Lake, SK: greenstone hosted Au/Mo with historic chip samples up to 89.2 g/t (2.60 oz/t)
Au over 1m; last work completed in 1989 - never drill tested.
Recent Option Agreements
• Canter Resources: Puzzle Lake (Au); 2023 minimum expenditure $100,000;
• Additional agreements currently under negotiation.
2023 Partner-Funded Exploration Highlights
• Slocan Graphite Aben Resources: diamond drilling program;
• Dictator (Au) Riverstick Resources: $100,00 field program;
• Donna (Au) Annacotty Resources: $100,000 field program;
• Findlay (critical metals): $100,000 field program anticipated.
2023 Eagle Plains-Funded Exploration Highlights
• Vulcan (SedEx): 3000m diamond drilling / geophysical program;
Click here for a tentative schedule of Eagle Plains 2023 exploration programs
Click here to receive more information about:
• The Eagle Royalties Spin-out;
• Eagle Plains Exploration Projects;
• Vulcan 2023 Drill Program;
• Eagle Plains Revenue Generation.
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 transfer red 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
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 Energy 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 approximately
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
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.