Eagle Plains Provides Update on Fisher Gold Project, Saskatchewan
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Eagle Plains Provides Update on Fisher Gold Project, Saskatchewan
Cranbrook, B.C., October 12 th , 2017: Eagle Plains (“EPL”) has recently received a $75,0 00 cash
payment from option partner SSR Mining Inc. (former ly Silver Standard Resources Inc.) (“SSRM”)
(TSX: SSRM) (NASDAQ: SSRM), indicating that SSRM wi shes to proceed into the second year of a
four-year option agreement whereby SSRM may earn up to an 80% interest in the 34,000 ha Fisher
property by completing $4M in exploration expenditu res and making $3.3M in cash payments to EPL
(see details below- all figures in Canadian dollars ). The Fisher Project is contiguous to the north, s outh
and east with SSRM’s Seabee Gold Operation. SSRM ha s advised Eagle Plains that surface activities
have been completed and preparations are being made for a winter drilling campaign.
See: Fisher area location map
2017 surface exploration activity consisted of till sampling, soil geochemical sampling, geological
mapping and prospecting. Results were encouraging, with numerous areas of elevated gold in soils
documented within Fisher property boundaries. A clu ster of elevated gold in soil anomalies correlate t o
areas of high strain and shearing, significant alte ration and quartz veining that were identified duri ng
mapping. The anomalies also coincide with a bifurca tion of the Santoy shear zone, with anomalous
values following both branches of the structure. De spite poor exposure, the trend has been traced in
outcrop over a strike length of 1.5-2.0 km. Full de tails of the surface exploration work are expected to be
released as they are obtained by Eagle Plains.
The 2017 exploration program targeted a Mineral Res ource discovery on the Fisher property. To achieve
this objective, the SSRM exploration team focused o n improving and refining the geological and
structural framework of the Fisher property, furthe r evaluating and testing historical mineral occurre nces
and identifying additional mineralization in settin g similar to that currently being mined at the Seab ee
Gold Operation.
As reported in the EPL news release dated August 29 th , 2017, forest fire activity in the area did not
significantly affect survey activity. Subsequent to that news release, fire activity resumed in the Fi sher
camp area, resulting in the loss of some equipment and structures. A UAV-borne detailed aeromagnetic
survey is planned for the fourth quarter of 2017 followed by drilling activity in the first quarter of 2018.
The Seabee Gold Operation has been in continuous pr oduction since 1991 and has produced
approximately 1.2M ounces of gold from the Seabee and Santoy deposits. As reported by SSR Mining in
its news release dated September 7th, 2017, as at D ecember 31, 2016, the Seabee Gold Operation
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includes the following estimated Mineral Reserves a nd Mineral Resources: Proven and Probable
Reserves of 1.37Mt at an average gold grade of 8.19 g/t Au; Measured and Indicated Resources
(inclusive of Mineral Reserves) of 2.07Mt at an ave rage grade of 8.02 g/t Au; and Inferred Resources o f
2.50Mt at a grade of 7.66 g/t Au. SSRM earlier repo rted uncut drill intercepts grading up to 1,004 g/t
gold over 1.6m including 3,887 g/t gold over 0.4m ( true widths) at its Santoy Gap deposit, located
approximately 3km northwest of the Fisher property boundary ( see SSRM news release dated May 1,
2017 ). Management cautions that past results or discoverie s on proximate land are not necessarily
indicative of the results that may be achieved on t he subject properties.
Ore geology at the Seabee Gold Operation consists o f high-grade vein mineralization associated with
shear zones that transect mafic meta-volcanic and i ntrusive rocks, as well as granitic rocks emplaced
during the regional deformation events impacting th e Pine Lake greenstone belt during the Proterozoic.
The Seabee Gold Operation and the Fisher Project oc cur within the Pine Lake greenstone belt.
Mineralization at the Seabee Gold Operation occurs at the Seabee and Santoy mines, which are located
approximately 14kms apart. The former is affiliate d with the more westerly-oriented Laonil Lake shear
zone, while the latter is hosted on a regional nort h-trending shear zone that has been traced over muc h of
the Fisher property.. Field and underground observa tions at the Seabee Gold Operation suggest that
shear structures nucleated at contacts between gran odiorite and meta-volcanic lithologies, with high-
grade zones forming at minor flexures.
Details of the Fisher Option Agreement
To earn a 60% interest over four years, SSR Mining paid $100,000 to Eagle Plains on signing of the
formal agreement, has agreed to complete $4,000,000 in exploration expenditures and make annual cash
payments of $75,000 for each of the four years of t he option period. SSRM has now made the first
annual cash payment of $75,000 and funded the $400, 000 exploration program completed by Eagle
Plains in 2016 (see news releases dated July 18, 2016 and September 12, 2016 ), which is included in the
$4,000,000 exploration expenditures. Once the 60% e arn-in has been completed, SSRM has a 90-day,
one-time option to earn an additional 20% interest (for a total of 80%) by making a cash payment of
$3,000,000 to Eagle Plains, at which time an 80/20 joint venture will be formed to further advance the
property. Eagle Plains will retain a 2.5% Net Smelt er Return (“NSR”), subject to reduction on certain
claims by underlying NSR agreements. Eagle Plains’ NSR may be reduced by 1% at any time upon
payment of $1,000,000 by the joint venture. In addi tion, Eagle Plains will receive advance royalty
payments of $100,000 annually from the joint venture until commencement of commercial production.
About Eagle Plains Resources
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 towa rd discovery through collaborative partnerships and
development of a highly experienced technical team. Managements’ current focus is to preserve its
treasury while advancing its most promising explora tion projects. In addition, Eagle Plains continues to
seek out and secure high-quality, unencumbered proj ects through research, staking and strategic
acquisitions. Since 2012, Eagle Plains has added t o 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 best place in the world in terms of
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Investment Attractiveness. Throughout the explorat ion process, our mission is to help maintain
prosperous communities by exploring for and discove ring resource opportunities while building lasting
relationships through honest and respectful business practices.
Expenditures from 2011-2016 on Eagle Plains-related projects were approximately $16.0M, which was
funded by Eagle Plains and, for the most part, by t hird-party partners. This exploration work resulte d in
approximately 15,000 m of diamond-drilling and exte nsive ground-based exploration work facilitating the
advancement of numerous projects at various stages of development.
Technical aspects of this news release have been re viewed and approved by Jarrod Brown, P.Geo. For
Mineral Reserves and Mineral Resources on the Seabe e Gold Operation as at December 31, 2016, refer to
SSR Mining’s news release dated September 7, 2017. For Santoy Gap drill results discussed in this
release, refer to SSR Mining’s news release dated May 1, 2017.
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 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.