Eagle Plains Provides Update on Government of Saskatchewan Airborne Geophysical Survey at George Lake
Eagle Plains Provides Update on Government of Saskatchewan Airborne
Geophysical Survey at George Lake
Cranbrook, B.C ., December 05th, 202 3: Eagle Plains Resources Ltd. (TSX -V:EPL) (“EPL” or
“Eagle Plains”) is pleased to report that the recently released eastern Wollaston Domain electromagnetic
and magnetic high resolution geophysical survey, flown by the Government of Saskatchewan, covered the
entirety of Eagle Plains’ George Lake critical metals project. The 200m line spaced survey was carried
out by Geotech Canada Inc. utilizing Geotech’s VTEM Max Time -Domain Electromagnetic (TDEM)
system. Results from the survey indicate a strong southwest-northeast trending EM conductor that crosses
the entire property. The conductor is coincident with the George Lake deposit mineralization and has been
only partially drill tested. The survey also located weaker parallel conductor trends north and south of the
main conductor, with the northern conductor coincident with the Spence Lake mineralized zone.
The fully permitted George Lake project is located 280km north of La Ronge, Saskatchewan. The project
has excellent access and is located on an all -weather spur road along Saskatchewan Highway 905. Eagle
Plains holds a 100% interest in claims comprising the property, subject to a 2% royalty held in favour of
Eagle Royalties Ltd.
The property overlies 8 Saskatchewan Mineral Deposit Index (“SMDI”) occurrences including the George
Lake Zn Deposit which is reported to contain a historical resource grading 2.63MT grading 3.67% Zn and
0.53% Pb (SMDI 0663)*. Zinc and lead mineralized boulders were discovered in the George Lake area
in 1965 which led Falconbridge Nickel Mines to acquire a large land position in the area , resulting in a
34-hole diamond drill program in 1969-70 which defined the George Lake deposit. The deposit contains
sedimentary-exhalative (“sedex”) style mineralization, with a higher-grade core of >5% Zn.
See George Lake Geophysics Map here
George Lake Project Highlights
• 10,050m of drilling completed in 90 holes, with the best drill holes returning 57.9m grading 3.42%
Zn (including 9.1m grading 7.1% Zn ) and 47.8m grading 4.5% Zn and 0.61% Pb (including
8.0m grading 7.0% Zn and 1.4 % Pb);
• Historical resource of 2.63MT grading 3.67% Zn and 0.53% Pb reported in 2003 (SMDI 0663)*;
• Deposit dimensions are approximately 35m thick x 150m in width x 800m in length, open to depth
and along strike;
• Potential for discovery of extensions of existing mineralization and other discrete mineralization
elsewhere on the property.
*Eagle Plains’ management considers these estimates to be historical in nature and cautions that a
Qualified Person has not done sufficient work to classify the historical estimates as current mineral
resources or mineral reserves in accordance with Nationa l Instrument 43 -101. These estimates do not
comply with current definitions prescribed by National Instrument 43 -101 or the Canadian Institute of
Mining, and are disclosed only as indications of the presence 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, nor are any more recent resource estimates or drill information on the
property.
See George Lake Project Location Map and Details here
George Lake Geology
The George Lake property is underlain by metasedimentary sequences of the Wollaston Supergroup.
Bedding is very steeply dipping to vertical and locally overturned on the northwest limb of the Spence
Lake Synform. Rapid thickening and facies changes in sedimentary units suggests syndepositional faulting
on north-south trending structures which are interpreted as providing conduits for mineralizing fluids.
Mineral occurrences on the George Lake Property include stratabound , disseminated and vein -hosted
sphalerite, galena and arsenopyrite interpreted as sedex -type mineralization. Stratabound Pb -Zn-Ag-
mineralization is predominantly found disseminated in quartzite of the upper Souter Lake group near the
contact with the overlying meta -argillite. The Spence Lake formation also hosts stratabound Pb -Zn-Ag
mineralization. Vein-hosted arsenopyrite, galena, and sphalerite are predominantly found as blebs in
quartz-veins hosted in meta-argillite of the Spence Lake formation, as well as disseminated grains in the
host rock. Silver is associated with both mineralization types in the George Lake property.
George Lake History
Zinc-lead mineralization was first noted in the George Lake area in 1965 by prospectors who identified
mineralized boulders while following up on an airborne geophysical magnetic survey . This led to the
discovery of sphalerite-bearing outcrops which attracted Falconbridge Nickel Mines Ltd. to acquire a large
land position in the area. Falconbridge conducted ground geophysics, soil geochemical surveys, mapping
and prospecting to help define the mineralized trends which were tested by a 34-hole, 5127m drill program
in 1969-70 which delineated the George Lake deposit.
In the 1980’s the Pressuag/SMDC joint-venture and Esso Minerals Canada worked in the George Lake
area, completing lake sediment, soil, and glacial till geochemical surveys, geological mapping,
magnetic/EM surveys, and 17 diamond drill holes.
Falconbridge Ltd. reacquired the property in 1990 completing airborne EM, VLF -EM, and magnetic
surveys over the George Lake deposit, as well as relogging and sampling of historic drill holes. In 1992,
Noranda Exploration and Mining Company carried out Genie -EM ground surveys and completed two
short drill holes at the Souter Lake target.
The most recent work on the property was in 2008 when Golden Arch Resources completed 6 diamond
drill holes within the known deposit area which identified previously undescribed Ag mineralization.
Current Program
The digital data from the Government of Saskatchewan geophysical survey will be integrated into the
ongoing George Lake data compilation to better constrain geological modelling of the known George Lake
mineralization and to locate additional targets for further exploration.
Qualified Persons
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instru ment 43 -101 -
Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has reviewed and approved
the scientific and technical disclosure in this news release.
Update on Dictator Property Option
Eagle Plains reports that it has formally notified the property vendor that Eagle Plains is terminating its
option agreement on the Dictator property.
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 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.
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 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
“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.