Eagle Plains Provides Update on Lost Horse Copper-Gold Project / Announces Termination of Agreement With 1416753 B.C. Ltd
Eagle Plains Provides Update on Lost Horse Copper-Gold Project /
Announces Termination of Agreement With 1416753 B.C. Ltd
Cranbrook, B.C., August 15, 2024: Eagle Plains Resources Ltd. (“EPL”:TSX-V, or “Eagle Plains”)
announces that 1416753 B.C. Ltd. (“1416753” has defaulted on the performance requirements of the
Option Agreement between 1416753 and Eagle Plains on the Acacia, Finlith, Lost Horse, Surprise and
Toodoggone Projects. Eagle Plains has formally notified 1416753 that the Option Agreement is
terminated.
See Lost Horse Project Summary Map here
The 3,759ha Lost Horse property is located in South-Central British Columbia, 99 km north of Kamloops
and 27 km west -southwest of Clearwater. Eagle Plains has recently received a 5 year MYAB permit for
the Lost Horse, which includes provisions for trenching and diamond drilling.
There is a single BC Minfile occurrence on the property, and many significant Minfile occurrences in the
areas immediately adjacent to the property boundaries . These include polymetallic veins in healed fault
breccia zones to the southeast of the property (HC Gold, HC Silver, and PGR showings), skarns along the
margins of dioritic intrusions to the south of the property (Silver, Wandering Dog, and Pycu showings),
and brecciated sedimentary and volcanic rocks hosting anomalous copper, molybdenum, lead, and zinc to
the north of the property (RO and FL showings).
The property area is underlain by arc volcanic, plutonic, and sedimentary rocks belonging to the Quesnel
Terrane that hosts several important mines in southern British Columbia. It covers known gold -silver-
copper-molybdenum-zinc veins and is a prospective target for copper -gold porphyry mineralization.
Outcrop exposure is generally low with the majority of outcrop/subcrop occurring along road cuts.
The earliest recorded work in the Lost Horse area dates to the 1930s, following the discovery of the
Lakeview copper-skarn occurrence (BC Minfile 092P 010) which resulted in several pits and an adit being
completed. Exploration activity renewed in the 1960’s for porphyry-style copper mineralization. Between
1966 to 1989, portions of the current property were part of larger projects belonging to United Copper
Corporation Ltd., Imperial Oil Limited, SMD Mining Co. Ltd., and BP Exploration Canada Limited. These
companies conducted programs which included soil geochemical sampling, geological mapping,
trenching, geophysical surveying, percussion drilling, and diamond drilling.
From 1988 through to 2009, exploration activity focus shifted to auriferous veins and alteration zones.
Lancer Resources Inc. and Rat Resources Ltd. conducted several soil sampling, trenching, and drilling
programs in 1988/89 within the current property boundaries . From 1992 to 1995, R.C. Wells, P.S. Watt,
and Electrum Resource Corp. conducted a series of small rock sampling, soil sampling, and stream -silt
sampling programs with rock grab samples returning from below detection up to 2.27 g/t Au, 2.05 g/t Au,
7.78 g/t Au (Zone A ) and 1.39 g/t Au , 5.66 g/t Au (Road Zone ) (BC AR 23716). In 1995 and 1997,
Cambridge Minerals Ltd. completed a trenching and drilling program (Road Zone) which returned 7.95
g/t Au over 0.5m (BC AR24122) and 0.735 g/t Au (BC AR24827) over 2.4m, respectively. From 1998 to
2009, Christopher James Gold Corp., Electrum Resources Corp., and Lithic Resources Ltd. completed a
number of smaller rock sampling, stream -silt sampling, airborne, trenching, and geophysical surveying
programs.
Eagle Plains Work Programs
In 2022, TerraLogic Exploration Inc. conducted an exploration program at the Lost Horse Property on
behalf of Eagle Plains Resources Ltd. which included soil sampling, stream silt sampling, rock sampling,
and geological mapping. The program was successful in confirming gold-silver-zinc mineralization on the
property. Gold-silver-zinc mineralization is primarily related to extensional, brecciated, sulphide -bearing
quartz veins hosted in altered andesite host rock. The results returned from this program indicated that the
Lost Horse property has significant prospective potential. Observations in 2022 suggest that mineralization
on the property is likely related to low-sulphidation epithermal veining which could also indicate a buried,
mineralized porphyry in the region.
TerraLogic Exploration recently completed the 2024 field program at the Lost Horse. Fieldwork included
mapping and prospecting, till sampling and tight spaced soil sampling in areas of interest identified with
past work. Results from the 2024 program are pending.
The property is 100% owned by Eagle Plains Resources with part of the property subject to an underlying
0.5% Net Smelter Royalty in favor of an arms-length third party. The Lost Horse project is available for
option and Eagle Plains is actively seeking partners.
Rock grab samples are selective samples by nature and as such are not necessarily representative of the
mineralization hosted across the property. The above results were taken directly from MINFILE
descriptions and assessment reports filed with the BC government. Management cautions that historical
results were collected and reported by past operators and have not been verified nor confirmed by a
Qualified Person but form a basis for ongoing work on the subject properties. Management cautions that
past results or discoveries on proximate land are not necessarily indicative of the results that may be
achieved on the subject properties.
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.
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 de velopment 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.