Eagle Plains Provides Update on Vulcan Drilling Program, Receives Approval for Warrant Expiry Extension
Eagle Plains Provides Update on Vulcan Drilling Program, Receives
Approval for Warrant Expiry Extension
Cranbrook, B.C., September 12th, 2022: Eagle Plains Resources Ltd. (TSX-V:EPL)
(“EPL” or “Eagle Plains”) reports that the first hole of the 2022 drilling program
(VU22003) on Eagle Plains’ 100% owned Vulcan project has been successfully
completed to a depth of 630m (2067’) (see EPL news release August 25 th, 2022). Drill-
hole VU22003 reported minor disseminated sphalerite (zinc) mineralization near the top
of the hole and intersected a narrow (<10cm) band of strataform sulphide (pyrrhotite)
mineralization approximately 20m below the Lower Middle Contact (“LMC”) in rocks
of the Aldridg e Formation. Preliminary results obtained using a portable XRF
spectrometer indicate elevated zinc values for the interval. Geologists interpret this
mineralization to represent the Sullivan time horizon and are encouraged with the results.
A down-hole geophysical survey is planned for the area surrounding the hole to test for
thickening and possible enrichment of the mineralized horizon proximal to the hole.
Drill-hole VU22004 is now underway at a drill -pad located approximately 8km to the
NE, testing th e same stratigraphic horizon. To date, drilling has progressed to
approximately 150m with a total depth of 425m planned. Detailed results will be released
once they have been received, compiled and interpreted.
View Vulcan Targeting Video here
Warrant Expiry Extension
As reported September 31 st, 2022, Eagle Plains has made application and received
approval by the TSX Venture Exchange (TSX-V) to amend the term of 1,526,000
outstanding common share purchase warrants which were issued in connection with a
non-brokered private placement closed on September 25 th, 2020 (see EPL news release
dated September 25, 2020). The warrants have a current expiry date of September 25th,
2022.
The share purchase warrants are subject to an accelerated expiry at the option of the
Company if the published closing trade price of the common shares on the TSX Venture
Exchange is greater than or equal to $.50 for any 20 consecutive trading days, in which
event the holder may be given notice that the warrants will expire 30 days following the
date of such notice. The common share purchase warrants may be exercised by the holder
during the 30 day period between the notice and the expiration of the common shar e
purchase warrants.
Eagle Plains has applied to extend the expiry date for an additional 12 months to a revised
date of September 25, 2023 . The exercise price and acceleration clause of the warrants
will remain unchanged, at 30 cents per warrant.
Qualified Person
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument
43-101 - Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has
prepared, reviewed, and approved the scientific and technical dis closure in the news
release.
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 recently Taiga Gold being notable
examples.
The Company is committed to steadily enhancing shareholder value by advancing our
diverse portf olio of projects toward discovery through collaborative partnerships and
development of a highly experienced technical team. Eagle Plains also holds significant
royalty interests in western Canadian projects, covering a broad spectrum of commodities
on projects controlled by Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena
Resources Ltd. and Alexco Resource Corp./Banyan Gold Corp., among many others.
Management’s focus is to advance its most promising exploration projects. Throughout
the explorat ion 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.
Expenditures from 2011-2021 on Eagle Plains-related projects exceed $27M, the majority
of which was funded by third -party partners. This exploration work resulted in
approximately 42,000m of diamond -drilling and extensive ground -based exploration
work facilitating the advancement of numerous projects at various stages of development.
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.