Eagle Plains/Rockridge Amend Knife Lake Agreement
Eagle Plains/Rockridge Amend Knife Lake Agreement
Cranbrook, BC, August 17thth, 2020 Eagle Plains Resources Ltd. (TSX-V:“EPL”) (“Eagle Plains”)
announces that it has amended the option agreement dated October 31, 2018 on the Knife Lake Project
(the “Property”) between EPL and Rockridge Resources Ltd. (“Rockridge”) whereas the due date on
the second anniversary exploration expenditures on the Prope rty has been extended an additional six
months from January 2, 2021 to July 2, 2021. In consideration of the extension, Rockridge has agreed to
issue 300,000 common shares to Eagle Plains. The amendment remains subject to the approval of the
TSX Venture E xchange. The shares will be subject to a hold period of four months and one day from
issuance.
The Knife Lake Project is located in Saskatchewan, which is ranked as the #3 mining jurisdiction in the
world by the Fraser Institute. The project hosts the Knife Lake deposit, which is a VMS, near -surface
copper-cobalt-gold-silver-zinc deposit open along strike and at depth. There is strong discovery potential
in and around the deposit area as well as at regional targets on the 29,252-hectare property.
Highlights:
• 2019 diamond drilling program plus historical drill core provided data for completion of
the first NI 43 -101 resource estimate for the Knife Lake deposit (see news release dated
August 14, 2019)
• Knife Lake is a near surface VMS deposit starting a few metres below surface and the
deposit remains open at depth and along strike for potential resource expansion
• Indicated resources of 3.8 million tonnes at 1.02% CuEq (0.4% CuEq cut -off) or 3.8 MT
at 0.83% Cu, 3.7 gpt Ag, 0.097 gpt Au, 82 ppm Co, 1740.7 ppm Zn Inferred resources of
7.9 million tonnes at 0.67% CuEq (0.4% CuEq cut -off) or 7.9 MT at 0.53% Cu, 2.4 gpt
Ag, 0.084 gpt Au, 53.1 ppm Co, 1454.9 ppm Zn
• The deposit is a remobilized portion of a presumably larger “primary” VMS deposit; most
of the historical work has consisted of shallow drilling at the deposit area with little
regional work carried out and limited deeper drilling below the deposit
Knife Lake VMS Project Map can be viewed here
Knife Lake Project Geology and History
The Knife Lake deposit is a near surface remobilized VMS deposit starting a few metre s below surface
and the deposit remains open at depth and along strike for potential resource expansion. The stratabound
mineralized zone is approximately 15 meters thick and contains copper, silver, zinc, gold and cobalt
mineralization which dips 30° to 50° eastward over a known strike-length within Rockridge’s claim area
of 3,700 meters, and a known average down-dip extension of approximately 300 meters.
Rockridge completed twelve holes consisting of 1,053 metres of diamond drilling in the March/April 2019
drilling program. This represented the first drilling on the property since 2001 and had two primary
objectives: confirm the tenor of mineralization reported by previous operators and expand known zones
of mineralization. Highlights from the drill progr am included previously reported hole KF19003 which
intersected net-textured to semi -massive sulphide mineralization from 11.2m to 48.8m downhole. This
37.6 metre interval returned 2.03% Cu, 0.19 g/t Au, 9.88 g/t Ag, 0.36% Zn, and 0.01% Co for an estimated
2.42% CuEq. Additionally, previously reported drill hole KF19001 intersected net -textured to fracture -
controlled sulphide mineralization from 7.5 metres to 40.6 metres downhole. This 33.1 metre interval
returned 1.28% Cu, 0.12 g/t Au, 4.80 g/t Ag, 0.13% Zn, and 0.01% Co for an estimated 1.49% CuEq.
An announced maiden NI 43 -101 resource estimate for the Knife Lake deposit (see the News Release
dated August 14th, 2019) showed an indicated resource of 3.8 million tonnes at 1.02% CuEq at a 0.4%
CuEq cut-off (3.8 MT at 0.83% Cu, 3.7 gpt Ag, 0.097 gpt Au, 82 ppm Co, 1740.7 ppm Zn). In addition,
there is an inferred resource of 7.9 million tonnes at 0.67% CuEq at a 0.4% CuEq cut -off (7.9 MT at
0.53% Cu, 2.4 gpt Ag, 0.084 gpt Au, 53.1 ppm Co, 1454.9 ppm Zn).
Rockridge has an Option Agreement with Eagle Plains Resources Ltd. to acquire a 100% interest in the
Property that covers the majority of the Knife Lake Cu -Zn-Ag-Co VMS deposit (see details, following).
The extensive landholding controlled by Rockridge is located approximately 50 km northwest of Sandy
Bay, Saskatchewan. A 357kV powerline runs within 16 km of the Knife Lake Deposit area, greatly
enhancing the project’s infrastructure.
Knife Lake Option Agreement Details
To earn a 100% interest, Rockridge has agreed to make a cash payment to Eagle Plains of $150,000
(complete), issue up to 5,250,000 common shares of Rockridge (2.75M shares issued to date) and complete
$3,250,000 in exploration expenditures over four years. Eagle Plains will retain a 2% net smelter royalty
(“NSR”) on certain claims which comprise the project area. Under the terms of the agreement Rockridge
is designated as the Operator of the project.
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 disclosure in the news release.
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 toward discovery t hrough collaborative partnerships and
development of a highly experienced technical team. Managements’ current focus is to preserve its
treasury while advancing its most promising exploration projects. In addition, Eagle Plains continues to
seek out and se cure high -quality, unencumbered projects through research, staking and strategic
acquisitions. Since 2012, Eagle Plains has added to 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 one of the top 3 jurisdictions in the
world in terms of Investment Attractiveness. 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.
Expenditures from 2011-2018 on Eagle Plains-related projects exceed $20M, most of which was fu nded
by third-party partners. This exploration work resulted in approximately 30,000 m 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 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 po licies 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.