Eagle Plains/Roughrider Execute Option Agreements for Saskatchewan Exploration Projects
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Eagle Plains/Roughrider Execute Option Agreements
for Saskatchewan Exploration Projects
Cranbrook, B.C., June 8th, 2018: Eagle Plains Resources Ltd. ( “EPL”:TSX-V, or “Eagle Plains” )
has executed two separate option agreements with Roughrider Exploration Ltd. (“REL”: TSX -V, or
“Roughrider”) whereby REL may earn up to an 80% interest in the Brownell Lake (VMS-polymetallic)
and Olson (gold) exploration properties located 120km east of La Ronge , Saskatchewan. Property
summaries and terms of the option agreements are as follows:
Brownell Lake Summary and Option Agreement Details
The Brownell Lake Project is host to regionally -sheared, highly-strained meta-volcanic rocks which are
considered to be prospective for volcanogenic massive sulphide (“ VMS”) mineralization. Highlight
drilling results include 3.35 m of 0.48% Cu, 2.28% Zn , 1.46 g/t Au; 2.2 m of 6% Zn; and 20.5 m of
0.49% Cu. Historic work has delineated a 2600m mineralized EM/magnetic anomaly, with an additional
1700 m of prospective magnetic anomaly that remains untested by electromagnetics and diamond
drilling. Results are historical in nature and have not been confirmed by Eagle Plains, but are
considered to be reliable and will form a basis for ongoing work.
Under the terms of the Brownell Lake Option Agreement, Eagle Plains will grant Roughrider the right to
acquire up to an 80% interest in and to Brownell Lake (subj ect to a 2% NSR) by making aggregate cash
payments of up to $2,500,000 and incurring exploration expenditures of up to $7,000,000 over a period
of up to four years as follows:
To earn an initial 60% interest:
aggregate cash payments of $500,000 on or before March 31, 2022 and a ggregate exploration
expenditures of $3,000,000 on or before December 31, 2022
To earn an additional 20% interest (total 80%):
additional $2,000,000 cash payment ($2,500,000 total) and an additional $4,000,000 in
exploration expenditures ($7,000,000 total) within 2 years of the date of election to exercise the
initial option
Olson Summary and Option Agreement Details
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The Olson project is host to regionally -sheared, highly -strained meta-volcanic rocks which are
considered to be prospective for orogenic gold mineralization. The Olson p roject area is host to 29
mineral occurrences defined by historical geological mapping, prospecting, trenching, and 4700 m of
diamond drilling. Drilling has intersected 7.5 m of 2.07 g/t Au including 13.00 g/t Au over 0.65 m and
grab samples of up to 105.52 g/t Au. The project is underexplored , with known gold occurrences open at
depth and along strike. Results are historical in nature and have not been confirmed by Eagle Plains, but
are considered to be reliable and will form a basis for ongoing work.
Under the terms of the Olson Agreement, Eagle Plains will grant Roughrider the right to acquire up to an
80% interest in and to the Olson Property (subject to a 2% NSR ) by making agg regate cash payments
of up to $2,500,000 and incurring exploration expenditures of up to $7,000,000 over a period of up to
four years as follows:
To earn an initial 60% interest:
aggregate cash payments of $500,000 on or before March 31, 2022 and a ggregate exploration
expenditures of $3,000,000 on or before December 31, 2022
To earn an additional 20% interest (total 80%):
additional $2,000,000 cash payment ($2,500,000 total) and an additional $4,000,000 in
exploration expenditures ($7,000,000 tota l) within 2 years of the date of election to exercise the
initial option
Technical information concerning the Brownell Lake and Olson properties has been reviewed and
approved by C.C. Downie, P.Geo., hereby identified as the “Qualified Person” under N.I. 43-101.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral
projects throughout western Canada. EPL is committed to steadil y enhancing shareholder value by
advancing our diverse portfolio of projects toward 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 exploration projects. In addition, Eagle Plains continues to
seek out and secure high -quality, unencumbered projects through research, staki ng 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 the second best place in the world in
terms of Investment At tractiveness. 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 -2017 on Eagle Plains -related projects were approximately $16.5M, which was
funded by Eagle Plains and for the most part, by third -party partners. This exploration work resulted in
approximately 15,000 m of diamond-drilling and extensive ground-based exploration work facilitating the
advancement of numerous projects at various stages of development.
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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.