Eagle Plains Secures Contractors for Fully Funded Drill Program at the Vulcan Project
Eagle Plains Secures Contractors for Fully Funded Drill Program at the
Vulcan Project
Cranbrook, B.C., April 20, 2023: Eagle Plains Resources Ltd. (TSX-V:EPL) (“EPL”
or “Eagle Plains”) reports that planning is underway for its upcoming 2023 diamond drill
program at the 100% owned Vulcan Project . The planned program is expected to
commence in mid-June and will include a minimum of 3,000m (9,842’) of diamond drilling
at the Hilo & West Basin Zones. The program will be conducted by Terralogic Exploration
Inc. of Cranbrook, BC. New Age Drilling Solutions has been contracted to complete
diamond drilling activities and helicopter support will be provided by Big Horn
Helicopters.
Vulcan is located 30km west of the world-class Sullivan sedimentary exhalative (“sedex”)
critical metals deposit near Kimberley, BC and is accessible by an extensive network of
well-maintained forest service roads. Results from the 2022 drill program were announced
previously by Eagle Plains (see news releases December 7th, 2022 and January 18, 2023).
Initial observations of core lithologies, mineralogy, alteration and m ineral tenor from
VU22004 suggest proximity to a sedex -type vent source near the trace of the drill -hole.
The 2023 program is being designed to follow -up on the newly discovered mineralized
horizons, completing systematic step -out drilling that will test a strong off-hole borehole
electromagnetic anomaly and further define stratabound Pb-Zn-Ag mineralization.
2022 Drilling Highlights:
• Drillhole VU22004 intersected primary bedded sulphides (sphalerite-galena), as well as
textures, mineral assemblages, garnets and alteration (tourmalinite, sericite) - all indicative
of proximity to an exhalative (sedex) source
• BHEM outlined a strong conductivity anomaly along strike to the south -southeast of
VU22004 at depths consistent with the mineralized interval
• Previously-reported analytical results for VU22004 include:
11.55m @ 0.46% Zn, 0.02% Pb, 21.48 ppm Cd, 90.65 ppm Sn (545.50 -557.05m),
including
• 1.50m @1.72% Zn, 68.83 ppm Cd, 32.09 ppm Sn (554.58-556.08m), including
o 0.22m @ 6.46% Zn, 259.00 ppm Cd, 39.10 ppm Sn (554.58-554.80m), and
o 0.18m @ 3.16% Zn, 126.50 ppm Cd, 26.80 ppm Sn (555.53-555.71m)
Tim Termuende, P.Geo, President and CEO of Eagle Plains commented recently on the
upcoming Vulcan program: We are excited to see progress in securing geological
personnel and service providers for the upcoming drilling program. Results to date have
been extremely encouraging and suggest the presence of a mineralized sedex system at
Vulcan. We are confident that the upcoming program will provide important information
toward the potential discovery of the source of mineralization delineated in 2022.
Management of Eagle Plains considers the Vulcan project to hold excellent potential for
the presence of sedex zinc/lead/silver mineralization. Rocks underlying the Vulcan are
within the same sedimentary sequence and host occurrences with mineralization and
alteration styles similar to those observed at and adjacent to the now-depleted Sullivan
deposit. The Main (Hilo) mineral oc currence at Vulcan returned up to 1.6 % combined
lead-zinc over 1.5 metres from rocks near the Lower-Middle Aldridge contact (“LMC”),
the same time-stratigraphic horizon which hosts the Sullivan deposit.
The Sullivan mine was discovered in 1892 and is on e of the largest sedex deposits in the
world. Over its 100+ year lifetime, Sullivan contained a total of 160 million tonnes of ore
averaging 6.5% lead, 5.6% zinc and 67 g/t silver, resulting in 298 million ounces of silver,
18.5 billion pounds of lead, 17. 5 billion pounds of zinc and significant quantities of
associated metals; collectively worth over $40B at current metal prices. Eagle Plains
management cautions that past results or discoveries on proximate land are not necessarily
indicative of the results that may be achieved on the Vulcan property.
Vulcan Project History
Sullivan-style mineralization was first reported in the mid -1950s at Vulcan. During the
1970s and 1980s, Texas Gulf Sulphur and later Cominco completed extensive geophysical
work and drilled shallow holes to test for continuous mineralization in areas of the property.
The most comprehensive testing occurred in the Hilo area during the early 1990s by Ascot
Resources. In 1991 a five -hole, 1003m drill program was completed , with three holes
totaling 1535m completed in 1992.
Since acquiring the initial claims on the property in 2002, Eagle Plains has completed an
extensive compilation of all exi sting data, followed in 2006 by a 125 line-km helicopter-
borne time-domain geophysical survey flown at 200m spacing. Additional claims were
added to the property position as they became available through staking. Systematic
geochemical, geological and geophysical programs were conducted by Eagle Plains and its
partners from 2011-2019.
In June 2020, Eagle Plains completed a two -hole, 977m drill program to test the LMC
along an existing road cut in an area of elevated soil geochemistry and anomalous
geophysical features (magnetometer, induced polarization and magnetotellurics). The
LMC contact was successfully intercepted in Hole VU20002 with significant alteration
suggesting proximity to a hydrothermal source , though no economic mineralization was
encountered.
In 2022, Eagle Plains completed a 537 line -km helicopter -borne high -resolution
aeromagnetic survey. Geophysics was followed-up with a 3-hole, 1700m diamond drilling
program. Hole VU22004 identified sedex -style mineralization at the West Basi n zone
deeper in the stratigraphic package than historically tested . Analytical results from
VU22004 defined the best intercept on the property to date. Results from this program have
been used to re-interpret the stratigraphic sequence at the Hilo and Wes t Basin Zones and
have identified target stratigraphy considered to hold high potential to host economic
mineralization.
Update on the Brownell Lake Project
Eagle Plains has been notified by option partner Pacific Imperial Mines Inc . (“PPM”:
TSX-V) that a geophysical program has been completed at the Brownell Lake Project (see
news release April 6, 2023). The ground-based electromagnetic survey, totalling 9.5 line-
km, was completed by SJ Geophysics of Delta, BC under the supervision of TerraLogic
Exploration (Cranbrook, BC). The survey was designed to cover stratigraphy considered
to have high potential to host VMS-style mineralization. P reliminary results have
delineated multiple strong conductors that are characterized by geophysicists as having a
VMS-type signature. Further interpretation and 3D modelling is currently underway to
generate drill-ready targets which will be used to form the basis for future work. Detailed
results from the survey will be announced once they have been received, compiled and
interpreted.
Qualified Person
Charles C. Downie, P.Geo., a “quali fied 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 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 val ue 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 portfolio of projects toward discovery through collabor ative partnerships and
development of a highly experienced technical team.
In late 2022 Eagle Plains announced the formation of a separate division within the
Company; Eagle Royalties Ltd. (“ER”) which will hold many of Eagle Plains’ diverse
portfolio of royalty assets. The restructuring will enhance the valuation of Eagle Plains’
extensive royalty interests, enabling ER to market and develop its royalty assets while
seeking additional royalty acquisition opportunities. Eagle Plains’ royalties cover a bro ad
spectrum of commodities on projects controlled by Cameco Corp., Iso Energy Corp.,
Denison Mines Corp., Skeena Resources Ltd. and Hecla Mining Co./Banyan Gold Corp.,
among others. Eagle Plains will continue to focus on its core business model of acquirin g
and advancing grassroots critical- and precious-metal exploration properties.
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.