Eagle Plains’ Partner Aben Resources Announces Completion First Phase of Field Exploration at the Slocan Graphite Project, British Columbia
Eagle Plains’ Partner Aben Resources Announces Completion First Phase of
Field Exploration at the Slocan Graphite Project, British Columbia
Cranbrook, B.C., August 8 th, 202 2: Eagle Plains Resources (TSX -V:EPL) is pleased to
announce that option partner Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF)
(Frankfurt: E2L2) (“Aben”) has completed the first phase of field exploration at the Slocan
Graphite Project. The initial stage of exploration comprised of field reconnaissance, geological
mapping, rock and soil sampling, and the e valuation of prospective drill sites for a potential fall
2022 drill program.
Aben holds the exclusive option from Eagle Plains to acquire a 100% interest, less 2% Net
Production Royalty (“NPR”) in the road -accessible Slocan Graphite Project located 34km
northwest of Castlegar, British Columbia (the “Agreement”).
See Project Location and Summary map here
During phase 1 exploration, 52 surface rock samples were collected from a variety of prospective
lithologies over several kilometers. Geologic sampling and mapping ha ve been greatly aided by
the comprehensive network of loggi ng roads that traverse the Property and provide wide -spread
rock exposure. 2022 marks the first comprehensive exploration program to assess the potential for
the Property to host economic graphite mineralization. Based on early field observations, 439.4
hectares of additional tenure has been staked and added to the Property, bringing the total hectarage
to 2826.
See Slocan Surface Sampling Map here
See Slocan Tedesco Conductor Map here
A Multi-Year Area Based (MYAB) application for the Property under currently under review by
the Ministry of Energy, Mines and Low Carbon Innovation of British Columbia. Communication
with the Ministry and the First Nations is ongoing and progressive. Ground exploration free of
mechanical disturbance is allowed to continue during this period of consultation.
About Graphite
Graphite is a naturally occurring form of carbon and is an excellent conductor of both electricity
and heat. It is becoming increasingly important as a critic al strategic component in advancing
alternative energy solutions including wind and solar power, hybrid vehicles and other alternative
energy uses. It is also a mainstay of the steel production industry. Canada is currently ranked as
the 5th largest supplier of graphite.
See Forecasted Global Demand for Raw Battery Minerals Chart here
(Source – Benchmark Mineral Intelligence)
About the Slocan Graphite Project
The Slocan Graphite Project benefits from excellent infrastructure including a high -voltage
transmission line within 1.2 km of the property boundaries, an extensive network of forestry roads
on and around the property, and an existing graphite processing plant and facilities located 1.5 km
west of the property, owned by Eagle Graphite Corporation. This facility is one of only two natural
flake graphite production facilities in North America.
Graphite mineralization was initially discovered in logging road exposures in the late 1990’s.
Ground and airborne geophysical surveys were c ompleted in the project area in 2000 and 2010
respectively. Both surveys indicated strong conductive anomalies that correlate well with surface
mineralization and are interpreted to extend along strike and down -dip of known occurrences. A
limited number of documented samples have been taken across the Tedesco horizon and analyzed
for carbon graphite ranging from trace values to grades of up to 3.36 and 4.43 per cent.
Graphite mineralization is hosted primarily in carbonate and calc -silicate lithologies w ithin the
Passmore Dome of the Valhalla Metamorphic Complex, a geologic setting consistent with a
crystalline flake graphite deposit model. Previous operators have estimated the mineralized
horizon to be up to 50m thick, however they cite that it is diffi cult to determine due to a lack of
surface exposure. The horizon has never been tested by diamond drilling.
Past workers in the area concluded: “Although the graphite occurrences at Tedesco are in the early
stages of exploration, geological, assay, and geophysical data indicate significant potential to form
an economic deposit” (BC Assessment Report 26537). Aben Resources is in agreement with Eagle
Plains geologists who are of the opinion that the high-quality, large flake character of the graphite
mineralization found to date, spatial extent of conductivity from a 2010 airborne electromagnetic
(“EM”) survey, minimal historic exploration activity, excellent proximity to infrastructure and the
favorable economic outlook for graphite as a strategic commodity make Slocan Graphite a
compelling project for continued exploration.
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 at
the Slocan Graphite property. While the company considers the above historical information to be
relevant to investors as it may indicate the presence of mineralization, the reader is cautioned that
a Qualified Person has not done sufficient work to evaluate the potential of the property to contain
an economic deposit and that there is no certainty that the property contains a graphite deposit.
Slocan Graphite Agreement Details
To earn a 100% interest in the Slocan Graphite Project, Aben has agreed to complete $1,000,000
in exploration expenditures, issue 850,000 common shares and make $150,000 in cash payments
to Eagle Plains over a three-year period. In addition, if at any time Aben or its successors report a
resource of greater than 10Mt for tenures comprising the property, EPL will receive a one -time
“Success Fee” of 500,000 Aben shares.
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 Resources Ltd., has
prepared, reviewed, and approved the scientific and technical disclosure in this 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
portfolio 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 pro jects controlled by Cameco
Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd. and Alexco Resource
Corp./Banyan Gold Corp., among others. Management’s focus is to advance its most promising
exploration projects. Throughout the exploration p rocess, 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: mailto:[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.