Eagle Plains’ Partner Rockridge Completes 3D Geophysics Modeling which Identifies 15 km Strike Length of Electromagnetic Conductors; Prepares for Fully-Funded Upcoming Drill Program at Knife Lake High-Grade Copper Project, Saskatchewan
Eagle Plains’ Partner Rockridge Completes 3D Geophysics Modeling which
Identifies 15 km Strike Length of Electromagnetic Conductors; Prepares for
Fully-Funded Upcoming Drill Program at Knife Lake High-Grade Copper
Project, Saskatchewan
Cranbrook, B.C., June 29th, 2022: Eagle Plains Resources (TSX -V:EPL) is pleased to announce that
option partner Rockridge Resources Ltd. (TSX-V: ROCK) (OTCQB: RRRLF) (Frankfurt: RR0)
(“Rockridge”) has completed 3D Geophysical Plate Modelling of the recently acquired VTEM data which
will be used to further refine targeting for an upcoming drill program starting in mid-July 2022 at the Knife
Lake High-Grade Copper VMS Project located in Saskatchewan, Canada (the “ Knife Lake Project ” or
“Property”). Rockridge is fully funded and permitted for this drill program.
The VTEM survey data displays up to 15 km strike length of highly conductive near-surface anomalies
hosted in prospective stratigraphy in regional target areas . The regional target area s, which include the
Gilbert Lake Targets, were previously identified through geological mapping, surface sampling and
geochemical analyses as stratigraphy with high potential to host valuable copper occurrences and other
sulphide mineral occurrences. This stratigraphy is interpreted to be the same horizon that hosts the Knife
Lake Deposit.
Rockridge holds the exclusive o ption from Eagle Plains to acquire a 100% interest in the Property that
covers the Knife Lake Cu-Zn-Ag-Co VMS deposit (details following). The contiguous claims are located
approximately 50 km northwest of Sandy Bay, Saskatchewan. A 357kV powerline runs wit hin 16 km of
the Knife Lake Deposit area.
See Knife Lake VMS Project Location Map here
Rockridge’s CEO, Jonathan Wiesblatt, commented: “We are very excited for the upcoming drilling at our
flagship asset and look forward to potentially making a new discovery and advancing the project. The 3D
modeling of the five plates has confirmed our strategy that the Gilbert Lake Target will be the primary focus
on this upcoming drill program in mid-July 2022. The project remains an exciting exploration story that
can offer investors exposure to a top mining jurisdiction and to commodities in high demand such as copper,
cobalt and zinc. We look forward to updating our shareholders in the coming weeks.”
Updates for the Upcoming Diamond Drilling Program
The focus of the 2022 drill program will be on the highly prospective Gilbert Lake target area. The Gilbert
Lake targets were identified from the results and interpretation of the 2021 geophysical, drill and field
programs. Results from these programs show that airborne VTEM surveys can successfully identify zones
of VMS-style mineralization hosted in favourable stratigraphy on the property. Additionally, Rockridge has
now finalized the 3D modeling of the VTEM data focusing on the highest -priority drill t argets for the
upcoming program. Rockridge has signed all major contracts including the drill contractor, camp
construction, and helicopter rental. The drill program is scheduled to commence in mid -July 2022.
Rockridge has also received its Exploration Permit which expires in February 2024 and hence can conduct
drilling, geophysical works and prospecting.
Knife Lake Geology and History
The Knife Lake Deposit is interpreted to be a remobilized VMS deposit. The stratabound mineralized zone
is approximately 15m thick and contains copper, silver, zinc, gold and cobalt mineralization which dips 30°
to 50° eastward over a known strike -length within the claim area of 3,700 metres, and a known average
down-dip extension of approximately 300 metres.
See Knife Lake Deposit Map here
The deposit is hosted by felsic to intermediate volcanic and volcaniclastic rocks which have been
metamorphosed to upper am phibolite facies. The deposit contains VMS mineralogy which has been
significantly modified and partially remobilized during the emplacement of granitic rocks. The
mineralization straddles the boundary between two rock units and occurs on both limbs of an interpreted
overturned fold.
Rockridge has completed twenty-four holes consisting of 3096 metres of diamond drilling in the 2019 and
2021 winter drilling programs. This represented the first drilling on the property since 2001. Both programs
have given Rockridge’s technical team valuable insights into the property geology, alteration, and
mineralization that will be applied to future regional exploration on the highly prospective and
underexplored land package.
See Knife Lake Project VTEM and Grab Sample Survey Map here
Highlights from the drill programs include 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.
In August 2019, Rockridge announced a maiden NI 43 -101 resource estimate for the Knife Lake deposit
which consisted of a pit-constrained indicated resource of 3.8 million tonnes at 1.02% CuEq and an inferred
resource of 7.9 million tonnes at 0.67% CuE q using a 0.4% CuEq cut -off. For more information , please
refer to the News Release dated August 14 th, 2019 or the NI 43 -101 Technical Report on the Mineral
Resource Estimate for the Knife Lake Property, Saskatchewan dated September 27, 2019, filed on Sedar.
Knife Lake Option Agreement Details
To earn a 100% interest in the Knife Lake Project, Rockridge has agreed to make a cash payment to Eagle
Plains of $150,000 (complete), issue up to 5,550,000 common shares of Rockridge (4,550,000 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.
Qualified Person
Kerry Bates, P. Geo., a “qualified person” for the purposes of National Instrument 43 -101 - Standards of
Disclosure for Mineral Projects, and a Geologist employed by Eagle Plains Resources, has reviewed and
approved the scientific and technical disclosure in this news release relating to the Knife Lake Project.
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 projects 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
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 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.