Exploration Underway on Fisher Gold Project, Saskatchewan
1
Exploration Underway on Fisher Gold Project, Saskatchewan
Cranbrook, B.C., June 20th, 2017: Eagle Plains Resources Ltd. (TSX-V:EPL) (“EPL” or “Eagle
Plains”) reports that fieldwork is now underway on Eagle Pla ins’ 100%-owned Fisher project located
125 km east of La Ronge, Saskatchewan. Silver Stand ard Resources Inc. (TSX: SSO) (NASDAQ: SSRI)
(“Silver Standard”) holds an exclusive option to ea rn up to an 80% interest in the 34,000 ha property by
completing $4M in exploration expenditures, includi ng $400,000 already incurred for the 2016
exploration program, and making $3.3M in cash payme nts to EPL ( see details below - all figures in
Canadian dollars ). The Fisher project is contiguous to the north, s outh and east with Silver Standard’s
Seabee Gold Operation.
See: Fisher area 2017 exploration highlights map
The overall objective of the 2017 exploration progr am is to build a Mineral Resource base on the Fishe r
property. To achieve this objective, the exploratio n team will focus on improving and refining the
geological and structural framework of the Fisher p roperty, further evaluating and testing historical
mineral occurrences and identifying additional mine ralization in setting similar to those currently be ing
mined at the Seabee Gold Operation.
Fieldwork for 2017 to be funded by Silver Standard has been budgeted at approximately $1M and will
consist of prospecting, geological mapping, geophys ical surveys, geochemical sampling (soil, and till) ,
trenching and 3000-6000m of diamond drilling. All h eavy equipment was mobilized in early 2017 by
winter road and is now on site. Fieldwork is expected to continue until fall.
The 2016 exploration program conducted by Eagle Pla ins and funded by Silver Standard verified certain
similarities to those seen at the Seabee Gold Opera tion, including host lithologies and contact
relationships, style of mineralization, and presenc e of multiple fault systems that allowed for high f luid-
flow regimes. The Seabee Gold Operation has been in continuous production since 1991 and has
produced approximately 1.2M ounces of gold from the Seabee and Santoy deposits. As reported by
Silver Standard in its news release dated February 23, 2017, as at December 31, 2016, the Seabee Gold
Operation includes the following estimated Mineral Reserves and Mineral Resources: Proven and
Probable Reserves of 360,000 ounces of gold at an a verage grade of 8.19 g/t; Measured and Indicated
Resources of 570,000 ounces of gold at an average g rade of 7.99 g/t; and Inferred Resources of 640,000
ounces of gold at a grade of 7.74 g/t. Silver Stand ard recently reported uncut drill intercepts gradin g up
to 1,004 g/t gold over 1.6m and 3,887 g/t gold over 0.4m (true widths) at its Santoy Gap deposit, loca ted
approximately 3km northwest of the Fisher property boundary ( SSO news release dated May 1, 2017 ).
2
Management cautions that past results or discoveries on proximate land are not necessarily indicative of
the results that may be achieved on the subject properties.
Ore geology at the Seabee Gold Operation consists o f high-grade vein mineralization associated with
volcanic and mafic intrusive rocks which have been structurally disrupted by splays of the deep-crusta l
Tabbernor Fault system. The Seabee Gold Operation a nd the Fisher project overlie the Pine Lake
greenstone belt. Mineralization at the Seabee Gold Operation is affiliated with the more westerly-
oriented Laonil Lake shear zone which is a splay of the north-trending Tabbernor Fault. Field and
underground observations at the Seabee Gold Operati on indicate that shear structures nucleated at
contacts between felsic intrusive and mafic intrusi ve or volcanic lithologies, with high-grade zones
forming at fault intersections.
Details of the Fisher Option Agreement
To earn a 60% interest over four years, Silver Stan dard paid $100,000 to Eagle Plains on signing of th e
agreement, and has agreed to complete $4,000,000 in exploration expenditures, and make annual cash
payments of $75,000 for each of the four years of the option period. Silver Standard funded the $400,000
2016 exploration program completed by Eagle Plains (see news releases dated July 18, 2016 and
September 12, 2016), which is included in the $4,00 0,000 exploration expenditures. Once the 60% earn-
in has been completed, Silver Standard has a 90-day , one-time option to earn an additional 20% interes t
(for a total of 80%) by making a cash payment of $3 ,000,000 to Eagle Plains, at which time an 80/20
joint venture will be formed to further advance the property. Eagle Plains will retain a 2.5% Net Smel ter
Return (“NSR”) royalty, subject to reduction on cer tain claims by underlying NSR agreements. Eagle
Plains’ NSR royalty may be reduced by 1% at any tim e upon payment of $1,000,000 by the joint
venture. In addition, Eagle Plains will receive adv ance royalty payments of $100,000 annually from the
joint venture until commencement of commercial production.
Additional Eagle Plains Projects in the Area
Eagle Plain’s 100%-owned Orchid and Chico projects are located south of the Fisher property and
contain similar geology and mineralization as the F isher project (see location map). Both properties
overlie significant strike-lengths of the Tabbernor structure in addition to hosting mineralized splay
structures interpreted to be related to the Tabbern or. Aben Resources Ltd. (TSX-V-ABN) (“Aben”)
holds an option to earn up to an 80% interest in th e Chico property by completing $3.5M in exploration
expenditures, issuing 2.5M shares of Aben and making $150,000 in cash payments to Eagle Plains.
Orchid Project Update:
2017 fieldwork has recently been completed on the O rchid project, funded by Eagle Plains. Trenching,
geological mapping and soil geochemical sampling wa s conducted by TerraLogic Exploration Ltd. of
Cranbrook. Results will be released once they are received, compiled and interpreted.
The Orchid property was staked by Eagle Plains in 2014 and was optioned to North Arrow Minerals who
explored the property for its diamond potential unt il relinquishing the option in 2016. In 2016, a hi gh-
resolution airborne magnetometer survey was complet ed on the property. Orchid has historically been
explored for its gold potential since the mid-1980s and contains numerous high-grade mineral
3
occurrences grading from trace values to highs of 4 1.3 g/ton (Orchid Au Zone), 19.2 g/ton Au (Tim’s
Showing), 12.7 g/ton (Eureka), and 8.5 g/ton (Terra Zone) as well as significant Ag (144.5 g/ton), Cu
(3.9%), and Mo (1300 ppm) - all values returned from grab samples .
Eagle Plains is seeking joint-venture participation to further advance the Orchid project.
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 towa rd 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 explora tion projects. In addition, Eagle Plains continues to
seek out and secure high-quality, unencumbered proj ects through research, staking and strategic
acquisitions. Since 2012, Eagle Plains has added t o 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 best place in the world in terms of
Investment Attractiveness. Throughout the explorat ion process, our mission is to help maintain
prosperous communities by exploring for and discove ring resource opportunities while building lasting
relationships through honest and respectful business practices.
Expenditures from 2011-2016 on Eagle Plains-related projects were approximately $16.0M, which was
funded by Eagle Plains and, for the most part, by t hird-party partners. This exploration work resulte d in
approximately 15,000 m of diamond-drilling and exte nsive ground-based exploration work facilitating the
advancement of numerous projects at various stages of development.
Technical aspects of this news release have been reviewed and approved by Jarrod Brown, P.Geo.
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.