Fieldwork Commences on Eagle Plains’ Iron Range Project, Southeastern B.C.
Fieldwork Commences on Eagle Plains’ Iron Range Project,
Southeastern B.C.
Cranbrook, B.C., May 21st, 2020: Eagle Plains Resources Ltd. (TSX-V:EPL) (“Eagle Plains”) has
been notified by its option partner , an arm’s-length private Alberta company (the “Company”) that field
crews have been mobilized to the I ron Range project, located 10km east of Creston, British Columbia.
Fieldwork is expected to take 2 -3 weeks and is expected to be followed up in September/October with
diamond drilling.
As announced on May 5th, the Company has the exclusive right to earn up to an 80% interest in the Iron
Range Project (the “Project”) from E agle Plains over a five -year period by incurring $ 3,500,000 in
exploration expenditures on the property and making $1,250,000 in cash payments to Eagle Plains.
The Iron Range project is owned 100% by E agle Plains, subject to a 1% NSR on a portion of the claim
group. A well -developed transportation and power corridor transects the southern part of the property,
including a high -pressure gas pipeline and a high -voltage hydro-electric line, both of which follow the
CPR mainline and Highway 3. The rail line provides efficient access to the Teck smelter in Trail, B.C.
The Iron Range property covers an extensive area approximately 10km x 60km which overlies the regional
Iron Range Fault System (“IRF”). Prior to the acquisition and initial involvement of Eagle Plains in 2001,
the property had seen little systematic exploration for other than iron resources known to exist on the
property since the late 1800s. Since 2001, Eagle Plains and its partners have completed 17,226m in
diamond-drilling in 70 holes, collected 2482 line-km of airborne and surface geophysical data and analysed
10,053 soil geochemical samples, 495 rock samples and 5749 drill core samples.
Management of both Eagle Plains and the Company consider the Iron Range p roject to hold excellent
potential for the presence of both iron-oxide copper-gold (“IOCG”) and Sullivan -style lead -zinc-silver
sedimentary-exhalative (“sedex”) mineralization. The Sullivan Mine was discovered in 1892 and is one of
the largest sedex deposits in the world. Over its 100+ year lifetime, Sullivan produced almost 300 million
ounces of silver, 36 billion pounds of lead, zinc and other associated metals, collectively worth over $40B
at current metal prices. Management cautions that past results or discoveries on proximate land are not
necessarily indicative of the results that may be achieved on the Iron Range property.
Drilling at Iron Range in 2010 resulted in the discovery of the Talon Zone, where drill -hole IR10-010
intersected 2 intervals of strong and continuous mineralization including 14.0m grading 5.1g/t gold, 1.86%
lead, 2.1% Zinc, 75.3g/t silver and 7.1m grading 8.13g/t gold, 2.84% lead, 3.07% zinc, 86.6g/t silver (Eagle
Plains news release December 21 st, 2010). Previous drilling 10km north of the Talon Zone in 2008 by
Eagle Plains intersected gold mineralization in drill-hole IR08006, which assayed 7.0m grading 51.52g/t
(1.50 oz/ton) gold (Eagle Plains news release dated April 20th, 2009).
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 continues to conduct research, acquire and explore mineral projects
throughout western Canada. Eagle Plains is committed to steadily enhancing shareholder value by
advancing our diverse portfolio of projects toward di scovery 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 o ut and secure high -quality, unencumbered projects through research, staking 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 one of the top 3 jurisdictions in the
world in terms of Investment Attractiveness. 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 2011-2019 on Eagle Plains-related projects exceed $20M, most of whi ch was funded
by third-party partners. This exploration work resulted in approximately 30,000m 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.