Fieldwork Underway at Eagle Plains’ Findlay Critical Metals Project
Fieldwork Underway at Eagle Plains’ Findlay Critical Metals Project
Cranbrook, B.C., Sept 6th, 2023: Eagle Plains Resources Ltd. ( “EPL”:TSX-V, or “Eagle Plains” )
has mobilized crews to commence exploration activity on EPL’s 100% owned Findlay Project, located
35km NW of Kimberley, BC and 15km north of Eagle Plains’ Vulcan property. Fieldwork is being funded
by Amaroq Gold Corp. (“Amaroq”, a private BC corporation), which may earn up to a 75 % interest in
the project (details following).
2023 Exploration activity at Findlay will consist of surface mapping , prospecting and soil geochemical
sampling in the Midfork and Tourmalinite Ridge areas of the property.
Findlay Project Summary
The Findlay Project overlies Aldridge Formation stratigraphy, considered prospective for sedimentary -
exhalative (“sedex”) deposits. Structurally, this area has been identified as an extension of the North Star-
Sullivan corridor which hosts the world-class Sullivan critical metals deposit 35km to the southeast. 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, result ing 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 . The Findlay property displays Sullivan -style exhalative tou rmalinite (boron) horizons,
massive fragmental sections, anomalous lead, zinc, and indicator geochemistry, and base -metal
occurrences. This “Sullivan smoke” occurs throughout the Lower to Upper Aldridge formation and
indicates the potential for Sullivan -style mineralization at multiple stratigraphic levels. Management
cautions that past results or discoveries on proximate land are not necessarily indicative of the results
that may be achieved on the Findlay property.
See Findlay Project Highlight Map and Webpage here
Project History
The Findlay property has been explored sporadically since the 1930’s. Government assessment reports
show exploration programs by Cominco (1959 -69, 1977, 1984-1988), Texas Gulf Sulphur (1971), Kerr -
Addison Mines (1971 -1975), Amax (1977 -79), Four Tops Mining (1982 -1985), Billiton Canada (1983 -
1984) and Teck Corp.(1990). Commodities sought were skarn-related tungsten from Cretaceous intrusions
and base- and precious-metals from SEDEX style deposition. Eagle Plains Resources began acquiring
claims in the Findlay/Doctor/Greenland Creek area in 1996.
Between 1997 and 2000, parts of the current Findlay property were under option to Kennecott Canada Ltd.
Billiton Canada Ltd. and Rio Algom Ltd. Work by these groups as well as extensive work funded
exclusively by Eagle Plains included property -scale geological and structural mapping, soil geochemical
sampling, prospecting and limited diamond-drilling.
In 2012, MMG completed a 475 line -km airborne geophysical survey, followed by a 4 -hole, 1435m
diamond-drilling program. Work in 2013 by MMG included systematic exploration including geological
mapping, soil geochemical sampling, ground geophysics and water sampling. The target to be tested during
this current drill program was identified as a result of this work. The last systematic exploration of the
property occurred in 2014, when MMG completed a ground magnetic geophysical survey and 2-hole, 748m
diamond drill program. Following this program, MMG elected to terminate its option.
Total expenditures on the property since acquisition by EPL in 1996 are approximately $5.0M
Technical information concerning the Findlay property has been reviewed and approved by C.C. Downie,
P.Geo., a director and officer of Eagle Plains, hereby identified as the “Qualified Person” under N.I. 43 -
101.
Findlay Option Agreement Details
Under the terms of an option agreement announced May 8 th, 2023, Amaroq may earn a 60% interest by
completing $5,000,000 in exploration expenditures, issuing 1,800,000 voting class common shares and
making $500,000 in cash payments over a 4 -year period. Amaroq may increase its interest to 75% by
delivering a feasibility study by 2030.
Update on Vulcan Program
Work continues processing core from 2023 drilling at Vulcan. Detailed core-logging has been completed
and broad intervals of mineralized material are now being systematically cut and sampled. It is expected
that logging and detailed analytical results of the drill core will provide important clues with respect to
mineralization, geological setting, metal ratios, alteration and other geological information which will
guide future drilling. An application seeking a 5 -year area -based permit has recently been filed with
government authorities to facilitate future drilling and other exploration activities. Detailed analytical
results will be reported once they have been received, compiled and interpreted.
See Vulcan Project Highlight Map and Webpage here
Update on Hansen North Lithium Project
As announced previously by partner Brunswick Exploration Inc., (“Brunswick”), Brunswick has elected to
terminate its option on EPL’s 100% owned Hansen North Project located in east-central Saskatchewan.
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 Taiga Gold Corp. being notable examples. Eagle Plains latest spinout,
Eagle Royalties Ltd. (CSE:”ER”) was listed on May 24, 2023, and holds a diverse portfolio of royalty
assets throughout western Canada.
Eagle Plains’ core business is acquiring grassroots critical- and precious-metal exploration properties. The
Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of
projects toward discovery through collaborative pa rtnerships and development of a highly experienced
technical team.
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 of Eagle Plains
“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.