Option Partner Rockridge Resources Announces Inaugural NI 43-101 Resource Estimate for the Knife Lake Project
Option Partner Rockridge Resources Announces Inaugural NI 43-101 Resource
Estimate for the Knife Lake Project
Cranbrook, BC, August 14th, 2019: Eagle Plains Resources Ltd. (TSX-V “EPL”) (the Company) has
been notified by o ption partner Rockridge Resources Ltd. (TSX-V: ROCK) (OTCQB: RRRLF)
(Frankfurt: RR0) that it has announced the first NI 43-101 resource estimate for its flagship Knife Lake
Project located in Saskatchewan, Canada (the “Knife Lake Project” or “Property”). Rockridge entered into
an Option Agreement in late 2018 with Eagle Plains to acquire a 100% interest in the Property that covers
the majority of the Knife Lake Cu-Zn-Ag-Co VMS deposit (option details below). The contiguous claims
total approximately 85,196 hectares and are located approximately 50 km northwest of Sandy Bay,
Saskatchewan.
See Knife Lake regional map
Highlights:
• Recently-completed diamond drilling program plus historical drill core provided data for
completion of the first NI 43-101 resource estimate for the Knife Lake deposit
• Knife Lake is a near -surface VMS deposit starting a few metres below surface with a
known down-dip length of up to 400m. The current length along strike is 3700m, with the
deposit remaining open at depth and along strike for potential resource expansion.
• Indicated resources of 3.8 million tonnes at 1.02% CuEq (0.4% CuEq cut-off)
• Inferred resources of 7.9 million tonnes at 0.67% CuEq (0.4% CuEq cut-off)
• Deposit is a remobilized portion of a presumably larger “primary” VMS deposit; most of
the historical work has consisted of shallow drilling at the deposit area with little regional
work carried out and limited deeper drilling below the deposit
• Summer field program is set to commence to refine and prioritize numerous regional
exploration targets on the highly prospective and under-explored property
Tim Termuende, P.Geo., President and CEO of Eagle Plains stated recently: “We congratulate Rockridge
on achieving this important milestone for the Knife Lake project. With the potential for expansion in the
deposit area itself and the substantial land package and favourable geology surrounding the deposit, we
are confident that continuing fieldwork will yield positive results. As significant Rockridge shareholders,
we look forward to further advances in the Project”
Knife Lake Resource Parameters
The resource for the Knife Lake deposit has been confined within an open pit shape to define “reasonable
prospects of eventual economic extraction” using the following input parameters:
Cutoff Tonnage Grades Metal Content
Cu Eqv
(%) (kt) CuEq
(%)
Cu
(%)
Ag
(gpt)
Au
(gpt)
Co
(ppm)
Zn
(ppm)
NSR
($CDN)
CuEq
Mlbs
Cu -
Mlbs
Ag -
kOz Au - Oz
0.2 11,106 0.58 0.45 2.1 0.069 50.0 1261.8 42.50 141 110 750 24,601
0.4 7,902 0.67 0.53 2.4 0.084 53.1 1454.9 49.74 117 92 610 21,340
0.6 3,626 0.88 0.70 3.0 0.111 60.7 1734.1 65.28 71 56 350 12,963
In addition, an exchange rate of $CDN:$US of 0.77 has been used with a mining cost of $CDN 1.30/tonne
and a royalty of 2% applied to the NSR values. Interpolation for all metals has been done using 4 passes
with anisotropic distances based on variography for 5 domains that have been c reated based on the
mineralization. Ordinary kriging (OK) has been used as the final grades for all metals except Au which
has final grades based on inverse distance squared (ID2) for better validation of the model. Outlier
restriction of high grades for each metal and domain have been applied where deemed necessary based on
cumulative probability plots (CPP) and percent of metal removed.
Cu Eqv values were calculated using the formula CUEQV = CU% + ZN%*0.398 +
CO%*5.901+AUGPT*0.553+AGGPT*0.005
See the Rockridge news release for a more detailed description of the Knife Lake deposit
Summer Exploration Program:
A summer field exploration program is scheduled to commence shortly and will focus on evaluating
existing, highly-prospective targets within the large landholding, with targets in the immediate vicinity of
the Knife Lake deposit being prioritized. A subseq uent program of geophysics and drilling is planned to
test the highest priority targets.
Knife Lake contains typical VMS mineralogy which has been significantly modified and partially
remobilized during the emplacement of granitic rocks. Therefore, the k nown deposit may represent a
remobilized portion of a presumably larger “primary” VMS deposit based on general observations about
the mineralogy, mineral textures and metal ratios in the deposit. Most of the historical work has consisted
of shallow drilling at the deposit area with little regional work carried out and limited deeper drilling below
the deposit. As a result, there is strong discovery potential both at depth and regionally.
Knife Lake Geology and History:
The Knife Lake Project 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 of 3,700 metres within the property area, and a known
average down-dip extension of approximately 300 metres.
Over 400 diamond drill holes have been completed in and around the current property boundaries, with
much of this drill core stored under cover and in very good condition. Within the resource estimate block
model volume there are 333 drillholes, drilled since the 1990’s era which have been used for grade
interpolation. Historic 1970’s and earlier drilling have not been used because grades could not be verified.
A 357kV powerline runs within 16 km of the Knife Lake Deposit area, greatly enhancing the project’s
infrastructure.
The deposit is hosted by felsic to intermediate volcanic and volcaniclastic rocks which have been
metamorphosed to upper amphibolite facies. The deposit con tains 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.
The Company completed twelve holes consisting of 1,053m of diamond drilling in the 2019 winter drilling
program. This represented the first work on the property since 2001 and had two primary objectives:
confirm the tenor of mineralization reported by prev ious operators and expand known zones of
mineralization. Highlights from the drill program included previously reported hole KF19003 which
intersected net-textured to semi -massive sulphide mineralization from 11.2m to 48.8m downhole. This
37.6m interval r eturned 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. Additionally, previously reported drill hole KF19001 intersected net-textured to
fracture-controlled sulphide mineralization from 7.5m to 40.6m downhole. This 3 3.1m interval returned
1.28% Cu, 0.12 g/t Au, 4.80 g/t Ag, 0.13% Zn, and 0.01% Co for an estimated 1.49% CuEq.
See Knife Lake Plan Map and Drill Collar Locations
Compilation and initial modelling indicate potential for expansion of the historical deposit at dept h. The
recent drilling focused on resource upgrade as well as infill drilling between historical holes. The program
gave the Company’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.
Qualified Assurance Program and Quality Control Measures (“QA/QC”)
Rockridge implemented QA/QC protocols including insertion of duplicate, blank, and standard samples
in all 2019 drill holes. Check samples of 25 selected intervals from Leader Mining drilling in the 1990s
were sent to ALS Chemex in North Vancouver, BC, Canada, for analysis. The historic samples were not
consistently assayed for cobalt, lead and zinc so thos e comparisons are limited. Check assays returned
acceptable results for all samples except one. All lab internal standards and duplicates were within
acceptable values. Core from Rockridge’s 2019 diamond drilling program was logged and sampled on site
by staff of Terralogic Exploration Inc. Whole core was sawn in half and a total of 609 samples were
sealed and shipped directly to ALS Environmental in Saskatoon for internal transportation to ALS
Geochemistry in North Vancouver for analysis. Analysis consisted of 48 element four acid ICP-MS (ME-
MS61) and gold (Au) 30 g Fire Assay – AA finish (Au-AA23). Over limit analysis were completed using
the following analyses: Ore Grade copper (Cu), nickel (Ni) and zinc (Zn) – four acid ICP -AES (ME-
OG62). A total of 3 3 QAQC samples were inserted over 12 drill core sample shipments, including 18
standards and 15 blanks. Standards and blanks from 2019 returned acceptable values.
Qualified Persons:
Stephen Kenwood, P.Geo., an independent qualified person visited the Kni fe Lake Property on May 15,
2018 and March 22, 2019 and is responsible for the geology and QAQC. Sue Bird, P.Eng., Principal of
Moose Mountain Technical Services is the QP for the Resource estimate and has reviewed the QAQC for
the deposit. Tracey Meintj es , P.Eng., Principal of MMTS is the QP for the metallurgy including the
processing and recovery estimates.
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.
Knife Lake Option Agreement Details
To earn a 100% interest, Rockridge has agreed to make a cash payment to Eagle Plains of $150,000 upon
regulatory approval (complete), issue up to 5,250,000 common shares of Rockridge (2M 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.
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 toward discovery through collaborative partnerships and
development of a hi ghly 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 out 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 the second best place 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 opportu nities while building lasting
relationships through honest and respectful business practices.
Expenditures from 2011-2018 on Eagle Plains-related projects exceed $20M, most of which was funded
by third-party partners. This exploration work resulted in approximately 30,000 m 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.