American Marconi Wireless News - Eagle Plains Provides Update on Saskatchewan Gold and VMS Projects

See Gold and Base Metals La Ronge Region Map HERE

Campbell Lake

The 7852 ha Campbell Lake property is located 73 km north of La Ronge, and is contiguous with the Rottenstone SW project. Eagle Plains acquired the property by staking immediately after Ramp announced the results from discovery hole Ranger-01, which returned 73.55 g/t Au over 7.5m (Ramp Metals NR June 17, 2024). The Campbell Lake property is underlain by metamorphic rocks assigned to the Rottenstone Domain, which also hosts mineralization at the Rottenstone SW Project. The Campbell Lake claims have seen very limited historical work, and Eagle Plains has not carried out any work on the property to date.

Cook

The 2741 ha Cook Project is located 92km northeast of La Ronge and overlies two Saskatchewan Mineral Deposit Index ("SMDI") occurrences. The Cook Showing (SMDI 2300), is reported to include historical channel samples up to 1m @ 73.7 g/t (2.612 oz/ton) Au and is associated with lesser Pb-Zn-Cu mineralization. The PA Showing (SMDI 2301) reports historical grab samples up to 4.5 g/t Au (0.161 oz/ton), associated with molybdenum (Mo). Mineralization identified on the property is associated with quartz veins and shear zones up to 50cm in width, hosted in intrusive, metasedimentary and metavolcanic rocks.

2023 work on the property by Terralogic Exploration Inc. focused on locating the historic Cook SMDI showing and collecting grab samples for modern fire assay and multi-element analysis. Results confirmed the presence of high-grade vein-hosted gold mineralization at the Cook showing. Grab sample CFCKR001 contained visible gold hosted in a 10 cm wide vein and returned 9.01 g/t Au. Grab sample CFCKR004, comprised of quartz-vein material from the same vein, returned 10.8 g/t Au. Grab Sample VBCKR002, in-situ vein material collected from along a trench wall, returned 67.7 g/t Au and 0.19% Pb. Veins are considered to be open along strike to the southwest and northeast and have never been drill tested.

See Cook web page HERE

Elizabeth Lake

The 1266 ha Elizabeth Lake Project, located 21km north of La Ronge, covers the historic Elizabeth Lake Cu-Ag VMS deposit (SMDI 0733).

See Elizabeth Lake Web page HERE

The Elizabeth Lake Deposit is structurally complex, with mineralization occurring in lenses, pods, veins and disseminations in shear zones hosted by sericite schists. The mineralized zone has a strike length of about 625 m (2050.5 ft), defined by 36 diamond drill holes for a total of 10,147m (33,291 feet) of core. Select historical drill core is stored at the Saskatchewan Precambrian Geological Laboratory in La Ronge. Two main lenses, the North Zone and the South Zone, have been defined with both Zones thought to be open to depth.

The following table outlines significant historical drill intercepts:

Table 1- Significant Drill Intercepts-Elizabeth Lake Project

** Saskatchewan Mineral Assessment File 73P06-0061

Historic work at Elizabeth Lake includes diamond drilling programs by Noranda (1968), Canadian Nickel (1969) and Uranium Valley Mines (1970). The last public data on the property was generated in 2012 by Kenna Capital Corp. who flew an airborne electromagnetic and horizontal magnetic geophysical survey that included part of the current Elizabeth Lake property. The survey identified a weakly conductive response over the Elizabeth Lake deposit, and a stronger conductor east of the deposit area that has not been tested.

A number of different historical resources have been estimated for the Elizabeth Lake Deposit. The first published resource was by Uranium Valley Mines in 1970 with 4,340,000 short tons grading 0.63% Cu or 2,158,000 short tons grading 0.89% Cu or 725,000 tons grading 1.86% Cu, 0.44 oz/ton Ag over an average width of 11.3 ft. In 1996 Claude Resources released a drill indicated reserve of 6,700,500 tons grading 0.68% Cu, including 1,500,000 tons grading 1.56% Cu and 14.9 g/t Ag. The 2003 Saskatchewan Exploration and Development Highlights, published by the Saskatchewan Ministry of Energy and Resources, quotes a Geological Resource at Elizabeth Lake of 4,985,938 tonnes grading 0.73% Cu. (SMDI 0733)

Eagle Plains' management considers these estimates to be historical in nature and cautions that a Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves in accordance with National Instrument 43-101. These estimates do not comply with the definitions of current mineral resources or mineral reserves definitions prescribed by National Instrument 43-101 or the Canadian Institute of Mining, and are disclosed only as indications of the presence of mineralization and are considered to be relevant as a guide for additional work. The historical models and data sets used to prepare these historical estimates are not available to Eagle Plains, nor are any more recent resource estimates or data.All references to historic resources are taken from SMDI 0733.

Joey

The 834 ha Joey property, located 86km northeast of La Ronge, is bisected by Saskatchewan Highway 102. The property overlies 8 SMDI gold occurrences with mineralization hosted in veins and shears within mafic metavolcanic rocks assigned to the La Ronge Domain, with most of the SMDI occurrences discovered in the mid 1980's. Various operators including SMDC, Golden Rule Resources and Golden Band Resources have been active in the area starting in 1977, completing prospecting, soil and till geochemical sampling, ground and airborne geophysics.

In 1988-89, a partnership between SMDC and Troymin Resources Inc. completed 13 shallow drill holes (983m) which tested 5 of the known gold occurrences. The best intercepts were from the Joey Showing area (SMDI 2421) which returned 28.2 g/t Au over 1m from 10.1-11.1m in drillhole BR8-5, and BR8-7, which returned 10.9 g/t Au over 1.5m from 54.4 - 55.9m (SMAF 73P15-0084).

Some of the above results were taken directly from the SMDI descriptions and assessment reports (SMAD) filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work on the subject properties. Eagle Plains' 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.

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, has reviewed and approved the scientific and technical disclosure in this news release.

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, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.

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.

On October 2, 2024, Eagle Plains announced announce the formation of a separate division within the Company that will give Eagle Plains' shareholders direct exposure to strategic opportunities in Canadian green energy transition. As a wholly owned subsidiary of Eagle Plains, Osprey Power Inc. ("OP") will focus on identifying and advancing innovative and diverse clean energy project portfolios in target markets throughout Canada, with an initial focus on 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 partnerships and development of a highly experienced technical team.

Expenditures from 2010-2023 on Eagle Plains-related projects exceed $39M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 50,000m 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

"C.C. (Chuck) Downie" P.Geo

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.

SOURCE: Eagle Plains Resources Ltd.

View the original press release on ACCESS Newswire

M.Fischer--AMWN