American Marconi Wireless News - Eagle Plains Partner Apogee Completes Field Program at Pine Channel Gold Project, Northern Saskatchewan

The current program was comprised of prospecting and geological mapping, and was managed by TerraLogic Exploration Inc. of Cranbrook, BC.

See Pine Channel Project Information & Map here

Pine Channel Property Highlights

Highlights from documented historical work and previously reported results include:

• Algold Bay: 63.5 g/t Au over 0.6 m (drill hole) (SMDI 1575)

• North Norite Bay: 407.96 g/t Au over 0.5 m (drill hole) (SMDI 2183)

• ELA: 39.96 g/t Au over 0.55 m (drill hole) (SMDI 1574)

• Holes G-1 and G-3: 3.20 g/t Au over 1 m (drill hole) (SMDI 2329)

• Occurrence No. 6/Occurrence No. 8: 90.6 g/t Au over 0.2 m (trench sample) (SMDI 1581)

• Cole Lake Ni-Cu: 0.45% Ni over 7.0 m (drill hole), 6.2 g/t Au, 0.01% Ni and 0.06% Cu over 3.0 m (trench sample) (SMDI 1583)

• Multiple untested geophysical anomalies and mineralized trends associated with favourable geology

Some of the above results were summarized from Saskatchewan Mineral Deposit Index ("SMDI") descriptions and assessment reports 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 in the Pine Channel property area.

2025 Field Program

The 2025 field program focused on the Algold Bay Showing area (see EPL NR April 05, 2023) and evaluating structural trends identified by analyses of high-resolution aeromagnetic data collected in 2022 and 2024 as well as high resolution LiDAR and orthophoto data collected in 2022.

A total of 64 rock samples were collected over 6 days. Analytical results are pending and will be released after interpretation and compilation.

Pine Channel Gold Project Summary

The Pine Channel Property consists of 29 mineral dispositions covering 6,519 hectares located approximately 40 km west of Stony Rapids, Saskatchewan which is the logistics/business hub for northern Saskatchewan. The property can be accessed year-round by float- or ski-equipped aircraft from Stony Rapids or Fort McMurray, AB. The eastern and northern part of the property is transected by a high voltage powerline. Most geological fieldwork is limited to late May to October but other operations such as geophysical surveys and diamond drilling can be completed year-round.

The main deposit type that is being explored for at Pine Channel is structurally controlled vein-quartz (lode) gold deposits. Mineral occurrences on the Pine Channel Property contain predominantly gold, with rare base metal occurrences. Within the Pine Channel tenures there are twenty documented historical showings.

Government mapping in the Pine Channel area dates from 1913, with the first industry work reported in 1950. A total of 51 assessment reports have been filed within the current Pine Channel tenure area. Past operators include Golden Rule Resources Ltd. and Colchis Resources Ltd. who were both active on the project during the 1980's, the last sustained period of exploration in the area. The most recent work prior to Eagle Plains acquiring the claims in 2018 was in 2013 when the area was flown with an airborne Variable Time Domain Electromagnetic ("VTEM") survey focused on locating targets for diamond exploration. There has been a total of 6,066 metres of diamond drilling in 115 historic holes completed within the current Pine Channel property claim boundaries, with the majority of the holes completed less than 100 metres in length. Although the wide-spaced drilling did intersect significant gold mineralization in places, much of the drilling was completed using thin diameter core which is considered ineffective for assessing the high-grade "nuggety" gold shears and veins found at Pine Channel.

Since acquiring the property, Eagle Plains has completed field programs focused on prospecting and mapping in areas of known mineral occurrences. The work confirmed the widespread occurrences of auriferous quartz veins and associated shear systems in the Pine Channel property. Analytical results from the seventy-two rock samples collected in 2020 range from 6 ppb Au to 68,400 ppb Au. Twenty-three of the samples returned greater than 1 g/t Au, and eight returned greater than 10 g/t Au. The most encouraging of the known showings are the ELA Shaft showing (SMDI 1574) and Occurrence No. 6 and No. 8 (SMDI 1581), which both demonstrate anomalous gold geochemical results and potential for extension of known mineralization along strike.

2022 and 2024 work included a helicopter-borne high-resolution aeromagnetic and radiometric survey and ahigh resolution LiDAR and orthophoto survey. Lineation analyses of the LiDAR imaging, combined with the aeromagnetic data, defined a number of new target areas adjacent to and along strike from known mineralization, which will be priority targets for future exploration.

Pine Channel Option Agreement Details

In May 2021, Apogee entered into an option agreement (the Pine Channel Agreement) with Eagle Plains. The agreement, as amended, gives Apogee the exclusive right to earn an 80% interest in the Pine Channel Property, by completing CAD $3,000,000 in exploration expenditures, issuing 2,200,000 voting class common shares to Eagle Plains and making $150,000 in cash payments over a 5-year period. Under the terms of the agreement Eagle Plains is designated as the Operator of the projects The original terms of the option agreement have been amended a number of times in order to extend original expiry dates.

Eagle Royalties Ltd. ("ER":CSE) holds a 2% NSR on the majority of claims comprising the Pine Channel Property, with Eagle Plains holding the right to buy-back a 1% royalty interest for $CDN 1,000,000, while an arms-length party holds an underlying 2% royalty on specific dispositions comprising the Pine Channel property, with Eagle Plains holding the right to buy-back a 1% royalty interest for $CDN 1,000,000.

Incentive Options Granted

Eagle Plains has granted incentive stock options to directors, employees and key consultants of the Company for the purchase of a total of 1,830,000 shares at an exercise price of $.21 per share, expiring October 14th, 2030, pursuant to the Company's current option plan (subject to shareholder and regulatory approvals).

Qualified Person

Technical information in this News Release 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.

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 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 2010-2024 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 of Eagle Plains

"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

G.Stevens--AMWN