Cranbrook, British Columbia (FSCwire) - Eagle Plains Resources Ltd. (“EPL”:TSX-V, or “Eagle Plains”) as project operator, has notified Roughrider Exploration Ltd. (“REL”: TSX-V, or “Roughrider”) that crews have been mobilized to carry out two separate exploration programs on the Brownell Lake (VMS-polymetallic) and Olson (gold) exploration properties located approximately 120km east of La Ronge, Saskatchewan. Roughrider may earn up to an 80% interest in the properties under terms summarized below. TerraLogic Exploration Services of Cranbrook, BC has been contracted to carry out 2018 exploration work.

 

Brownell Lake Summary, Option Agreement Details and 2018 Exploration Program

 

The Brownell Lake Project is host to regionally-sheared, highly-strained meta-volcanic rocks which are considered to be prospective for volcanogenic massive sulphide (“VMS”) mineralization. Highlight drilling results include 3.35 m of 0.48% Cu, 2.28% Zn, 1.46 g/t Au; 2.2 m of 6% Zn; and 20.5 m of 0.49% Cu. Historic work has delineated a 2600m-long mineralized EM/magnetic anomaly, with an additional 1700m-long magnetic anomaly that remains untested by electromagnetics and diamond drilling. Results are historical in nature and have not been confirmed by Eagle Plains, but are considered to be reliable and will form a basis for ongoing work.

 

Under the terms of the Brownell Lake Option Agreement, Eagle Plains has granted Roughrider the right to acquire up to an 80% interest in and to Brownell Lake (subject to a 2% NSR) by making aggregate cash payments of up to $2,500,000 and incurring exploration expenditures of up to $7,000,000 over a period of up to four years (details outlined in Eagle Plains news release June 8^th, 2018).

 

2018 exploration work will consist of 45 man-days comprising re-logging and sampling of historic drill core, a 15 line-km VLF-EM geophysical survey, soil geochemical sampling, prospecting and geological mapping and sampling.

 

Olson Summary, Option Agreement Details and 2018 Exploration Program

 

The Olson project is host to regionally-sheared, highly-strained meta-volcanic rocks which are considered to be prospective for orogenic gold mineralization. The Olson project area is host to 29 mineral occurrences defined by historical geological mapping, prospecting, trenching, and 4700 m of diamond drilling. Historical drilling has intersected 7.5 m of 2.07 g/t Au including 13.00 g/t Au over 0.65 m and grab samples of up to 105.52 g/t Au. The project is considered to be underexplored, with known gold occurrences open at depth and along strike. Results are historical in nature and have not been confirmed by Eagle Plains, but are considered to be reliable and will form a basis for ongoing work.

 

Under the terms of the Olson Option Agreement, Eagle Plains has granted Roughrider the right to acquire up to an 80% interest in and to Olson (subject to a 2% NSR) by making aggregate cash payments of up to $2,500,000 and incurring exploration expenditures of up to $7,000,000 over a period of up to four years (details outlined in Eagle Plains news release June 8^th, 2018).

 

2018 exploration work will consist of 60 man-days consisting of soil geochemical sampling, prospecting, geological mapping and sampling.

 

Technical information concerning the Brownell Lake and Olson properties has been reviewed and approved by C.C. Downie, P.Geo., hereby identified as the “Qualified Person” under N.I. 43-101.

 

About Eagle Plains Resources

 

Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. EPL 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. 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 opportunities while building lasting relationships through honest and respectful business practices.

 

Expenditures from 2011-2017 on Eagle Plains-related projects were approximately $16.5M, which was funded by Eagle Plains and for the most part, by third-party partners. This exploration work resulted in approximately 15,000 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: mgl@eagleplains.com 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.

To view the original release, please click here

Source: Eagle Plains Resources Ltd. (TSX Venture:EPL, OTC Bulletin Board:EGPLF)

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