CRANBROOK, BC / ACCESSWIRE / September 30, 2019 / Eagle Plains Resources Ltd. ("EPL":TSXV, or "Eagle Plains") has executed an option agreement with 37 Capital Corp. ("JJJ":CSE) or ("37") whereby 37 may earn up to a 60% interest in the 4734ha Acacia property located 45.0 km north of Kamloops in central British Columbia. The property area has been held by Eagle Plains since 2001 and carries no underlying royalties or encumbrances. Under terms of the agreement, 37 may earn a 60% interest by completing $2,500,000 in exploration expenditures and issuing 300,000 voting-class common shares to Eagle Plains over 4 years (subject to regulatory approval). The above-referenced agreement supersedes an agreement with CRC Minerals Inc. (see EPL NR January 15th, 2018) which has been terminated by mutual agreement of the respective parties.
Acacia Project Summary
See Acacia project map
The Acacia property is considered to have excellent potential for hosting volcanogenic massive sulphide ("VMS") deposits. These deposits typically contain both base and precious metals, and occur in clusters and/or stacked lenses. The property covers a fertile stratigraphic assemblage which hosts a number of nearby, on-strike base and precious-metal VMS deposits including the Rea Gold, K7, Twin 3 and past-producing Samatosum Mine, located approximately 2.5 km northwest of current property boundary. Past drilling within target stratigraphy northwest of current property boundary returned values from trace quantities up to 10.6 g/t Au, 335.3 g/t Ag, 3.13 % Zn, 2.74% Pb, and 0.55% Cu over 2.37 m. 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 Acacia property.
Extensive work in the area was completed following the discovery of the Samatosum and Rea deposits in the mid-1980s. Geological mapping, geophysical surveys, thousands of soil samples and over 125 drill-holes were completed in target stratigraphy within 4.0 km of current Acacia claim boundaries but exploration in the area and elsewhere in the province virtually ceased during the mining downturn in British Columbia following the Windy Craggy decision in 1993. Previous fractured ownership and the cessation of work in the 1990s resulted in large gaps in drilling of high-potential stratigraphy within current Acacia property boundaries.
A comprehensive compilation and target generation exercise was completed by Eagle Plains in early 2017 which included 13,461 soil, 1023 rock and 51 silt samples, 45 trenches, 26 drill-holes and numerous geological and geophysical surveys from past operators Homestake Minerals, Omni Resources, Falconbridge Copper and Esso Minerals.
Fieldwork during the summer of 2017 was carried out by TerraLogic Exploration Ltd. of Cranbrook B.C. which included soil geochemical sampling and prospecting.
Technical aspects of this news release have been reviewed and approved by Charles C. Downie, P.Geo., "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and a Director of Eagle Plains Resources Ltd.
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 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 2011-2018 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: 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.
SOURCE: Eagle Plains Resources Ltd.
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https://www.accesswire.com/561458/Eagle-Plains37-Capital-Execute-Option-Agreement-for-Acacia-Project-Central-British-Columbia
