CRANBROOK, BC / ACCESSWIRE / January 19, 2021 / Eagle Plains Resources Ltd. (TSXV:EPL) ('EPL', 'Eagle Plains') has received results from an 108 line-km airborne (drone) geophysical survey completed recently on the Dictator Project located 65km east of Vernon, B.C. Eagle Plains holds the exclusive right to earn a 100% interest in the 2578 ha property (details below).
A prominent north/south-oriented feature was delineated on the property which correlates with the location and distribution of gold-mineralized boulders discovered on the property in 2020. Management is encouraged by this development and has expanded the claim package to the north and ordered the expansion of the geophysical survey.
The Dictator property is located within an extensively logged, road-accessible area 20km south of Eagle Plain's 100%-owned Donna Property. The Property hosts Jurassic-aged porphyritic intrusive rocks of the prolific Quesnellia Terrane, host to many major B.C. porphyry deposits such as Highland Valley, Gibraltar, Mount Polley, Mount Milligan, Copper Mountain and others. Despite the rich endowment of mineralization in these rocks, the Dictator/Donna area have seen relatively little exploration activity by industry or government. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Dictator or Donna properties.
View Dictator Project map here
The property is host to parallel high-grade gold-bearing veins that have seen limited past production at the Dictator and Morning occurrences. Geological work completed earlier this year by geologist and property owner Milo Mielniczuk resulted in the discovery of numerous float boulders containing brecciated semi-massive sulphides that consistently contain highly elevated gold, lead and zinc mineralization with values ranging from trace quantities to a high of 5.84 g/t gold, 30.6 g/t Ag, 3680 ppm lead and 674 ppm zinc. The source of the boulders is unknown and is the target of ongoing work.
Fieldwork on the property during the summer of 2020 included grab samples from the Morning workings which ranged from trace values to a high of 39.4 g/t gold and 912 g/t silver (sample TTLPR016) and 1.31 g/t gold, 205 g/t silver, 1.88% lead, 5.03% zinc and .12% cadmium (sample TTLPR015).
Dictator Option Details
Eagle Plains may earn up to a 100% interest in the Dictator property by making exploration expenditures totalling $150,000, cash payments of $70,000 and share payments of 250,000 shares over a four year period. A one percent net smelter return royalty will be reserved for the vendor, which may be purchased by Eagle Plains for $1M.
Additional Area Staking-Acquisition of the Red Devil Property
Eagle Plains has recently acquired by staking, an area consisting of 2687ha located south of the Donna project and north of the Dictator project. The newly acquired claims cover 3 BC MINFILE occurrences reported as gold-bearing quartz veins located at the Red Devil, White Devil and Black Devil showings. Mineralization is hosted in granite and associated with sericitic alteration, often adjacent to lamprophyre dykes. Mineralization was first discovered in the area in 1984 and the three showings have seen limited prospecting and geochemical sampling, with the most recent work reported by Kootenay Gold in 2009. None of the showings have been drill tested.
View Donna Regional Projects map here
Historical grab samples collected by past operators range from below detection to up to 5.04 g/t gold (Assessment Report 31195) and 100g/t silver (Assessment Report 29887). Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.
The recently-acquired claims overlie the historic McIntyre Creek placer gold occurrence (BC MINFILE 082LSE041).
Update on Pine Channel Property
Eagle Plains has recently received notice from Amaroq Gold Corp. that the company has terminated its option on the Pine Channel gold property located in northern Saskatchewan. Eagle Plains continues to advance 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 highly experienced technical team. Management's focus is to advance 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. 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 2011-2020 on Eagle Plains-related projects exceed $22M, most of which was funded by third-party partners. This exploration work resulted in approximately 37,000 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
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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