Eagle Plains Partner Apogee Conducts Airborne Geophysical and Lidar Surveys at the Pine Channel Gold Project, Saskatchewan
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CRANBROOK, BC/ACCESSWIRE/August 24, 2022/Eagle Plains Resources Ltd. (TSXV:EPL) is pleased to announce that its partner Apogee Minerals Ltd (TSXV:APMI) completed an airborne geophysical survey at pine channel project located 43 km west of Stony Rapids, Saskatchewan (the “Property”). Apogee has the exclusive option to acquire an 80% interest (minus 2% NSR) in the property (details follow). The current program included high resolution helicopter-borne aeromagnetic and radiometric surveys covering 380 line kilometres. The survey was conducted by Precision Geosurveys Inc. of Langley, British Columbia. In addition, a 70 km course2 The lidar and orthophoto survey was carried out by Eagle Mapping Ltd. of Langley, British Columbia.
Pine Channel Gold Property Summary
The Pine Channel property consists of 28 mining dispositions covering 6,503 hectares located approximately 40 km west of Stony Rapids, Saskatchewan, which is the logistics/commercial center of northern Saskatchewan. The property is accessible year-round by plane equipped with floats or skis from Stony Rapids or Fort McMurray, AB. The eastern and northern part of the property is crossed by a high voltage power line. Most geological fieldwork is limited to late May through October, but other operations such as geophysical surveys and diamond drilling can be done year-round.
Highlights of documented historical work and previously reported results include:
- North Norite Bay (SMDI 2183): 407.96 g/t Au over 0.5 m (drilling)
- ELA (SMDI 1574): 39.96 g/t Au over 0.55 m (drilling)
- Drillings G-1 and G-3 (SMDI 2329): 3.20 g/t Au over 1 m (drilling)
- Occurrence No. 6/Occurrence No. 8 (SMDI 1581): 90.6 g/t Au over 0.2 m (trench sample)
- Cole Lake Ni-Cu (SMDI 1583): 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)
The primary deposit type explored at Pine Channel is structurally controlled quartz-vein (vein) gold deposits. The mineral occurrences on the Pine Channel property contain predominantly gold, with rare occurrences of base metals. Within the Pine Channel tenures there are eighteen historical showings reported by the Saskatchewan Mineral Deposit Index (SMDI).
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 in the current Pine Channel tenure area. Former operators include Golden Rule Resources Ltd. and Colchis Resources Ltd., both of which were active on the project during the 1980s, the last period of sustained exploration in the area. The most recent work before Eagle Plains acquired the claims in 2018 was in 2013 when the area was flown over with a Variable Time Domain Electromagnetic (“VTEM”) survey focused on locating targets for exploration of diamonds. There was a total of 6,066 meters of diamond drilling in 115 historic holes completed within the current Pine Channel property boundaries, with the majority of the holes being completed over less than 100 meters in length. Although the spaced drilling intersected significant gold mineralization in places, much of the drilling was done using thin diameter core which is considered ineffective for evaluating high shear and gold veining. “nugget” content found at Pine Channel.
The first recorded systematic exploration work on the Pine Channel property took place in 1950 by Goldfields Uranium Mines. The first major program on the property was carried out in 1980 by Golden Rule Resources, which completed 246 line kilometers of airborne EM (INPUT) and magnetic surveys. Ground follow-up work has located 11 significant occurrences. From 1985 to 1988, Colchis Resources carried out VLF-EM geophysical studies, biogeochemical surveys, prospecting, soil sampling and trenching, followed by shallow diamond drill tests on selected targets.
The Pine Channel project is within the Tantato domain which is composed of highly deformed gneisses that form the eastern margin of the Archean Rae craton. Metamorphic rocks that have been subjected to varying degrees of deformation form the majority of the property area.
The above results have been summarized from SMDI descriptions and assessment reports filed with the Government of Saskatchewan. Management cautions that historical results were collected and reported by past operators and have not been verified or confirmed by a qualified person, but form a basis for ongoing work within the Pine Channel property area.
In 2019-20, Eagle Plains completed field programs focused on prospecting and mapping in areas of known mineral occurrences. The work confirmed the widespread presence of gold-bearing quartz veins and associated shear systems within the Pine Channel property. The analytical results of the seventy-two rock samples collected in 2020 range from 6 ppb Au to 68,400 ppb Au. Twenty-three of the samples returned more than 1 g/t Au and eight returned more than 10 g/t Au. The most encouraging known showings are the ELA Shaft showing (SMDI 1574) and occurrences No. 6 and No. 8 (SMDI 1581), which both demonstrate anomalous gold geochemical results and potential for extension of known mineralization. along the direction.
Pine Channel Option Agreement Details
In May 2021, Apogee entered into an option agreement with Eagle Plains. To acquire an 80% interest in the Pine Channel property, Apogee agrees to incur exploration expenditures of C$3,000,000, issue 2,000,000 voting common shares to Eagle Plains and cash payments of $150,000 over 4 years. EPL retains a 2% NSR on the majority of the claims comprising the property (which can be redeemed at 1% for CDN$1,000,000), while an arm’s length party holds an underlying 2% royalty ( with repurchase up to 1%) on particular provisions composing the good. Under the terms of the agreement, Eagle Plains is designated as the operator of the project.
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 – Disclosure Standards for Mining Projects and Administrator of Eagle Plains, prepared, reviewed and approved the Scientific and Technical Disclosure in the press release.
About Eagle Plains Resources
Based in Cranbrook, BC, Eagle Plains is a prolific, well-funded project generator that continues to research, acquire and explore mineral projects in Western Canada. The Company was established in 1992 and is the ninth oldest issuer listed on the TSX Venture Exchange (and one of only three that has not experienced a stock reduction or restructuring). Eagle Plains has continued to generate shareholder value over the years and through numerous spin-offs has transferred over $100,000,000 of value directly to its shareholders, Copper Canyon Resources and recently Taiga Gold being examples. notables.
The Company is committed to steadily improving shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and the development of a highly experienced technical team. Eagle Plains also holds significant royalty interests in projects in Western Canada, covering a wide range of commodities on projects controlled by Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd. and Alexco Resource Corp./Banyan Gold Corp. , among others. Management’s objective is to advance its most promising exploration projects. Throughout the exploration process, our mission is to help sustain thriving communities by exploring and uncovering resource opportunities, while building lasting relationships through honest and respectful business practices.
Spending from 2011 to 2021 for Eagle Plains-related projects exceeds $27 million, the majority of which was funded by third-party partners. This exploration work resulted in approximately 42,000 m of diamond drilling and significant ground 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 more information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mailto:[email protected]or visit our website at https://www.eagleplains.com
Caution 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 press 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 title, potential mineral recovery, etc. Forward-looking statements relate to future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in these statements.
THE SOURCE: Eagle Plains Resources Ltd.
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