Eagle Plains Acquires Dianne Lake Silver Copper Project
Cranbrook, B.C., June 22nd, 2020: Eagle Plains Resources Ltd. (TSX-V:EPL) (“EPL” or “Eagle Plains”) has acquired by staking, a block of claims that cover prospective Ag-Cu mineralization. The 4367 hectare Dianne Lake claim group is located approximately 18 km NW of Uranium City, Saskatchewan. The claims cover 3 Ag-Cu mineral occurrences associated with Tazin Group metasediments and diorites which are documented in the Saskatchewan Mineral Deposit Index (“SMDI”). Eagle Plains owns the project 100%, with no underlying royalties or encumbrances.
Property Geology and Mineralization
At the Dianne Lake (SMDI 1348), Dianne Lake West (SMDI 1347), and Dianne Lake North (SMDI 1356) occurrences disseminated stratiform Cu-Ag mineralization is associated with garnet-biotite-chlorite gneiss. High grade native silver occurs with chalcopyrite-chalcocite mineralization in fractures, shears and breccia zones contained within diorite/granodiorite intrusions.
Grab samples taken by Skeena Consolidated in 1968 returned values of up to 2958 oz/t Ag (sample 9453). Chip sample results from Consolidated Pine Channel during the most recent work on the property in 1998 include:
|Trench #||Sample #||Sample width (m)||Cu %||Ag g/t|
The property has been tested with 52 drillholes (7000m) in the immediate area of the showings, with intercepts including 0.87% Cu and 18.3 g/t Ag over 23m in DDH 1968-25, 0.64% Cu and 128.8 g/t Ag over 7.3m in DDH 1968-04 and 0.81% Cu and 43.5 g/t Ag over 8.2m in DDH 1968-15. A narrow high grade intercept of 3869 g/t Ag over 30cm was reported in DDH 1969M1 at a depth of 7m.
Copper-silver mineralization at Dianne Lake was discovered by Consolidated Skeena Mines in 1967. The following year they completed ground geological mapping, prospecting, ground geophysical surveys and soil sampling which outlined an area of extensive, and locally high grade copper-silver mineralization. The IP surveys were found to be very effective in identifying mineralized outcrop. This was followed by extensive trenching and sampling and a 50-hole diamond drill program.
Between 1968-1979 various operators worked in the area assessing the copper-silver potential. Work continued in the 1980’s with SMDC and Comaplex carrying out Airborne EM and magnetic surveys, ground VLF-EM surveys, geological mapping and resampling of historic core. The last significant work on the property was by Consolidated Pine Channel Gold in 1988 who completed beep mat and ground prospecting and trenching which located new mineralized areas 800 meters northeast of the original Dianne Lake showing.
Although the high grade mineralization defined by historic work is generally discontinuous, geological mapping and structural interpretation by Scott and Pyke in 1998 (AR 74-N-10-10521) note that high-grade veins are controlled by steeply dipping NNW-trending fractures and that most of the trenches and drill holes completed in the late 1960's were parallel or sub-parallel to the controlling structures, which may provide an explanation for the apparently discontinuous nature of the mineralization. In addition all of the historic work has been tightly focused on the areas of known mineralization. Eagle Plains management believes that there are excellent opportunities to locate additional mineralization in the Dianne Lake region using a better understanding of the structural setting and modern geophysical surveys.
The above results and information were taken directly from the 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 Dianne Lake property area.
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a Director of Eagle Plains Resources Ltd., has prepared, reviewed, and approved the scientific and technical disclosure in this news release.
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 one of the top 3 jurisdictions 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 2011-2019 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
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.