Eagle Plains Completes Airborne Geophysical Survey at Eldridge and Puzzle Lake Projects, Saskatchewan
Cranbrook, B.C., April 20th, 2021: Eagle Plains Resources (TSX-V:EPL) has completed a high resolution airborne magnetic geophysical survey at its 100% owned Eldridge Lake and Puzzle Lake projects located in east-central Saskatchewan. Precision GeoSurveys Inc. of Langley, BC conducted the 1,981-line kilometer fixed-wing survey, flown at 100m line spacing.
See property location map here
About the Properties
Eldridge Lake (12,541 ha), Puzzle Lake (3261.2 ha), Massey Lake (1872.9 ha), Sweet Lake (598.7 ha) and Merritt Lake (7629.55 ha) (the “Olson Regional Projects”), are stand-alone exploration projects identified and acquired through staking by Eagle Plains in 2020 following extensive research. The properties lie within the Trans-Hudson Corridor (“THC”) and are considered prospective for both mesothermal gold and VMS-style mineralization. SSR Mining’s Seabee Gold Operation, located 50 km north of the Eldridge Lake property, is also within the THC, and has produced over 1.57 million ounces of gold since 1991. Other active projects in the area include the Olson Project, located 8 km southeast of Massey Lake, where Eagle Plains and partner SKRR Exploration (“SKRR”: CSE) recently announced significant drill results from a Fall, 2020 drilling program (see news release Mar 25, 2021).
Management cautions that past results or discoveries on proximate lands are not necessarily indicative of the results that may be achieved on the subject properties. The company believes the information to be relevant and is considered to be a guide for additional work on the subject properties.
The Olson Regional Projects are considered greenfields exploration targets and were identified based on a combination of prospective geology and a lack of historical exploration; none of the projects have been the focus of any significant mineral exploration. Parts of the current project area saw cursory work in the 1960’s and 70’s with the last significant industry work in 2014-15 when portions of the Eldridge Lake property were assessed for diamond potential. The southern parts of the Massey Lake and Puzzle Lake projects were covered by a high-resolution Time Domain Electromagnetic Survey flown in 2020 and funded by the Government of Saskatchewan as part of its Mineral Development Strategy. None of the projects have been drill tested.
The results from the current airborne EM survey will be integrated with ongoing data compilation and modelling to generate targets for ground follow-up in 2021.
Update on Knife Lake Project
At Knife Lake, option partner Rockridge Resources Ltd. (TSX-V: ROCK),(OTCQB: RRRLF) (Frankfurt: RR0) announced recently that it has acquired additional mineral rights through staking at the Knife Lake Copper Project located in Saskatchewan, Canada (the “Knife Lake Project” or “Property”). The Knife Lake Project, now consisting of 81 dispositions totaling 55,471 hectares (137,069 acres), is an advanced-stage copper, silver, zinc and cobalt exploration property in Saskatchewan. With the recent staking, Rockridge has increased the project area by 70% from 32,663 hectares (80,712 acres). The new claims were acquired based on observations made during the recently expanded drill program at Knife Lake.
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. Eagle Plains also holds significant royalty interests in western Canadian projects covering a broad spectrum of commodities. 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.