Eagle Plains Increases Olson Gold Project Area in Northern Saskatchewan
Cranbrook, British Columbia – June 23, 2020: Eagle Plains Resources Ltd. (“EPL”:TSX-V, “Eagle Plains”) is pleased to announce that 3 additional claims totalling 1,170 hectares have been added to Eagle Plains’ 100% owned Olson gold property (the “Property”) located 100 km east of La Ronge, northern Saskatchewan. One of the claims was acquired through a 100% purchase from an unrelated third party.
SKRR Exploration (“SKRR”:TSX-V, “SKRR”) may earn a 75% interest in the 5038ha property by completing exploration expenditures of $3,000,000, making cash payments of $250,000 and issuing 1,000,000 voting class common shares to EPL over a 4 year period.
As previously announced on June 2, 2020, fieldwork on the Property is underway with a DC resistivity / IP geophysical survey recently completed and geological field crews currently on the ground.
The additional 3 claims increase the Olson property to the south in the central and eastern regions. In the south-central region, the new claim covers a portion of the east-west trending Hartley Shear zone and covers the same prospective volcanic lithological package as the main Carina / Point gold showing, which returned assay values up to 9.8 g/t Au from grab samples, located a further 500m to the north-east.
See the Olson project map here.
2020 Work Program Objectives
Phase One fieldwork has been designed to define targets for a Phase Two diamond drilling program, with planning underway for a Fall, 2020 program. Discovery Geophysics from Saskatoon has completed an 8.3 line-km DC resistivity / IP geophysical survey at the Jena-Juba and Point-Tuscan targets, with preliminary results delivered to the field crews for follow-up during Phase One. Geological fieldwork will include detailed prospecting and mapping, infill soil geochemical sampling and channel sampling of trenches.
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, has prepared, reviewed, and approved the scientific and technical disclosure in the 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 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, the majority 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.