Eagle Plains Resources Announces Acquisition of Uranium Exploration Claims in the Athabasca Basin, Saskatchewan
Cranbrook, B.C., May 19th, 2020: Eagle Plains Resources Ltd. (TSX-V: “EPL”) is pleased to announce that through staking, it has acquired 20 claims prospective for uranium totaling approximately 7620 hectares in the Athabasca Basin area of Saskatchewan, Canada. The newly acquired claims were staked during recent re-openings of lapsed claims held by the Government of Saskatchewan. The three new uranium projects are 100% owned by EPL and are not subject to any royalties to underlying vendors.
The Cable Bay property consists of 9 claims totaling 4070 hectares. The property is contiguous to the south and west with the ALX Resources-Pacton Gold Carpenter Lake JV, and to the east with a block of claims recently acquired by Cameco Corporation. The property overlies approximately 9 km of the central portion of the Cable Bay Shear Zone (“CBSZ”) south of the margin of the Athabasca Basin. The CBSZ is a crustal-scale, regional lithotectonic domain boundary, nearby and parallel to the Virgin River Shear Zone which hosts the Centennial uranium deposit. Such major structural features are deemed important as pathways for mineralized fluids.
The Cable Bay project was covered by a 2010 JNR Resources Inc.-Goldak high sensitivity airborne magnetometer survey. JNR integrated the results from this survey with previously acquired VTEM and DIGHEM geophysical data as well as basement geology and stream and lake geochemical data to define magnetic and conductor settings thought to be prospective for uranium mineralization. (AR 74G07-0066)
The newly acquired Eagle Plains tenures cover two targets zones designated as medium-high priority by JNR. Both areas of interest are along the margin of the prospective Virgin River schist and are associated with DIGHEM conductors, magnetic linears and complex structural geology.
Lazy Edward Bay
The Lazy Edward property consists of 7 claims totaling 1420 hectares straddling the southern margin of the Athabasca Basin with the majority of the property covering basement rocks. The claims cover a series highly of prospective and underexplored basement-hosted conductors outlined by historical geophysical exploration including three target zones with coincident DIGHEM conductors and magnetic linears defined by JNR Resources in 2010. Two of the areas of interest, including a high priority target, lie within a complex group of folded magnetic units with good conductor correlation and have never been drill tested. The other medium-high priority zone is inside the basin with basement depths ranging from about 70 meters to 200 meters based on historical drilling in the area. The area of interest is located on a fold nose coincident with a series of NE trending ground and airborne geophysics conductors.
Flat Rock Island
The Flat Rock Island property consists of 4 claims totaling 2129 hectares along the southeastern shore of Lake Athabasca. The tenures cover a swarm of ground and airborne conductors overlain by a shallow (<200m) cover of Athabasca sandstone.
The above information is taken directly from the public Saskatchewan Government geoscience database including the Saskatchewan Mineral Deposits Index (SMDI), Assessment Reports (AR) and the online Saskatchewan GeoAtlas. 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 on the Cable Bay, Lazy Edward Bay and Flat rock Island projects. Management further cautions that past results or discoveries on proximate lands are not necessarily indicative of the results that may be achieved on the subject properties.
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.