2022-06-23 | TSXV:EPL | Press release

CRANBROOK, BC / ACCESSWIRE / June 23, 2022 / Eagle Plains Resources (TSXV: EPL), (“EPL”) and Shooting Star Acquisition Corp. (SSSS.P), (“Shooting Star”), a British Columbia capital pool firm, announce that the companies have entered into a formal option agreement pursuant to which Shooting Star may acquire a 60% undivided interest in the Eldridge Property (the “Property”). EPL holds a 100% interest in the 13,500 ha property located approximately 85 km east of La Ronge and 30 km northwest of Lac Deschambault, Saskatchewan. Under the terms of the agreement, Shooting Star can acquire a 60% undivided interest by incurring exploration expenditures of $4,000,000, making cash payments of $500,000 and issuing 1,000,000 shares. at EPL over a period of four years. Eagle Plains will retain a 2% NSR in the property, with a purchase of up to 1% for $1,000,000.

Eldridge Property Summary

The Eldridge property is located in the Trans-Hudson Corridor with host rocks similar to SSR Mining’s Santoy mine and other orogenic gold and VMS projects in the area. The property has seen very little historical exploration activity despite recognition of potential host rocks and structures by regional government geological surveys.

In 2021, Eagle Plains engaged TerraLogic Exploration Services to conduct preliminary geochemical and geophysical studies on the property which resulted in the recognition of highly anomalous gold trends. The 2021 field program generated a total of 59 lake sediment samples which were analyzed for gold and base metals, and 7 till samples which were collected from strategic locations under the ice of geological lineaments and /or prospective regional magnets. Encouraging results on lake sediments yielded gold grades between 0.1 and 9.7 ppb with 12 samples returning at least twice the background. The till results were also very encouraging, with an improved gold grain count of 30 grains and a normalized estimated gold grade of 30 ppb Au.

Follow-up exploration work is recommended for the property.

Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 – Disclosure Standards for Mining Projects and director of Eagle Plains Resources Ltd., prepared, reviewed and approved the report scientific and technical disclosure in this 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 the EPL, please contact Mike Labach at

1,866 HUNTING ORE (486,8673)

Email: [email protected] or visit our website at http://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.

See the source version on accesswire.com:

https://www.accesswire.com/706346/Eagle-PlainsShooting-Star-Execute-Option-Agreement-on-Eldridge-Gold-Property-Saskatchewan