CRANBROOK, BC/ACCESSWIRE/July 27, 2022/Eagle Plains Resources (TSXV: EPL)is pleased to announce thatoptional partner Rockridge Resources Ltd. (TSXV: ROCK)(OTCQB:RRRLF)(Frankfurt: RR0) (“Rockridge”) has begun a summer drilling program of approximately 1,000 m at knife lake High-grade copper VMS Project located in Saskatchewan, Canada (the “Knife Lake Project” or the “Property”). Rockridge is fully funded and licensed for this drill program.
Rockridge holds the exclusive option from Eagle Plains to acquire a 100% interest in the property that covers the Knife Lake Cu-Zn-Ag-Co SMV deposit (details below). The contiguous claims are located approximately 50 km northwest of Sandy Bay, Saskatchewan. A 357 kV power line passes within 16 km of the Knife Lake deposit area.
View Knife Lake VMS Project Location Map here
Using results and interpretation from recently completed geophysical programs, as well as the 2021 drill and field programs, the program will focus on targets in the Gilbert Lake zones as well as the deposit. The Knife Lake project, consisting of 82 claims totaling 56,865 hectares (140,516 acres), is an advanced stage copper, silver, zinc and cobalt exploration property in Saskatchewan, host to the Knife Lake deposit .
Jon Weisblatt, CEO of Rockridge, said, “We are excited to begin this summer drilling program which will test highly prospective regional targets in addition to infill and resource expansion drilling at the Knife Lake deposit. There is strong potential for new discoveries and resource expansion at the property which is the focus of this drilling program. Knife Lake remains a remarkable exploration opportunity that can provide investors with exposure to a leading mining jurisdiction and high-demand commodities such as copper and several other base and precious metals.
Summer Diamond Drill Program
The 2022 drilling program will focus on the highly prospective Gilbert Lake target area as well as continued fill and expansion drilling at the Knife Lake deposit. The program will consist of approximately 1,000m in six to eight drill holes. The Gilbert Lake targets were identified from the results and interpretation of previous geophysical, drilling and field programs. The results of these programs show that airborne VTEM surveys can successfully identify zones of VMS-type mineralization hosted in favorable stratigraphy on the property.
See the target areas for the 2022 Knife Lake drill program here
Drilling in the Gilbert Lake South target area will further investigate the longitudinal continuity of the mineralized horizon intersected during the 2021 drilling, which remains open to the south. The holes will also assess the potential zoning of mineralization, which is commonly seen in VMS systems. Additional drilling on a newly discovered copper showing in the Gilbert West zone has also been prioritized. The holes will target the down dip extension of a mineralized and intensely altered volcanic package that is interpreted to be the Knife Lake stratigraphic horizon. The Gilbert West target has never been drill tested.
Rockridge is also planning drilling in the area of the Knife Lake deposit as fill and expansion drilling to improve the existing resource estimate. Rockridge has received its exploration permit which is valid until February 2024.
Knife Lake Geology and History
The Knife Lake deposit is interpreted as a remobilized VMS deposit. The stratabound mineralized zone is approximately 15 m thick and contains copper, silver, zinc, gold and cobalt mineralization that dips 30° to 50° to the east over a known length in the concession area of 3,700 meters, and a known average down-dip extension. about 300 meters.
View Knife Lake deposit map here
The deposit is hosted in felsic to intermediate volcanic and volcaniclastic rocks that have been metamorphosed to upper amphibolite facies. The deposit contains VMS mineralogy that has been significantly modified and partially remobilized during the emplacement of granitic rocks. The mineralization straddles the boundary between two rock units and is found on both sides of an interpreted overturned fold.
Rockridge completed twenty-four holes comprising 3,096 meters of diamond drilling during the 2019 and 2021 winter drill programs. This was the first drilling on the property since 2001. Both programs gave the team Rockridge technique valuable information on the geology, alteration and mineralization of the property that will be applied to future regional exploration on the highly prospective and underexplored land package.
View the Knife Lake VTEM Project and Sample Survey Map here
Highlights from the drill programs include the previously reported hole KF19003 which intersected clean-textured to semi-massive sulphide mineralization from 11.2m to 48.8m at depth. This 37.6 meter interval returned 2.03% Cu, 0.19 g/t Au, 9.88 g/t Ag, 0.36% Zn and 0.01% Co for an estimate of 2.42% CuEq.
In August 2019, Rockridge announced an initial NI 43-101 resource estimate for the Knife Lake deposit, which consisted of an in-pit indicated resource of 3.8 million tonnes at 1.02% CuEq and an inferred resource. 7.9 million tonnes at 0.67% CuEq using a CuEq Cutoff of 0.4%. For more information, please refer to the August 14 press releasee2019 or NI 43-101 Technical Report Mineral Resource Estimate for the Knife Lake Property, Saskatchewan dated September 27, 2019, filed on Sedar.
Knife Lake Option Contract Details
To acquire a 100% interest in the Knife Lake project, Rockridge agreed to pay Eagle Plains a cash payment of $150,000 (in full), issue up to 5,550,000 shares of Rockridge common stock (4,550,000 shares issued to date) and to incur exploration expenses of $3,250,000. over four years. Eagle Plains will retain a 2% Net Smelter Royalty (“NSR”) on certain claims that include the project area. Under the terms of the agreement, Rockridge is designated as the operator of the project.
Kerry Bates, P. Geo., a “qualified person” for the purposes of National Instrument 43-101 – Disclosure Standards for Mining Projects, and a geologist employed by Eagle Plains Resources, has reviewed and approved the scientific and technical disclosure in this press release regarding the Knife Lake project.
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
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.
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