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Eagle Plains Resources Ltd
Symbol EPL
Shares Issued 90,202,669
Close 2019-02-28 C$ 0.11
Market Cap C$ 9,922,294
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Eagle Plains optionee terminates Brownell, Olson deals

2019-03-01 13:58 ET - News Release

Mr. Tim Termuende reports

EAGLE PLAINS UPDATES BROWNELL LAKE, OLSON projectS

Eagle Plains Resources Ltd. has received notice from optionee Roughrider Resources Ltd. that it wishes to terminate the option agreements relating to the Brownell Lake and Olson (gold) exploration properties located 120 kilometres east of La Ronge, Sask., in order to focus efforts elsewhere.

Brownell project summary

The Brownell Lake project is host to regionally sheared, highly strained, metavolcanic rocks, which are considered to be prospective for volcanogenic massive sulphide (VMS) mineralization. Highlight drilling results include 3.35 metres of 0.48 per cent copper, 2.28 per cent zinc, 1.46 grams per tonne gold; 2.2 m of 6 per cent zinc; and 20.5 m of 0.49 per cent Cu. Historic work has delineated a 2,600 m mineralized electromagnetic/magnetic anomaly, with an additional 1,700 m of prospective magnetic anomaly that remains untested by electromagnetics and diamond drilling. Results are historical in nature and have not been confirmed by Eagle Plains, but are considered to be reliable and will form a basis for continuing work.

During 2018, Eagle Plains and Roughrider completed a comprehensive geological compilation of all existing data on the property, followed by a $100,000 exploration program consisting of ground geophysics, geological mapping, soil sampling, resampling of historic core, and sampling and survey of existing collar locations.

As a result of this work, Eagle Plain's geologists consider the property to be drill-ready, with the objective of expanding the known mineralized trend and defining a maiden National Instrument 43-101-compliant resource. The 2018 ground magnetic-very low frequency surveying agreed well with historical data and was successful in extending the magnetic-conductive trend associated with the Brownell Lake Cu-Zn zone about 1.2 kilometres to the east. Analysis and correlation of whole rock geochemical results from both surface sampling and drill core indicate the presence of alteration signatures consistent with base-metal-rich hydrothermal systems.

Past drilling was successful in establishing mineralization near surface, but only one fence tested the zone to any moderate depth. In this area, drilling indicated that not only did the deposit continue down dip to a depth of at least 134 m, but also that the grade and thickness of the mineralization increased (Saskatchewan assessment report 63M04-0007). In addition, historical drilling by INCO in the late 1950s to early 1960s only assayed for Cu and Ni, whereas more recent drilling indicates that copper mineralization is associated with significant Zn, Ag and Au grades, which were not considered in early resource estimates.

Olson project summary

The Olson project is host to regionally sheared, highly strained metavolcanic rocks, which are considered to be prospective for orogenic gold mineralization. The Olson project area is host to 29 mineral occurrences defined by historical geological mapping, prospecting, trenching and 4,700 m of diamond drilling. Historical drilling has intersected 7.5 m grading 2.07 g/t Au, including 13 g/t Au over 0.65 m and grab samples of up to 105.52 g/t Au. The project is considered to be significantly underexplored, with known gold occurrences open at depth and along strike. Results are historical in nature and have not been confirmed by Eagle Plains but are considered to be reliable and will form a basis for continuing work.

In 2018, Eagle Plains and Roughrider completed a detailed compilation of existing data, followed by a two-phase, $150,000 field program, which consisted of geological mapping and prospecting and the collection of a total of 862 soil samples and 126 rock samples.

The 2018 field program verified the results of historical work and identified additional targets in areas that were previously unexplored. Grid soil geochemistry highlighted two main areas with extensive gold-in-soil anomalies. Soil geochemical values ranged from below detection to a maximum of 2,704.6 parts per billion Au, with six samples returning greater than 1,000 ppb Au. In the Jena area, soil geochemistry delineated a 1.4-kilometre strike length of anomalous soil results greater than 80 ppb Au with a maximum of 1,346 ppb Au. The Ackbar-Tuscan-Point area also returned promising results, with a 300 m by 100 m zone returning values greater than 80 ppb Au and a maximum of 2,704.6 ppb Au. Soil geochemistry at the Olson and Juba showing areas returned lower values, likely related to thick clay and soil cover in these areas.

Prospecting in the areas of anomalous soil geochemistry identified gold mineralization associated with shear-hosted quartz veins. Analytical results ranged from below detection to a maximum of 45.1 g/t Au, with 20 grab samples returning greater than 1,000 ppb Au. The Olson area had a maximum assay of 41 g/t Au from a grab sample of sheeted veins. The Jena area had 20 samples in excess of 1,000 ppb Au with a maximum assay of 15.7 g/t Au from quartz-arsenopyrite veins. At the Juba occurrence, a grab sample returned 13.1 g/t Au. Mineralization at the Point and Tuscan area returned maximum values of 9.8 g/t Au at the Point and 45.1 g/t Au at Tuscan.

The next phase of work will focus on defining targets for diamond drilling.

Charles C. Downie, PGeo, a "qualified person" for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has prepared, reviewed and approved the scientific and technical disclosure in the news release.

Analytical and quality assurance/quality control procedures

All samples were shipped to Bureau Veritas in Vancouver, B.C., for analytical work. Soil samples were analyzed for 37 major and trace elements by inductively coupled plasma mass spectrometry. For Brownell project work, rock and drill core samples were analyzed using total whole rock characterization. Major oxides, precious metals and base metals were analyzed using ICP-ES and MS methods with a total of 65 elements analyzed. For Olson project work, rock samples were analyzed with ICP-MS analysis for 35 major and trace elements. Gold was analyzed using fire assay atomic absorption analysis. A 30-gram split for gravimetric fire assay was also used for gold analysis for samples that had over 10 parts per million Au. Quality control and assurance was done using in house Bureau Veritas protocols consisting of reject duplicates, blank and certified reference materials.

About Eagle Plains Resources Ltd.

Based in Cranbrook, B.C., Eagle Plains Resources continues to conduct research, acquire and explore mineral projects throughout Western Canada. Eagle Plains Resources is committed to steadily enhancing shareholder value by advancing its diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. Management's current focus is to preserve its treasury while advancing its most promising exploration projects. In addition, Eagle Plains Resources continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions.

We seek Safe Harbor.

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