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or Name
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37 Capital Inc
Symbol JJJ
Shares Issued 7,092,709
Close 2019-06-21 C$ 0.065
Market Cap C$ 461,026
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Eagle Plains options 60% of Acacia to 37 Capital

2019-09-30 13:13 ET - News Release

See News Release (C-EPL) Eagle Plains Resources Ltd

Mr. Tim Termuende of Eagle Plains reports

EAGLE PLAINS/37 CAPITAL EXECUTE OPTION AGREEMENT FOR ACACIA PROJECT, CENTRAL BRITISH COLUMBIA

Eagle Plains Resources Ltd. has executed an option agreement with 37 Capital Corp. whereby 37 may earn up to a 60-per-cent interest in the 4,734-hectare Acacia property located 45 kilometres north of Kamloops in central British Columbia. The property area has been held by Eagle Plains since 2001 and carries no underlying royalties or encumbrances. Under terms of the agreement, 37 may earn a 60-per-cent interest by completing $2.5-million in exploration expenditures and issuing 300,000 voting-class common shares to Eagle Plains over four years (subject to regulatory approval). This agreement supersedes an agreement with CRC Minerals Inc. (see Eagle Plains news release dated Jan. 15, 2018) which has been terminated by mutual agreement of the respective parties.

Acacia project summary

The Acacia property is considered to have excellent potential for hosting volcanogenic massive sulphide deposits. These deposits typically contain both base and precious metals, and occur in clusters and/or stacked lenses. The property covers a fertile stratigraphic assemblage which hosts a number of nearby, on-strike base and precious metal VMS deposits including the Rea Gold, K7, Twin 3 and past-producing Samatosum mine, located approximately 2.5 km northwest of current property boundary. Past drilling within target stratigraphy northwest of current property boundary returned values from trace quantities up to 10.6 grams per tonne gold, 335.3 g/t silver, 3.13 per cent zinc, 2.74 per cent lead and 0.55 per cent copper over 2.37 m. Eagle Plains management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Acacia property.

Extensive work in the area was completed following the discovery of the Samatosum and Rea deposits in the mid-1980s. Geological mapping, geophysical surveys, thousands of soil samples and over 125 drill holes were completed in target stratigraphy within four km of current Acacia claim boundaries, but exploration in the area and elsewhere in the province virtually ceased during the mining downturn in B.C. following the Windy Craggy decision in 1993. Previous fractured ownership and the cessation of work in the 1990s resulted in large gaps in drilling of high-potential stratigraphy within current Acacia property boundaries.

A comprehensive compilation and target generation exercise was completed by Eagle Plains in early 2017 which included 13,461 soil, 1,023 rock and 51 silt samples, 45 trenches, 26 drill holes, and numerous geological and geophysical surveys from past operators Homestake Minerals, Omni Resources, Falconbridge Copper and Esso Minerals.

Fieldwork during the summer of 2017 was carried out by TerraLogic Exploration Ltd. of Cranbrook, B.C., which included soil geochemical sampling and prospecting.

Technical aspects of this news release have been reviewed and approved by Charles C. Downie, PGeo, qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and a director of Eagle Plains Resources Ltd.

About Eagle Plains Resources Ltd.

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 its diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.

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