Mr. Tim Termuende reports

DRILLING COMMENCES AT EAGLE PLAINS' 100%-OWNED VULCAN CRITICAL METALS PROJECT, SOUTHEASTERN BC

Diamond drilling activity is under way at Eagle Plains Resources Ltd.'s Vulcan project, located 30 kilometres west of Kimberley, B.C. The planned program will include a minimum of 3,000 metres (9,842 feet) of diamond drilling in four to five holes at the Hilo and West Basin zones, following up on encouraging results obtained during 2022 drilling (details following).

Vulcan consists of 12,400 hectares, located 30 kilometres west of the world-class Sullivan sedimentary exhalative (sedex) critical metals deposit near Kimberley, B.C., and is accessible by an extensive network of well-maintained forest service roads. Encouraging results from the 2022 drill program were announced previously by Eagle Plains (see news releases Dec. 7, 2022, and Jan. 18, 2023). Initial observations of core lithologies, mineralogy, alteration and mineralization from VU22004 suggest proximity to a sedex-type vent source near the trace of drill hole VU22004. The 2023 program is designed to extend the mineralized horizons by completing systematic stepout drilling that will include testing of a prominent off-hole borehole electromagnetic (BHEM) anomaly delineated in late 2022. Drilling is expected to further define stratabound lead-zinc-silver mineralization and vector toward a suspected source vent complex such as that found at the now-depleted Sullivan deposit. 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 Vulcan property.

2022 drilling highlights:

• Drill hole VU22004 intersected primary bedded sulphides (sphalerite/galena) as well as textures, mineral assemblages, garnets and alteration (tourmalinite and sericite) -- all indicative of proximity to an exhalative (sedex) source.
• BHEM outlined a strong conductivity anomaly along strike to the south-southeast of VU22004 at depths consistent with the mineralized interval.
• Previously reported analytical results for VU22004 include 1.55 metres of 0.46 per cent zinc, 0.02 per cent lead, 21.48 parts per million cadmium and 90.65 parts per million tin (545.50 metres to 557.05 metres):
  • Including 1.50 metres of 1.72 per cent zinc, 68.83 parts per million cadmium and 32.09 parts per million tin (554.58 metres to 556.08 metres):
    • Including 0.22 metre of 6.46 per cent zinc, 259.00 parts per million cadmium and 39.10 parts per million tin (554.58 metres to 554.80 metres);
    • And 0.18 metre of 3.16 per cent zinc, 126.50 parts per million cadmium and 26.80 parts per million tin (555.53 metres to 555.71 metres).

Management of Eagle Plains considers the Vulcan project to hold excellent potential for the presence of sedex zinc/lead/silver mineralization. Rocks underlying Vulcan are within the same sedimentary sequence and host occurrences, with mineralization and alteration styles similar to those observed at and adjacent to Sullivan. The Main (Hilo 3) mineral occurrence at Vulcan returned trench samples up to 1.6 per cent combined lead/zinc over 1.5 metres from rocks near the Lower-Middle Aldridge contact (LMC), the same time-stratigraphic horizon associated with the Sullivan deposit.

Tim Termuende, PGeo, president and chief executive officer of Eagle Plains, commented recently on the Vulcan program: "We are excited to see drilling resume at this important critical metals project. The target we are testing is world class in scope and results to date have been extremely encouraging, suggesting the presence of a mineralized sedex vent system at Vulcan. To date, our geologists have observed many of the important hallmarks of the nearby Sullivan deposit, giving us confidence that the upcoming program will provide critical information toward the potential discovery of the source of mineralization intersected by drilling in late 2022."

The Sullivan mine was discovered in 1892 and is one of the largest sedex deposits in the world. Over its 100-plus-year lifetime, Sullivan contained a total of 160 million tonnes of ore averaging 6.5 per cent lead, 5.6 per cent zinc and 67 grams per tonne silver, resulting in 298 million ounces of silver, 18.5 billion pounds of lead, 17.5 billion pounds of zinc and significant quantities of associated metals, collectively worth over $40-billion at current metal prices.

Vulcan project history

Sullivan-style mineralization was first reported in the mid-1950s at Vulcan. During the 1970s and 1980s, Texas Gulf Sulphur and later Cominco completed extensive geophysical work and drilled shallow holes to test for continuous mineralization in areas of the property. Drill testing occurred in the Hilo area during the early 1990s by Ascot Resources. In 1991 a five-hole, 1,003-metre drill program was completed, with three holes totalling 1,535 metres completed in 1992.

Since acquiring the initial claims on the property in 2002, Eagle Plains has completed an extensive compilation of all existing data, followed in 2006 by a 125 line-kilometre helicopter-borne time-domain geophysical survey flown at 200-metre spacing. Additional claims were added to the property position as they became available through staking. Systematic geochemical, geological and geophysical programs were conducted by Eagle Plains and its partners from 2011 to 2019.

In June, 2020, Eagle Plains completed a two-hole, 977-metre drill program to test the LMC along an existing road cut in an area of elevated soil geochemistry and anomalous geophysical features (magnetometer, induced polarization and magnetotelluric). The LMC contact was successfully intercepted in hole VU20002 with significant alteration, suggesting proximity to a hydrothermal source, though no economic mineralization was encountered.

In 2022, Eagle Plains completed a 537-line-kilometre helicopter-borne high-resolution aeromagnetic survey. Geophysics was followed up with a three-hole, 1,700-metre diamond drilling program. Hole VU22004 identified sedex-style mineralization at the West Basin zone deeper in the stratigraphic package than historically tested. Analytical results from VU22004 defined the best intercept on the property to date. Results from this program have been used to reinterpret the stratigraphic sequence at the Hilo and West Basin zones and have identified target stratigraphy considered to hold high potential to host economic mineralization.

Qualified persons

The current program will be conducted under the direct supervision by K. Bates, PGeo, exploration manager of Eagle Plains. Terralogic Exploration Inc. of Cranbrook, B.C., will provide overall project support. New Age Drilling Solutions has been contracted to complete diamond drilling activities and Bighorn Helicopters of Cranbrook, B.C., will be providing helicopter support.

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

About Eagle Plains Resources Ltd.

Based in Cranbrook, B.C., Eagle Plains is a well-financed, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout Western Canada. The company was formed in 1992 and is the ninth-oldest listed issuer on the TSX Venture Exchange (and one of only three that has not seen a rollback or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and, through numerous spinouts, has transferred over $100-million in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains' latest spinout, Eagle Royalties Ltd., was listed on May 24, 2023, and holds a diverse portfolio of royalty assets throughout Western Canada.

Eagle Plains' core business is acquiring grassroots critical metal and precious metal exploration properties. 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.

Expenditures from 2011 to 2022 on Eagle Plains related projects exceed $30-million, the majority of which was financed by third party partners. This exploration work resulted in approximately 45,000 metres of diamond drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

Throughout the exploration process, the company's mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

We seek Safe Harbor.