Mr. Tim Termuende reports

FIELDWORK UNDERWAY AT EAGLE PLAINS' FINDLAY CRITICAL METALS PROJECT

Eagle Plains Resources Ltd. has mobilized crews to commence exploration activity on the company's 100-per-cent-owned Findlay project, located 35 kilometres northwest of Kimberley, B.C., and 15 kilometres north of Eagle Plains' Vulcan property. Fieldwork is being financed by Amaroq Gold Corp. (a private British Columbia corporation), which may earn up to a 75-per-cent interest in the project (details following).

Exploration activity in 2023 at Findlay will consist of surface mapping, prospecting and soil geochemical sampling in the Midfork and Tourmalinite Ridge areas of the property.

Findlay project summary

The Findlay project overlies Aldridge formation stratigraphy, considered prospective for sedimentary-exhalative (sedex) deposits. Structurally, this area has been identified as an extension of the North Star-Sullivan corridor, which hosts the world-class Sullivan critical metals deposit 35 kilometres (km) to the southeast. 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 (g/t) 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. The Findlay property displays Sullivan-style exhalative tourmalinite (boron) horizons, massive fragmental sections, anomalous lead, zinc and indicator geochemistry, and base metal occurrences. This Sullivan smoke occurs throughout the Lower to Upper Aldridge formation and indicates the potential for Sullivan-style mineralization at multiple stratigraphic levels. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Findlay property.

Project history

The Findlay property has been explored sporadically since the 1930s. Government assessment reports show exploration programs by Cominco (1959 to 1969, 1977, 1984 to 1988), Texas Gulf Sulphur (1971), Kerr-Addison Mines (1971 to 1975), Amax (1977 to 79), Four Tops Mining (1982 to 1985), Billiton Canada (1983 to 1984) and Teck Corp. (1990). Commodities sought were skarn-related tungsten from Cretaceous intrusions and base and precious metals from sedex-style deposition. Eagle Plains Resources began acquiring claims in the Findlay/Doctor/Greenland Creek area in 1996.

Between 1997 and 2000, parts of the current Findlay property were under option to Kennecott Canada Ltd., Billiton Canada Ltd. and Rio Algom Ltd. Work by these groups as well as extensive work financed exclusively by Eagle Plains included property-scale geological and structural mapping, soil geochemical sampling, prospecting, and limited diamond drilling.

In 2012, MMG completed a 475-line-kilometre airborne geophysical survey, followed by a four-hole, 1,435-metre diamond drilling program. Work in 2013 by MMG included systematic exploration, including geological mapping, soil geochemical sampling, ground geophysics and water sampling. The target to be tested during this current drill program was identified as a result of this work. The last systematic exploration of the property occurred in 2014, when MMG completed a ground magnetic geophysical survey and a two-hole, 748-metre diamond drill program. Following this program, MMG elected to terminate its option.

Total expenditures on the property since acquisition by Eagle Plains in 1996 are approximately $5.0-million.

Technical information concerning the Findlay property has been reviewed and approved by C.C. Downie, PGeo, a director and officer of Eagle Plains, hereby identified as the qualified person under National Instrument 43-101.

Findlay option agreement details

Under the terms of an option agreement announced May 8, 2023, Amaroq may earn a 60-per-cent interest by completing $5-million in exploration expenditures, issuing 1.8 million voting class common shares and making $500,000 in cash payments over a four-year period. Amaroq may increase its interest to 75 per cent by delivering a feasibility study by 2030.

Update on Vulcan program

Work continues processing core from 2023 drilling at Vulcan. Detailed core logging has been completed and broad intervals of mineralized material are now being systematically cut and sampled. It is expected that logging and detailed analytical results of the drill core will provide important clues with respect to mineralization, geological setting, metal ratios, alteration and other geological information, which will guide future drilling. An application seeking a five-year area-based permit has recently been filed with government authorities to facilitate future drilling and other exploration activities. Detailed analytical results will be reported once they have been received, compiled and interpreted.

Update on Hansen North lithium project

As announced previously by partner Brunswick Exploration Inc., Brunswick has elected to terminate its option on Eagle Plains' 100-per-cent-owned Hansen North project located in east-central Saskatchewan.

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 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, Eagle Plains' 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.