Mr. Charles Downie reports

EAGLE PLAINS SAMPLES HIGH GRADE GOLD AT COOK (AU) PROJECT, NORTHEASTERN SASKATCHEWAN

Eagle Plains Resources Ltd. has released results from the 2023 exploration program at its 100-per-cent-owned, 2,741-hectare Cook gold project located 92 kilometres northeast of La Ronge, northeastern Saskatchewan.

Eagle Plains holds a 100-per-cent interest in claims comprising the property and has recently completed fieldwork following a detailed compilation of all available historical data relating to the property. Highlights are summarized herein.

Cook project highlights 2023:

• Visible gold identified at the Cook showing with grab samples returning up to 67.7 grams per tonne gold and 0.19 per cent lead;

• 1988: Mapping and chip/channel sampling of mineralized veins at the Cook showing returned one metre at 74 g/t (2.612 ounces/ton);

• 1988: Discovery and sampling at the PA showing (SMDI 2301) returned a grab sample up to 4.5 g/t Au (0.161 ounce/ton) associated with significant molybdenite mineralization;

• Favourable geology rocks which host the Cook and PA showings trend to the northeast and remain unexplored;

• Property has not been drilled, known mineralization remains open at depth;

• Potential for discovery of extensions of existing mineralization and other discrete mineralization elsewhere on the property.

The Cook project overlies two Saskatchewan Mineral Deposit Index occurrences. The Cook showing (SMDI 2300) is reported to include historical channel samples up to one m at 73.7 g/t (2.612 ounces/ton) Au and is associated with lesser lead-zinc-copper mineralization. The PA showing (SMDI 2301) reports historical grab samples up to 4.5 g/t Au (0.161 ounce/ton) and is associated with molybdenum (Mo) mineralization. In 2023 a geological crew provided by Terralogic Exploration Inc. visited the property to relocate the historic Cook SMDI showing and collect grab samples for modern fire assay and multielement analysis. Results confirmed the presence of high-grade vein-hosted gold mineralization at the Cook showing. Grab sample CFCKR001 contained visible gold hosted in a 10-centimetre-wide vein and returned 9.01 g/t Au. Grab sample CFCKR004, comprising quartz-vein material from the same vein, returned 10.8 g/t Au. Grab sample VBCKR002, in situ vein material collected from along a trench wall, returned 67.7 g/t Au and 0.19 per cent Pb. Veins are considered to be open along strike to the southwest and northeast and have never been drill tested.

Eagle Plains intends to carry out fieldwork in 2024, further defining the known mineralized veins/structures and investigating mineralization potential in unexplored areas of the property.

Cook geology

The Cook project is located within the Proterozoic La Ronge domain of the Trans-Hudson orogenic belt and is underlain by Hickson Lake pluton and Rennick Lake greenstones (metasedimentary and metavolcanic).

Mineralization identified on the property is hosted in quartz veins, up to 50 centimetres in width, within rocks associated with the Hickson Lake pluton. Mineralization includes native gold, native copper, galena, molybdenite, pyrite, pyrrhotite, sphalerite, chalcopyrite, bornite, malachite, arsenopyrite and hematite. Fine disseminations of galena commonly occur with samples collected from the Cook gold showing and fine disseminated blebs/plates of molybdenite commonly occurred within samples collected at the PA showing.

The Cook showing (SMDI 2300) is described as gold-bearing quartz vein structure mapped up to 30 m in length and averaging approximately 10 to 30 cm in width at surface. Native gold occurring in masses up to 1.25 millimetres was observed occurring in white to rusty red quartz and commonly in rusty vugs. Historical trenching and subsequent channel samples across the Cook showing assayed up to 73.7 g/t (2.612 ounces/ton) Au over one m and an individual grab sample of quartz-rich material from the quartz vein structure assayed 367.4 g/t (13.02 ounces/ton) Au (SMAD 73P15-0070).

The PA showing (SMDI 2301), located 400 metres north of the Cook showing, comprises a series of east-west trending auriferous quartz veins (up to 0.5 m wide at surface) and pods hosted within a silicified amphibolite unit. Quartz veins and amphibolites have been crosscut by series of northeast-trending pegmatite dikes. Grab samples across the quartz vein structure assayed up to 4.5 g/t (0.161 ounce/ton) Au and are associated with significant molybdenite mineralization.

Cook history

Vein-hosted gold mineralization was first discovered at the Cook Au showing in 1959, it was remapped in 1961 and registered as SMDI 2300. In 1981 1,164 regional sediment samples were collected by the Saskatchewan Mining and Development Corporation. In 1985 the Geological Survey of Canada conducted a lake sediment survey in the area resulting in one sample approximately six kilometres southwest of the Cook showing returning 25 parts per billion Au. The property was staked by Lederhouse and later optioned to Gamson Resources Ltd. In 1987 Gamson completed the first significant prospecting campaign and collected vein-material samples associated with the Cook zone. In 1988 Gamson completed systematic trenching and chip sampling at the Cook showing, confirming high-grade vein hosted gold associated with lesser base metals (Pb-Zn-Cu). Mineralized quartz veins associated with the pluton-metavolcanic/metasedimentary contact are typically reported to be between 0.2 and 0.3 m wide and returned results from channel sampling up to 73.7 g/t (2.612 ounces/ton) Au over one m. Gamson discovered the PA showing which contains vein-hosted Au mineralization associated with molybdenum. Grab samples returned results up to 4.5 g/t (0.161 ounce/ton) Au. No follow-up work was ever reported at the PA showing.

In 2019 Chris Knudsen completed a single day prospecting program to the Cook showing area, collecting seven rock samples from the historical trenches. Grab sample 779810 returned 78.84 g/t Au, 2.7 parts per million silver, 1,460.1 ppm Pb, 192.5 ppm Cu (SMAD MAW02583).

Some of the above results were taken directly from the SMDI descriptions and assessment reports (SMAD) filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a qualified person, but form a basis for continuing work on the subject properties. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.

Current program

Compilation and review of historical work have identified regional target areas in the northeast, with favourable geology with no known exploration to date. Follow-up work including additional mapping and structural interpretation of the Cook and PA showings is warranted to further understand the controls on Au mineralization. Work in 2024 will include soil sampling, prospecting, mapping and ground-truthing of historical work and investigating regional target areas.

Qualified persons

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- 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.