Mr. Charles Downie reports

EAGLE PLAINS REVIEWS 2023 DRILLING RESULTS AT VULCAN, ENGAGES SINN FOR COMMUNICATIONS AND MARKETING

Final analytical results have been received from Eagle Plains Resources Ltd.'s summer 2023, seven-hole, 4,253-metre (13,953-foot) drill program on its 100-per-cent-owned Vulcan project located 30 kilometres west of the world-class Sullivan deposit in Kimberley, B.C. The Vulcan property is accessible by an extensive network of well-maintained forest service roads. All holes completed during the 2023 program successfully intersected alteration and mineralization interpreted to represent stratabound sedex-style (sedimentary exhalative) zinc-lead-silver. Drilling was successful in further defining subbasin architecture and expanded the known area of bedded mineralization hosted in the lower Aldridge formation, first intersected in 2022 (DDH VU22004). Mineralized clasts within a fragmental unit have been defined over a strike length of approximately 700 m and approximately 250 m down dip (west). In addition to the reported mineralization, significant tourmaline alteration of sediments, coupled with an increase in fragmental thicknesses, suggests close proximity to basin-controlling faults and a mineralized feeder zone. Downhole electromagnetic surveying (BHEM) was carried out at the completion of drilling activity, though due to caving hole conditions only select holes could be adequately surveyed. Results and interpretation for this survey are pending.

2023 drilling highlights/observations:

• All holes drilled in 2023 intersected mineralized clasts within a broad fragmental package. Mineralized fragmental has been defined over a strike length of approximately 700 m and approximately 250 m down dip.
• Bedded mineralization in lower Aldridge sediments (newly defined Vulcan horizon) appears to be best defined in southern drill holes (VU22004, VU23001, VU23002).
• Intense tourmaline alteration associated with semi-massive pyrrhotite-pyrite plus or minus chalcopyrite plus or minus arsenopyrite increases in intensity and thickness to the south.

2023 drill hole summaries:

• DDH VU22004 (extension):
  • Drill hole extended to test for additional mineralization intersected in VU22004.
• DDH VU23001:
  • Further defined lower Aldridge Vulcan horizon mineralization first intersected in 2022 (DDH VU22004);
  • Intersected a 38 m interval of intensely tourmaline altered sediments associated with chaotic quartz veining and semi-massive disseminated and next-textured pyrrhotite-pyrite plus or minus chalcopyrite plus or minus arsenopyrite.
• DDH VU23002:
  • Mineralized clasts start at the fragmental/wacke contact.
• DDH VU23003:
  • 362.7 m thick fragmental package (321 to 683.7 m) indicating thickening of the unit to the west.
• DDH VU23004:
  • Hole shut down in a greater than 643 m wide fragmental displaying textures consistent with a discordant clastic dike, similar to footwall feeder zones observed beneath the Sullivan deposit.
• DDH VU23006:
  • Collared 475 m northwest of VU22004, VU23001-004;
  • Mineralized fragmental clasts up to 39 centimetres in length.

Drill hole VU23001 intersected cm scale stratabound (laminated) and fragmental (clast) zinc, lead and silver mineralization 130 m southeast along strike from mineralized horizons observed in DDH VU22004. Mineralized clast textures indicate reworking and redeposition of primary bedded sulphides. Mineralized intercepts near the base of the fragmental include 28.85 m (501.65 to 530.5m) of 0.17 per cent zinc and 0.10 per cent lead (0.27 per cent Zn+Pb), including one m of 0.47 per cent Zn and 0.66 per cent Pb (1.13 per cent Zn+Pb). Mineralization continues immediately underlying the fragmental, hosted in thin bedded wackes of the lower Aldridge formation, and is interpreted to represent the Vulcan horizon. Assays returned 17.50 m (530.50 to 548 m) of 0.20 per cent Zn and 0.06 per cent Pb (0.26 per cent Zn+Pb). Laminated mineralization continues as discrete horizons in the lower Aldridge sediments, returning five m (569 to 574 m) of 0.23 per cent Zn and 0.18 per cent Pb (0.41 per cent Zn+Pb).

Drill-hole VU23002 extended mineralization along strike approximately 130 m northwest of VU22004 and 300 m northwest of VU23001. The hole intersected significant fragmental (clast) mineralization (pyrrhotite plus or minus sphalerite plus or minus galena) starting at the top of the thick fragmental unit, a trend not seen in previous holes. Thin beds (up to five cm thickness) of undisturbed sediments with significant disseminated sphalerite (zinc) and galena (lead) occur at the base of the fragmental and correlate with mineralization in VU22004 and VU23001. Assay results from the fragmental package returned 19.50 m (327.50 to 347 m) of 0.17 per cent Zn and 0.15 per cent Pb (0.32 per cent Zn+Pb). Zinc and lead mineralization in the lower Aldridge sediments underlying the fragmental (Vulcan Horizon) form disseminations in distinct cm scale beds up to 0.53 m wide. Significant assay results within the Vulcan horizon include 5.63 m of 0.21 per cent Zn and 0.09 per cent Pb (0.30 per cent combined Pb+Zn) starting at 609.68 m.

Drill hole VU23003 intersected a significantly thicker interval of fragmental, up to 362.70 m (321 to 683.70 m), than seen in previous up-dip holes. Geological interpretation suggests that the rapid thickening of fragmental down-dip indicates that the axis of the structure controlling subbasin/graben development is oriented north-south. Similar to other holes, fragmental clasts show compositional zoning down section, becoming increasingly sulphide-rich down hole, below 467 m. Within the fragmental are sphalerite (Zn) and galena (Pb) mineralized beds up to four cm wide, interpreted to be in situ. Mineralization within the fragmental forms three distinct horizons: the upper horizon returned 16.75 m (526.50 to 543.25 m) of 0.20 per cent Zn and 0.12 per cent Pb (0.32 per cent Zn+Pb); the middle horizon returned 27 m (578.70 to 605.70 m) of 0.13 per cent Zn and 0.12 per cent Pb (0.25 per cent Zn+Pb); the lowermost horizon returned 21.90 m (661.80 to 683.70 m) of 0.07 per cent Zn and 0.08 per cent Pb (0.15 per cent Zn+Pb). The Vulcan horizon is less developed, returning 11.45 m (691.80 to 703.25 m) of 0.14 per cent Zn and 0.02 per cent Pb (0.15 per cent Pb+Zn).

Drill hole VU23004 was an undercut to VU22004. A broad fragmental package was intersected between 288.8 and 931.8 m (end of hole), significantly thicker than intersections of the same horizon in previous holes. Similar to other holes the fragmental clasts show compositional zonation. Assays returned 16.50 m (715 to 731.50 m) of 0.11 per cent Zn and 0.02 per cent Pb (0.13 per cent Zn+Pb). The presence of the significantly thicker fragmental may indicate that the hole was drilling down a discordant clastic dike, similar to footwall feeder zones observed beneath the Sullivan deposit.

Drill hole VU23006 extended the mineralized fragmental trend approximately 400 m along strike from VU23002. Mineralization of fragmental clasts increases in abundance down hole between 404.1 and 630.1 m, reaching a maximum mineralized clast size width of 39 cm, with an average width of two to four cm. Assay results within the mineralized fragmental package returned 1.40 m (492.15 to 493.55 m) of 0.75 per cent Zn and 0.27 per cent Pb (1.02 per cent Zn+Pb). No significant mineralization was intersected within the thin bedded sediments of the lower Aldridge formation (Vulcan horizon).

C.C. (Chuck) Downie, PGeo, president and chief executive officer of Eagle Plains, commented recently on the Vulcan program: "The results from the 2023 drill program continue to support the potential for a sedex deposit at Vulcan. Widespread low-grade stratabound mineralization associated with tourmaline alteration and thick mineralized fragmental units is commonly associated with th Sullivan corridor. Although the analytical data returned relatively modest results, we believe that the Vulcan is underlain by a mineralized vent system, and we will continue to work toward finding the source of the mineralization."

Given the recognition of persistent mineralization at depths well below the Lower/Middle Aldridge contact (LMC -- the interpreted Sullivan time horizon), management intends to review all available historical drill core relating to the Vulcan property, as most historical holes were stopped stratigraphically above the mineralized intervals intersected in Hole VU22004 and all 2023 holes. Future exploration at the Vulcan project will be guided by this reinterpretation of the geology. A five-year area-based permit application has been filed to facilitate ongoing exploration of the property.

Quality assurance and quality control

All drill core samples were analyzed at ALS Canada Ltd. in North Vancouver, B.C. The sampling program was undertaken by TerraLogic Exploration personnel under the direction of Kerry Bates, PGeo. QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and coarse reject duplicates within the sample stream. Drill core is cut in half with a diamond saw with one-half placed in sealed bags and shipped to the laboratory and the other half retained in permanent core store in Cranbrook, B.C. A secure chain of custody is maintained in transporting and storing of all samples.

The entire sample is crushed to 70 per cent passing two millimetres (10 mesh), of which a 500-gram split is pulverized to 80 per cent passing 75 micron (200 mesh). Multielement analyses were determined by four-acid digestion followed by inductively coupled plasma mass spectrometry (ICP-MS), reporting 48 elements. Samples with greater than 9,500 parts per million Zn or Pb were further analyzed with inductively coupled plasma atomic emission spectroscopy (ICP-AES). Au is determined by fire assay on a 30-gram split utilizing atomic absorption spectroscopy (AAS).

Vulcan project summary

Management of Eagle Plains considers the Vulcan project to hold excellent potential for the presence of sedex 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 the now-depleted Sullivan deposit. The main (Hilo) mineral occurrence at Vulcan returned up to 1.6 per cent combined lead-zinc over 1.5 metres from rocks near the Lower-Middle Aldridge contact, the same time-stratigraphic horizon which hosts the Sullivan deposit.

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. 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.

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 m drill program was completed, with three holes totalling 1,535 m 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 km helicopter-borne time-domain geophysical survey flown at 200 m 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 m 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 magnetotellurics). 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 fall 2022, Eagle Plains completed a three-hole, 1,700 m diamond drill program at the property. The program successfully defined the LMC 1.8 km south of historic drilling in the Vulcan zone. Drilling at the West basin (VU22004) intersected significant mineralization within a broad fragmental (clasts and intact cm scale beds) and stratabound mineralization within lower Aldridge sediments. These intercepts represent mineralized horizons deeper in the stratigraphic package than recognized by previous operators and represent a newly defined drill target named, the Vulcan Horizon. Eagle Plains' Findlay project, located directly north of the Vulcan, shares the same prospective geology and is currently under option to Amaroq Gold Corp., a private B.C. corporation.

2023 Vulcan program logistical summary

The 2023 Vulcan program was carried out by TerraLogic Exploration Services of Cranbrook, B.C., under the supervision of Mr. Bates, PGeo. Drilling services were contracted to New Age Drilling Solutions of Whitehorse, Yukon. SJ Geophysics of Delta, B.C., was retained to carry out down-hole electromagnetic surveying. Bighorn Helicopters of Cranbrook, B.C., provided helicopter support.

Qualified persons

Mr. 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.

Communications and marketing contract information

The company has retained the services of Robert Sinn as an investor relations consultant to provide communication and marketing services, including the redistribution of corporate news releases via social media, production of a corporate video and the production of three featured articles. Mr. Sinn will be paid $10,000 (U.S.) for a 12-month period, effective Jan. 1, 2024. Mr. Sinn is an arm's-length, independent contractor. Mr. Sinn has a background in capital markets as a trader, portfolio manager and analyst. He is an investor and market analyst focused on the precious metals and junior mining sectors. Over the past decade he has developed an audience that appreciates his writing, technical analysis charts and market commentary. Mr. Sinn currently owns 18,000 shares and 50,000 warrants of Eagle Plains. No stock options were granted to Mr. Sinn in relation to this engagement.

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, with a focus on critical metals integral to an increasingly electrified, decarbonized economy. Eagle Plains currently holds over $7.5-million in cash and over $1.8-million in third party securities and is well positioned to take advantage of opportunities afforded by today's challenging financial markets.

We seek Safe Harbor.