Eagle Plains Acquires Additional Claims to Uranium Portfolio, Saskatchewan

Rhea-AI Summary

Eagle Plains Resources has staked an additional 989 hectares at the Lazy Edward Bay Project, expanding its holdings to 3,399 hectares in Saskatchewan. The project, located near the Athabasca Sandstone, includes priority geophysical targets identified from a 2010 survey but has yet to be drilled. Additionally, the company oversees the Cable Bay Project, covering 4,066 hectares, also with significant exploration potential. Eagle Plains continues to advance its extensive portfolio of uranium and rare earth element projects, aiming to enhance shareholder value through focused exploration and strategic partnerships.

Positive

• Acquisition of 989 hectares strengthens the Lazy Edward Bay Project.
• The project includes high-priority geophysical anomaly targets from a reliable 2010 survey.

Negative

• The Lazy Edward Bay Project has never been drilled, indicating lack of exploration progress.

CRANBROOK, BC / ACCESSWIRE / March 17, 2021 / Eagle Plains Resources (TSXV:EPL) has completed staking activity adding 989 ha to the 2410 ha Lazy Edward Bay Project located about 60 kilometers west of the Key Lake Mill and historic mine. The claims are owned 100% by EPL and have no underlying encumbrances.

Lazy Edward Bay consists of four claims immediately south of the southern margin of the Athabasca Sandstone and east of the Cable Bay Shear Zone, a crustal-scale, regional geological boundary. The project covers several shallow uranium exploration targets including three priority geophysical anomaly targets identified by a 2010 high sensitivity airborne magnetic gradiometer survey carried out by JNR Resources. The property has never been drilled.

16 kilometers west of Lazy Edward Bay, Eagle Plains controls the 4066 ha Cable Bay Project. Also located along the Athabasca Basin margin, the Cable Bay tenures cover EM geophysical conductors and two high priority magnetic gradiometer survey picks from the 2010 JNR survey. The geophysical anomalies are located within and adjacent to the Cable Bay Shear Zone and the property is thought to be prospective for shallow basement-hosted uranium mineralization.

See Lazy Edward Bay/Cable Bay map here

Additional Eagle Plains Uranium Projects

See EPL Saskatchewan Project Summary map here

Eagle Plains holds a 100% interest in a number of uranium projects in Saskatchewan including:

• Bell Lake West Project, located approximately 15km west of ISO Energy's Hurricane discovery
• Eagle Lake Project (U - Rare Earth Element ("REE"))
• Flat Rock Island Project (U)

See Bell Lake West map here

The above results and information were taken directly from the Saskatchewan Mineral Deposit Index (SMDI) and assessment reports 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 ongoing work on the subject properties. Past results or discoveries on proximate lands are not necessarily indicative of the results that may be achieved on the subject properties.

Eagle Plains Uranium Royalties

Eagle Plains holds a number of strategic uranium and REE royalties in Saskatchewan with corporations including Cameco, Orano, Denison Mines, ALX, UEX and others.

Charles C. Downie, P.Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and a Director of Eagle Plains Resources Ltd., has prepared, reviewed, and approved the scientific and technical disclosure in this news release.

About Eagle Plains Resources

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 our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. Eagle Plains also holds significant royalty interests in western Canadian projects covering a broad spectrum of commodities. Management's focus is to advance its most promising exploration projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

Expenditures from 2011-2020 on Eagle Plains-related projects exceed $22M, most of which was funded by third-party partners. This exploration work resulted in approximately 37,000 m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

On behalf of the Board of Directors

"Tim J. Termuende"
President and CEO

For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at http://www.eagleplains.com

Cautionary Note Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

SOURCE: Eagle Plains Resources Ltd

View source version on accesswire.com:
https://www.accesswire.com/635866/Eagle-Plains-Acquires-Additional-Claims-to-Uranium-Portfolio-Saskatchewan

FAQ

What is the significance of Eagle Plains' recent acquisition of 989 hectares for the Lazy Edward Bay Project?

The acquisition enhances Eagle Plains' uranium exploration portfolio and provides access to priority geophysical targets.

How does the Lazy Edward Bay Project impact Eagle Plains Resources' future?

It positions the company favorably for potential discoveries in a prospective uranium region.

What are the expected benefits of the Cable Bay Project for Eagle Plains Resources?

The Cable Bay Project, situated near significant geophysical anomalies, could lead to valuable mineral findings.

When was the geophysical survey conducted that identified targets at Lazy Edward Bay?

The targets were identified during a high sensitivity airborne magnetic gradiometer survey conducted in 2010.

What challenges does Eagle Plains face with the Lazy Edward Bay Project?

The project has not been drilled, indicating a potential delay in advancing exploration and achieving results.