Eagle Plains Acquires Additional Saskatchewan Uranium Projects, Engages Caesars Report for Communications and Marketing

Rhea-AI Summary

Eagle Plains Resources Ltd. (TSXV:EPL) has acquired two new uranium projects, Larado and Smitty, in Saskatchewan, expanding its portfolio. The Larado project, located 10km south of Uranium City, has past producing uranium mines and significant historical work. The Smitty project, located 3.5km west of Uranium City, also has a historical uranium mine and multiple mineralized zones. Eagle Plains is seeking collaborative partnerships to advance its uranium portfolio.

CRANBROOK, BC / ACCESSWIRE / November 8, 2023 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") has recently acquired two new projects; the Larado and the Smitty, to add to its extensive portfolio of Saskatchewan uranium assets. The two projects are prospective for both Beaverlodge-type and basement hosted uranium mineralization.

Eagle Plains currently holds a 100% interest in 17 individual projects comprising a total of 35,657 ha of mineral dispositions in Saskatchewan covering both basement and unconformity hosted uranium targets, an increase of 7,000 ha (25%) over the past three months. The projects range from early-stage grassroots to drill ready and are distributed throughout the prospective Athabasca Basin including the Patterson Lake South (PLS), Beaverlodge, and Dufferin-Centennial camps. A detailed compilation and interpretation of available data from historical work programs has begun and will lead to recommendations for future work.

The recent acquisitions by Eagle Plains are in addition to projects outlined in news releases issued September 22^nd, 2023 and October 12^th, 2023.

EPL is seeking to advance its uranium portfolio through collaborative partnerships, with all of its Saskatchewan Uranium projects currently available for option.

See Eagle Plains' Northern Athabasca Basin Uranium Projects Map here

See Eagle Plains' Athabasca Basin Uranium Projects Map here

Larado

The 245 ha Larado project is located along Saskatchewan Provincial Highway 962, 10km south of Uranium City and overlies three Saskatchewan Mineral Deposit Index ("SMDI") occurrences.

Mineralization at the past producing Larado Uranium Mine (SMDI 1228) is structurally controlled, and consists of pitchblende (a mineral containing uranium) associated with graphite and pyrite. Between 1953 and 1960, Larado Uranium Ltd. completed extensive underground development including two shafts and also constructed a custom mill to process material from the property.

The Pitchie Uranium Zone (SMDI 1229) is located 850m southwest of the Larado Mine. The main zone consists of pitchblende veins in a graphitic shear which is exposed on surface for 91m. Historical work includes trenching and approximately 50 diamond drill holes, the majority of which were less than 100m in length.

The most recent documented work on the Larado was reported in 1994, which focused on evaluating the property area for diamondiferous kimberlites.

Smitty

The 849 ha Smitty project, located 3.5km west of Uranium City covers the historical Smitty Uranium Mine (SMDI 1413) and Goldfields Uranium Occurrence (SMDI 1407).

Work in the current claim area was initiated in 1950 by Rix Uranium Mines Ltd., who identified 167 radioactive occurrences in the region. Rix completed diamond drilling and trenching at the Smitty and 62 Zone in 1950-51 which identified disseminated pitchblende within a shear breccia. Underground development at the Smitty started in 1952 and included a shaft and a number of sublevels. Mineralized material was shipped to the nearby Eldorado mill and in 1954, the Smitty became the first privately owned uranium producer in Canada.

The ‘62' Zone or Boom Lake Adit is located 400m northwest of the Smitty workings and was developed from the second level of the Smitty Mine.

In 1966 another mineralized zone, the ‘West Zone', was discovered 500 meters west of the 62 Zone. Grab samples from trenches over the West Zone returned from trace values up to 0.87% U₃O₈.

The Goldfields Occurrence is located 1.4 km northwest of the Smitty Mine. Gold Fields Uranium Mines Ltd. discovered the uranium mineralization in 1951 and completed channel sampling and three diamond drill holes between 1951 and 1953. The last reported work was by SMDC in 1979 which examined the Goldfields showing as part of a regional reconnaissance program.

Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.

The above results were taken directly from the SMDI descriptions 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. 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.

Qualified Persons

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, has reviewed and approved the scientific and technical disclosure in this news release.

Communications and Marketing Contract Information

The Company is pleased to announce that it has engaged the Caesars Report to provide, for a one-year period, advertising and marketing, commencing on November 15st, 2023, for a total cost of CND $8,820 payable prior to commencement of the campaign. The services provided by the Caesars Report to the Company relate to corporate updates and written interviews distributed as a newsletter to the Caesars Report subscriber base and to be used as content for the Company's social media channels. The Company is a Caesars Report website sponsor and will have a corporate logo on the Caesars Report website starting this month and continuing for the duration of the agreement.

Caesars Report is owned and operated by Thibaut Lepouttre and is an arms-length, independent contractor with offices in Belgium. Lepouttre currently owns no shares or warrants of Eagle Plains. No stock options were granted to Lepouttre in relation to this engagement.

About Eagle Plains Resources

Based in Cranbrook, B.C., Eagle Plains is a well-funded, 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.

The Company was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (and one of only three that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over $115,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains latest spinout; Eagle Royalties Ltd. (CSE:"ER") 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 our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.

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

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.

On behalf of the Board of Directors

"C.C. (Chuck) Downie" P.Geo
V.P. Exploration and Director

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 https://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.

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FAQ

What projects has Eagle Plains recently acquired in Saskatchewan?

Eagle Plains has acquired the Larado and Smitty uranium projects in Saskatchewan.

Where is the Larado project located?

The Larado project is located 10km south of Uranium City in Saskatchewan.

What work has been done on the Larado project?

The Larado project has a past producing uranium mine and significant historical work including extensive underground development and diamond drilling.

Where is the Smitty project located?

The Smitty project is located 3.5km west of Uranium City in Saskatchewan.

What is the recent engagement of Eagle Plains with Caesars Report?

Eagle Plains has engaged Caesars Report for advertising and marketing services for a one-year period, starting on November 15th, 2023, for a total cost of CND $8,820.