Eagle Plains and Partner Refined Energy Receive Permit for Drilling at Dufferin West Uranium Property, Saskatchewan
Eagle Plains Resources has received a drilling permit for its Dufferin West Property from the Saskatchewan Ministry of Environment. Partner Refined Energy Corp has the option to acquire up to 75% interest in the 10,140ha Dufferin Project, located 18km from Cameco's Centennial Deposit.
Three priority target areas have been identified using VTEM and magnetic data. The highest-priority target features two conductors near the Virgin River shear zone, with one showing strong conductivity associated with a magnetic transition. These untested targets are estimated to have relatively shallow sandstone cover of less than 200 metres above the unconformity.
Under the option agreement, Refined must make payments totaling CA$275,000, issue 1,000,000 shares, and fund CA$2.6M in exploration by December 2026 for 60% interest. An additional 15% can be acquired with CA$500,000 payment, 500,000 shares, and CA$3M in exploration by December 2028. Eagle Plains will retain a 2% smelter returns royalty, half of which is repurchasable for CA$2M.
Eagle Plains Resources ha ricevuto un permesso di perforazione per la sua proprietà Dufferin West dal Ministero dell'Ambiente del Saskatchewan. Il partner Refined Energy Corp ha l'opzione di acquisire fino al 75% di interesse nel progetto Dufferin di 10.140 ettari, situato a 18 km dal deposito Centennial di Cameco.
Tre aree target prioritarie sono state identificate utilizzando dati VTEM e magnetici. Il target di massima priorità presenta due conduttori vicino alla zona di taglio del Virgin River, con uno che mostra una forte conducibilità associata a una transizione magnetica. Questi obiettivi non testati si stima abbiano una copertura di arenaria relativamente poco profonda di meno di 200 metri sopra l'inconformità.
Secondo l'accordo di opzione, Refined deve effettuare pagamenti per un totale di 275.000 CA$, emettere 1.000.000 di azioni e finanziare 2,6 milioni di CA$ in esplorazione entro dicembre 2026 per un interesse del 60%. Un ulteriore 15% può essere acquisito con un pagamento di 500.000 CA$, 500.000 azioni e 3 milioni di CA$ in esplorazione entro dicembre 2028. Eagle Plains manterrà una royalty del 2% sui ritorni della fusione, metà della quale è riacquistabile per 2 milioni di CA$.
Eagle Plains Resources ha recibido un permiso de perforación para su propiedad Dufferin West del Ministerio de Medio Ambiente de Saskatchewan. El socio Refined Energy Corp tiene la opción de adquirir hasta el 75% de interés en el proyecto Dufferin de 10,140 hectáreas, ubicado a 18 km del depósito Centennial de Cameco.
Se han identificado tres áreas objetivo prioritarias utilizando datos de VTEM y magnéticos. El objetivo de mayor prioridad presenta dos conductores cerca de la zona de corte del río Virgin, con uno que muestra una fuerte conductividad asociada a una transición magnética. Se estima que estos objetivos no probados tienen una cobertura de arenisca relativamente poco profunda de menos de 200 metros sobre la inconformidad.
Según el acuerdo de opción, Refined debe realizar pagos por un total de 275,000 CA$, emitir 1,000,000 de acciones y financiar 2.6 millones de CA$ en exploración para diciembre de 2026 para un interés del 60%. Se puede adquirir un 15% adicional con un pago de 500,000 CA$, 500,000 acciones y 3 millones de CA$ en exploración para diciembre de 2028. Eagle Plains retendrá una regalía del 2% sobre los retornos de fundición, de la cual la mitad es recomprable por 2 millones de CA$.
이글 플레인 리소스는 사스카체완 환경부로부터 더퍼린 웨스트 소유지에 대한 시추 허가를 받았습니다. 파트너인 리파인드 에너지 코퍼레이션은 10,140헥타르 규모의 더퍼린 프로젝트에서 최대 75%의 지분을 인수할 수 있는 옵션을 가지고 있습니다. 이 프로젝트는 Cameco의 센테니얼 매장지에서 18km 떨어져 있습니다.
VTEM 및 자기 데이터를 사용하여 세 개의 우선 목표 지역이 확인되었습니다. 가장 높은 우선 순위의 목표는 버진 리버 전단대 근처에 두 개의 전도체를 특징으로 하며, 그 중 하나는 자기 전환과 관련된 강한 전도성을 보여줍니다. 이 테스트되지 않은 목표는 불일치 위에 200미터 미만의 상대적으로 얕은 사암 덮개를 가지고 있는 것으로 추정됩니다.
옵션 계약에 따라 리파인드는 총 275,000 캐나다 달러의 지불을 하고, 1,000,000 주식을 발행하며, 2026년 12월까지 260만 캐나다 달러의 탐사 자금을 지원해야 60%의 지분을 확보할 수 있습니다. 추가로 15%의 지분은 500,000 캐나다 달러의 지불, 500,000 주식 및 300만 캐나다 달러의 탐사를 통해 2028년 12월까지 확보할 수 있습니다. 이글 플레인은 2%의 제련소 수익 로열티를 유지하며, 그 절반은 200만 캐나다 달러에 재구매할 수 있습니다.
Eagle Plains Resources a reçu un permis de forage pour sa propriété Dufferin West du ministère de l'Environnement de la Saskatchewan. Le partenaire Refined Energy Corp a l'option d'acquérir jusqu'à 75% d'intérêt dans le projet Dufferin de 10 140 hectares, situé à 18 km du dépôt Centennial de Cameco.
Trois zones cibles prioritaires ont été identifiées à l'aide de données VTEM et magnétiques. La cible de la plus haute priorité présente deux conducteurs près de la zone de cisaillement de la Virgin River, dont l'un montre une forte conductivité associée à une transition magnétique. Ces cibles non testées sont estimées avoir une couverture de grès relativement peu profonde de moins de 200 mètres au-dessus de l'inconformité.
Selon l'accord d'option, Refined doit effectuer des paiements totalisant 275 000 CA$, émettre 1 000 000 d'actions et financer 2,6 millions CA$ en exploration d'ici décembre 2026 pour un intérêt de 60%. Un 15% supplémentaire peut être acquis avec un paiement de 500 000 CA$, 500 000 actions et 3 millions CA$ en exploration d'ici décembre 2028. Eagle Plains conservera une redevance de 2% sur les retours de fonderie, dont la moitié est rachetable pour 2 millions CA$.
Eagle Plains Resources hat eine Bohrgenehmigung für seine Dufferin West Immobilie vom Ministerium für Umwelt von Saskatchewan erhalten. Der Partner Refined Energy Corp hat die Option, bis zu 75% Interesse am 10.140 Hektar großen Dufferin-Projekt zu erwerben, das 18 km vom Centennial-Vorkommen von Cameco entfernt liegt.
Drei priorisierte Zielgebiete wurden unter Verwendung von VTEM- und Magnetdaten identifiziert. Das Ziel mit der höchsten Priorität weist zwei Leiter in der Nähe der Virgin River Scherzone auf, wobei einer eine starke Leitfähigkeit zeigt, die mit einem magnetischen Übergang verbunden ist. Diese ungetesteten Ziele werden auf eine relativ flache Sandsteindecke von weniger als 200 Metern über der Unkonformität geschätzt.
Gemäß der Optionsvereinbarung muss Refined Zahlungen in Höhe von insgesamt 275.000 CA$ leisten, 1.000.000 Aktien ausgeben und bis Dezember 2026 2,6 Millionen CA$ in Exploration investieren, um 60% Interesse zu erhalten. Ein zusätzliches 15% kann durch eine Zahlung von 500.000 CA$, 500.000 Aktien und 3 Millionen CA$ in Exploration bis Dezember 2028 erworben werden. Eagle Plains behält eine Royalty von 2% auf die Schmelzerträge, von denen die Hälfte für 2 Millionen CA$ zurückgekauft werden kann.
- Drilling permit received for uranium exploration
- Three priority targets identified with favorable geophysical signatures
- Shallow depth targets (<200m) reducing exploration costs
- Strategic location near major uranium deposit (18km from Centennial)
- Clear option agreement structure with defined milestones
- No previous drilling data on identified targets
- Substantial future cash and exploration commitments required
- Project success dependent on partner funding
CRANBROOK, BC / ACCESS Newswire / March 3, 2025 / Eagle Plains Resources Ltd. (TSXV:EPL), or ("Eagle Plains") is pleased to announce that it has received a permit for work, including diamond drilling, at Eagle Plains'
Refined holds the exclusive option to acquire up to a
Three priority target areas with signatures consistent with potential uranium deposits were identified by Condor Consulting Inc. using archived versatile time domain electromagnetic (VTEM) and magnetic data.
The three geophysical target areas are adjacent to the Virgin River shear zone. The highest-priority target area is represented by two conductors. One is a strong conductor associated with a distinct magnetic transition. This conductor is interpreted to extend from the unconformity at the sandstone contact well into the underlying basement rocks. The second conductor is also interpreted to extend from the unconformity to a lesser distance into the underlying basement rocks. These targets have never been drill tested, and the depth of sandstone cover above the unconformity is estimated to be relatively shallow at less than 200 metres. Uranium deposits in the Athabasca basin are often located at or underneath the unconformity contact between the overlying sandstone and the basement rocks. The other two targets are also characterized by conductors with associated magnetic features.
The Dufferin Project is located within an area asserted to be the traditional territory of both the Birch Narrows Dene Nation and the Saskatchewan Métis Nation. Eagle Plains and Refined will make best efforts to engage with local communities in order to establish effective communication and mitigate any specific concerns regarding work programs.
Mark Fields, Chief Executive Officer of Refined stated: "We are very encouraged to be in a position to undertake an initial drill program for Refined in the Athabasca basin, renowned for its history of exploration, discovery and development of high-value uranium mines. The Dufferin project is located in proximity to NE-SW-trending faults, which are known to host uranium mineralization. Our work is focused on the discovery of potential high-grade deposits that characterize the Athabasca basin."
See Dufferin West Project Information and Map here
The Dufferin Project is located on or in close proximity to the known trace of the Virgin River Shear Zone and related splays which are key structures for potential uranium mineralization.
The Project is prospective for unconformity- and basement-hosted uranium mineralization in proximity to the Virgin River Shear Zone. Faulted basement contacts and brittlely reactivated structures are the primary locations for mineralization in the area covered by the Dufferin Project. The relatively high concentration of secondary uranium-bearing minerals demonstrated by prior exploration work on the Dufferin Project may also indicate uranium mineralization remobilization may play an important role in this region of the Athabasca Basin. Geophysical EM and magnetic anomalies demonstrated by prior exploration work on the Dufferin Project are supported by previous uranium and boron soil and lake sediment anomalies along the inferred fault zones, which are expected to aid in focusing future exploration programs.
Some of the above results were taken directly from the SMDI descriptions and assessment reports (SMAF) 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. 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 subject properties.
Dufferin Option Agreement Details
To exercise the Option, Refined must make a series of cash payments and share issuances to Eagle Plains and fund exploration expenditures on the Project. These payments, share issuance and expenditures are separated into two phases, with the first Option entitling the Company to acquire a
If the First Option or the Second Option is exercised, a
Qualified Person
Technical information in this News Release has been reviewed and approved by C.C. Downie, P.Geo., a director and officer of Eagle Plains, hereby identified as the "Qualified Person" under N.I. 43-101.
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
On October 2, 2024, Eagle Plains announced announce the formation of a separate division within the Company that will give Eagle Plains' shareholders direct exposure to strategic opportunities in Canadian green energy transition. As a wholly owned subsidiary of Eagle Plains, Osprey Power Inc. ("OP") will focus on identifying and advancing innovative and diverse clean energy project portfolios in target markets throughout Canada, with an initial focus on 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 2010-2023 on Eagle Plains-related projects exceed
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 of Eagle Plains
"C.C. (Chuck) Downie, P.Geo"
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 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.
View the original press release on ACCESS Newswire
FAQ
What are the key terms of Refined Energy's option agreement for the Dufferin Project EGPLF?
What uranium exploration targets were identified at the Dufferin West property?
How deep is the sandstone cover at Dufferin West's uranium targets?
What is the size and location of the Dufferin Project relative to major uranium deposits?
