Eagle Plains Announces Letter of Intent with Earthwise Minerals for Option of the Iron Range Project, British Columbia
Eagle Plains Resources (TSX-V:EPL) has entered into a non-binding letter of intent with Earthwise Minerals (CSE:WISE) for an option agreement on the Iron Range Gold project in British Columbia. Under the agreement, Earthwise can acquire up to an 80% interest in the 21,437ha property.
The project has shown promising drilling results, including historical intersections of 14.0m grading 5.1g/t gold, 1.86% lead, 2.1% Zinc, 75.3g/t silver, and another intersection of 7.0m grading 51.52g/t gold. To acquire a 70% interest, Earthwise must complete $4M in exploration expenditures, pay $250,000 cash, and issue 1.5M shares over four years. An additional 10% can be acquired through a $1M payment and completing a bankable feasibility study.
The property, located near Creston, BC, features excellent infrastructure including a high-pressure gas pipeline, high-voltage power line, and rail access to the Teck smelter. Eagle Plains will retain a 2.0% NSR, which can be reduced to 1.0% for $1.5M.
Eagle Plains Resources (TSX-V:EPL) ha stipulato una lettera di intenti non vincolante con Earthwise Minerals (CSE:WISE) per un accordo di opzione sul progetto Iron Range Gold in Columbia Britannica. Secondo l'accordo, Earthwise può acquisire fino all'80% di interesse nella proprietà di 21.437ha.
Il progetto ha mostrato risultati di perforazione promettenti, inclusi intersezioni storiche di 14,0m con un grado di 5,1g/t oro, 1,86% piombo, 2,1% zinco, 75,3g/t argento, e un'altra intersezione di 7,0m con un grado di 51,52g/t oro. Per acquisire un interesse del 70%, Earthwise deve completare $4M in spese di esplorazione, pagare $250.000 in contante, e emettere 1,5 milioni di azioni nel corso di quattro anni. Un ulteriore 10% può essere acquisito tramite un pagamento di $1M e completando uno studio di fattibilità bancabile.
La proprietà, situata vicino a Creston, BC, presenta un'infrastruttura eccellente, inclusi un gasdotto ad alta pressione, una linea elettrica ad alta tensione e accesso ferroviario allo stabilimento Teck. Eagle Plains manterrà un NSR del 2,0%, che può essere ridotto all'1,0% per $1,5M.
Eagle Plains Resources (TSX-V:EPL) ha firmado una carta de intención no vinculante con Earthwise Minerals (CSE:WISE) para un acuerdo de opción sobre el proyecto Iron Range Gold en Columbia Británica. Según el acuerdo, Earthwise puede adquirir hasta un 80% de interés en la propiedad de 21,437ha.
El proyecto ha mostrado resultados prometedores de perforación, incluyendo intersecciones históricas de 14.0m con un grado de 5.1g/t de oro, 1.86% de plomo, 2.1% de zinc, 75.3g/t de plata, y otra intersección de 7.0m con un grado de 51.52g/t de oro. Para adquirir un 70% de interés, Earthwise debe completar $4M en gastos de exploración, pagar $250,000 en efectivo, y emitir 1.5 millones de acciones en un período de cuatro años. Un 10% adicional puede ser adquirido a través de un pago de $1M y completando un estudio de viabilidad bancable.
La propiedad, situada cerca de Creston, BC, cuenta con una excelente infraestructura, incluyendo un gasoducto de alta presión, una línea de alta tensión, y acceso ferroviario a la fundición de Teck. Eagle Plains retendrá un NSR del 2.0%, que puede reducirse al 1.0% por $1.5M.
이글 평원 리소스 (TSX-V:EPL)는 어스와이즈 미네랄스 (CSE:WISE)와 브리티시컬럼비아주 아이언 레인지 골드 프로젝트에 대한 옵션 계약을 위한 비구속 의향서를 체결했습니다. 계약에 따라 어스와이즈는 21,437ha의 자산에서 최대 80%의 지분을 인수할 수 있습니다.
이 프로젝트는 14.0m에서 5.1g/t 금, 1.86% 납, 2.1% 아연, 75.3g/t 은 등의 역사적인 인터섹션을 포함한 유망한 시추 결과를 보여주었습니다. 70%의 지분을 인수하기 위해 어스와이즈는 $4M의 탐사 비용을 완료하고, $250,000의 현금을 지불하며, 4년 동안 150만 주를 발행해야 합니다. 추가적으로 10%는 $1M의 지급과 함께 금융 가능성이 있는 연구를 완료하여 인수할 수 있습니다.
자산은 BC주 크레스턴 인근에 위치하며, 고압 가스 파이프라인, 고전압 송전선, 그리고 테크 제련소로의 철도 접근을 포함한 훌륭한 인프라를 갖추고 있습니다. 이글 평원은 2.0%의 NSR을 유지하며, 이는 $1.5M에 1.0%로 줄일 수 있습니다.
Eagle Plains Resources (TSX-V:EPL) a signé une lettre d'intention non contraignante avec Earthwise Minerals (CSE:WISE) pour un accord d'option concernant le projet Iron Range Gold en Colombie-Britannique. Dans le cadre de cet accord, Earthwise peut acquérir jusqu'à 80% d'intérêt dans la propriété de 21 437 ha.
Le projet a montré des résultats de forage prometteurs, y compris des intersections historiques de 14,0 m avec un taux de 5,1 g/t d'or, 1,86% de plomb, 2,1% de zinc, 75,3 g/t d'argent, et une autre intersection de 7,0 m avec un taux de 51,52 g/t d'or. Pour acquérir un intérêt de 70%, Earthwise doit compléter 4 millions de dollars en dépenses d'exploration, payer 250 000 dollars en espèces et émettre 1,5 million d'actions sur quatre ans. Un 10% supplémentaire peut être acquis par un paiement de 1 million de dollars et la réalisation d'une étude de faisabilité bancaire.
La propriété, située près de Creston, en Colombie-Britannique, bénéficie d'une excellente infrastructure, y compris un gazoduc haute pression, une ligne électrique haute tension et un accès ferroviaire à la fonderie Teck. Eagle Plains conservera un NSR de 2,0%, qui peut être réduit à 1,0% pour 1,5 million de dollars.
Eagle Plains Resources (TSX-V:EPL) hat eine nicht verbindliche Absichtserklärung mit Earthwise Minerals (CSE:WISE) für einen Optionsvertrag über das Iron Range Gold-Projekt in British Columbia unterzeichnet. Im Rahmen des Vertrags kann Earthwise bis zu 80% der Anteile an dem Grundstück von 21.437ha erwerben.
Das Projekt hat vielversprechende Bohrergebnisse gezeigt, darunter historische Schnittstellen von 14,0m mit einer Gehalt von 5,1g/t Gold, 1,86% Blei, 2,1% Zink, 75,3g/t Silber und eine weitere Schnittstelle von 7,0m mit einem Gehalt von 51,52g/t Gold. Um 70% der Anteile zu erwerben, muss Earthwise $4M an Erkundungsausgaben tätigen, $250.000 in bar bezahlen und über einen Zeitraum von vier Jahren 1,5 Millionen Aktien ausgeben. Ein zusätzliches 10% kann durch eine Zahlung von $1M und die Durchführung einer bankfähigen Machbarkeitsstudie erworben werden.
Das Grundstück, das sich in der Nähe von Creston, BC, befindet, verfügt über eine hervorragende Infrastruktur, darunter eine Hochdruck-Gaspipeline, eine Hochspannungsleitung und einen Bahnanschluss zum Teck-Hüttenwerk. Eagle Plains behält eine NSR von 2,0%, die auf 1,0% für $1,5M reduziert werden kann.
- Historical high-grade gold intersections (14.0m @ 5.1g/t Au and 7.0m @ 51.52g/t Au)
- Potential $4M in exploration funding from Earthwise
- Cash payments totaling $250,000 and 1.5M shares to be received
- Property has excellent infrastructure and permitted status
- Retains 2.0% NSR royalty with $1.5M buydown option
- Agreement is non-binding and may not be completed
- Significant dilution of project ownership (up to 80%)
CRANBROOK, BC / ACCESS Newswire / February 10, 2025 / Eagle Plains Resources Ltd. (TSX-V:EPL) ("Eagle Plains") is pleased to announce it has entered into a non-binding letter of intent ("LOI") with Earthwise Minerals Corp. (CSE:WISE) ("Earthwise") whereby Eagle Plains and Earthwise will negotiate and settle the terms of a definitive option agreement (the "Option Agreement") for Earthwise to acquire up to an
Drilling at Iron Range in 2010 resulted in the discovery of the Talon Zone, where drill-hole IR10-010 intersected 2 intervals of strong and continuous mineralization including 14.0m grading 5.1g/t gold,
Management of both Eagle Plains and Earthwise consider the Iron Range project to hold excellent potential for the presence of structurally controlled gold-silver mineralization, iron-oxide copper-gold ("IOCG") and Sullivan-style lead-zinc-silver sedimentary-exhalative ("sedex") mineralization.
See Iron Range Project Information and Map here
Iron Range Project Summary
The 21,437ha Iron Range Project located near Creston, BC, is owned
The Iron Range property covers an extensive area approximately 10km x 32km which overlies the regional Iron Range Fault System ("IRFS"). Prior to the acquisition by Eagle Plains in 2001, the property had seen little systematic exploration for other than iron resources known to exist on the property since the late 1800s. Since 2001, Eagle Plains and its partners have completed 21,593m of diamond-drilling in 87 holes, collected 2482 line-km of airborne and surface geophysical data and analysed 10,053 soil geochemical samples, 495 rock samples and 6955 drill core samples.
Under the terms of the LOI, Earthwise may acquire a
Total exploration of expenditures of CDN
$4,000,000 , including$200,000 in 2025Total cash considerations of CDN
$250,000 Issuing 1,500,000 common shares of Earthwise
Following the completion and notice of Option 1, Earthwise shall have the right to earn an additional
Upon completion and notice of exercise of Option 1, Eagle Plains will retain a total
Eagle Plains will serve as Operator under the terms of Option and will reserve the right to use TerraLogic Exploration Inc. as geoscience consultant. Following the exercise of either Option 1 or 2, Earthwise and Eagle Plains shall then form a 70/30 or 80/20 joint venture ("JV") to further explore and develop the Property.
A formal agreement with industry standard terms will be prepared, and the expectation is the agreement will be settled and executed by the parties within 45 days. The terms and conditions of the formal agreement will be subject to the laws of the Province of British Columbia, Canada, and subject to regulatory approval.
Further details regarding the proposed transaction will be provided in a comprehensive news release if, and when, the parties enter into the formal Option Agreement. There can be no guarantees that the proposed transaction will be completed as contemplated or at all.
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 2010-2024 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 terms for Earthwise to acquire 70% of EPL's Iron Range Project?
What were the significant historical drilling results at EPL's Iron Range Project?
How can Earthwise acquire an additional 10% (80% total) interest in EPL's Iron Range Project?
What royalty will Eagle Plains retain on the Iron Range Project?
What is the size and location of EPL's Iron Range Project?
