Eagle Plains Commences Exploration Activity at Dictator Gold Project, South-central British Columbia

Rhea-AI Summary

Eagle Plains Resources has begun exploration work on the Dictator Project in British Columbia, aiming for a 100% interest in the property. Current activities include prospecting and soil sampling, following an airborne magnetometer survey indicating high-grade gold deposits. The project spans 2578 ha and has shown promising initial grab samples with gold grades reaching up to 39.4 g/t. Progress includes permitting for future diamond drilling, while the exploration expenditures total $150,000 over four years, with additional cash and share payments.

Positive

• Eagle Plains has commenced exploration activities on the promising Dictator Project.
• Initial grab samples have shown high gold grades, with one reaching 39.4 g/t.
• The property is located in a mineral-rich area, increasing its exploration potential.
• Permitting for diamond drilling is in progress, potentially leading to further discoveries.
• Eagle Plains has a structured plan to earn a 100% interest in the property over four years, indicating a strong commitment.

Negative

• Past exploration in the area has been limited, raising questions about the reliability of current results.
• Management cautions that grab samples are selective and may not represent overall mineralization.

CRANBROOK, BC / ACCESSWIRE / June 15, 2021 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") has mobilized crews to commence exploration fieldwork on the Dictator Project, located 70km east of Vernon, B.C. (the "Property"). EPL holds the exclusive right to obtain a 100% interest in the property (details below). Current fieldwork will consist of prospecting and soil geochemical sampling which follows a 2-Phase airborne magnetometer survey carried out by Eagle Plains in late 2020 and early 2021. The survey outlined two prominent magnetic features within an area where high-grade gold mineralized float boulders were located during the summer of 2020. Permitting is underway for future diamond drilling, with program scope to be determined based on results from the current program. 2021 program work will be managed by TerraLogic Exploration Services of Cranbrook, BC.

See Dictator Project Location Map here

The Dictator Property is road-accessible and located within rocks of the prolific Quesnellia Terrane, host to many major B.C. porphyry deposits such as Highland Valley, Gibraltar, Mount Polley, Mount Milligan, Copper Mountain and others. Despite the rich endowment of mineralization in these rocks, the Dictator area has seen relatively little exploration activity by industry or government. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Dictator property.

See Dictator Regional Projects Map here

The Property consists of 6 tenures comprising 2578 ha overlying Jurassic-aged porphyritic intrusive rocks that are host to parallel gold-bearing veins that have seen limited past production at the Dictator and Morning occurrences. During a property inspection carried out by Eagle Plains personnel in Summer, 2020, grab samples from the Morning workings ranged from trace values to a high of 39.4 g/t gold and 912 g/t silver (sample TTLPR016*) and 1.31 g/t gold, 205 g/t silver, 1.88% lead, 5.03% zinc and 0.12% cadmium (sample TTLPR015*).

Prospecting in 2020 resulted in the discovery of numerous float boulders containing brecciated semi-massive sulphides that consistently contain highly elevated gold, lead and zinc mineralization with values ranging from trace quantities to a high of 5.84 g/t gold, 30.6 g/t Ag, 3680 ppm lead and 674 ppm zinc (sample TTLPR010*-float boulder). The source of the boulders is unknown and will be the focus of ongoing work. *Management cautions that rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.

Over the winter of 2020/2021, Eagle Plains carried out two airborne geophysical (magnetometer) surveys which outlined two prominent magnetic features which appear to be related to known mineralization and also correspond with the area within which mineralized float boulders were located.

See Dictator Airborne Geophysical Results Map here

Dictator Option

Eagle Plains holds the exclusive option with Aurum Vena Mineral Resources Corp. of Cherryville, BC, whereby EPL may earn up to a 100% interest in the Dictator (formerly Lightning Peak) Property. Under terms of the agreement, EPL will make exploration expenditures totalling $150,000, cash payments of $70,000 and share payments of 250,000 shares over a four-year period to earn its interest. A one percent net smelter return royalty will be reserved for the vendor, which may be purchased by Eagle Plains for $1M.

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, the majority 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/651469/Eagle-Plains-Commences-Exploration-Activity-at-Dictator-Gold-Project-South-central-British-Columbia

FAQ

What is the Dictator Project by Eagle Plains Resources?

The Dictator Project is an exploration initiative located 70km east of Vernon, B.C., focusing on potential gold deposits.

What exploration activities are currently happening at the Dictator Project?

Eagle Plains is conducting prospecting and soil geochemical sampling as part of the current fieldwork.

What are the gold grades found in the initial sampling at the Dictator Project?

Initial grab samples from the Dictator Project have shown gold grades as high as 39.4 g/t.

What agreements has Eagle Plains made regarding the Dictator Project?

Eagle Plains holds an option to earn a 100% interest by making $150,000 in exploration expenditures and other payments over four years.

What is the potential impact of the Dictator Project on the stock symbol EGPLF?

Successful exploration and discovery at the Dictator Project could enhance Eagle Plains Resources' market position and drive up investor interest in EGPLF.