Eagle Plains Commences Fieldwork at Ant Lake PGE Project

Rhea-AI Summary

Eagle Plains Resources Ltd. has initiated exploration activities on its 100% owned, 1868 ha Ant Lake Cu-Ni-PGE project located near Reindeer Lake, Saskatchewan. The site features 4 known mineral occurrences and has previously reported trench samples with copper values between 0.58% and 1.48%. Recent drilling identified a mineralization zone intersecting 3.5 m with 0.37% Cu and significant platinum and palladium content. Historical exploration marked by past operators has laid a foundation for these ongoing efforts, and the area remains free of royalties.

Positive

• Mobilization of exploration activities on Ant Lake Cu-Ni-PGE project.
• High copper values (0.58% to 1.48%) in trench samples indicating potential.
• Recent drill results show mineralization with 0.37% Cu and significant platinum and palladium values.

Negative

• Past results reported by previous operators have not been verified.
• Significant risks associated with forward-looking statements regarding geological interpretations and upcoming work programs.

CRANBROOK, BC / ACCESSWIRE / August 12, 2021 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") has mobilized personnel to conduct exploration activities on its 100% owned, 1868 ha Ant Lake Cu-Ni-PGE project located 140km north of Southend, Saskatchewan on the west shore of Reindeer Lake. The claims cover 4 known mineral occurrences associated with mafic to ultramafic plutons assigned to the Peter Lake Domain. The property is free of underlying royalties or other encumbrances.

Trench samples over the Ant Lake Showing area returned values of 0.58% to 1.48% Cu, 0.003% to 0.070% Ni, and 91 to 4,000 ppb Pd, and 81 to 561 ppb Pt (Saskatchewan Mineral Deposit Index "SMDI" 2373). One sample taken by Canadian Platinum Corp. (Sample 166822) contained 99.3 ppm PGE (Au+Pt+Pd), 2612 ppm Cu, and 133.4 ppm Ni.

At the Antoine Showing (SMDI 2374) grab samples from trenches included:

• Sample B-2-62 1.4% Cu, 461 ppb Pd, 132 ppb Pt
• Sample E-99 1.4% Cu, 2598 ppb Pd, 178 ppb Pt
• Sample F-98 0.79% Cu, 3828 ppb Pd, 286 ppb Pt

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

Drill hole ANT-4, drilled under the original ANT trenches, intersected 3.5 m with 0.37% Cu, 124 ppb Pd and 100ppb Pt from 48.4 - 51.9 m. The mineralization was interpreted to be related to a northerly trending fracture zone, possibly related to a splay off the regional Tabbernor Fault System.

Property Geology and History

Mineralization in the Ant Lake area was identified by Husky Oil who discovered the Wiley Bay Cu Showing (SMDI 0569) in 1970 during follow up work on a regional EM/mag geophysical survey. In 1985 Lacana Exploration and International Platinum Corp. staked claims in the area which resulted in the discovery of the Ant Lake (SMDI 2373) and Antoine's (SMDI 2374) Cu-Ni-Pt-Pd mineralization. A Lacana-SMDI partnership continued exploration in 1986 completing ground geophysics, soil sampling and trenching.

The last significant work in the area was by Canadian Platinum Corporation in 2012 with the completion of 6 drill holes in the immediate Ant Lake Showing area.

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 in the Ant Lake property area. 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.

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/659150/Eagle-Plains-Commences-Fieldwork-at-Ant-Lake-PGE-Project

FAQ

What mineralization has been found at the Ant Lake project by Eagle Plains Resources?

Trench samples returned copper values of 0.58% to 1.48%, and significant platinum and palladium content.

What is the location of the Ant Lake Cu-Ni-PGE project?

The Ant Lake project is located 140 km north of Southend, Saskatchewan.

What are the recent exploration activities conducted by Eagle Plains Resources?

Eagle Plains has mobilized personnel to conduct exploration activities on the Ant Lake project, including trench sampling and drilling.

What risks are associated with the Ant Lake exploration project?

The project carries risks related to geological interpretations and the accuracy of forward-looking statements.

When did Eagle Plains Resources start exploration at the Ant Lake project?

Eagle Plains commenced fieldwork at the Ant Lake project as announced on August 12, 2021.