Eagle Plains Partner Earthwise Completes Data Review of the Iron Range Gold Project, British Columbia

Rhea-AI Summary

Eagle Plains Resources (TSXV:EPL) announces that partner Earthwise Minerals (CSE:WISE) has completed data review of the Iron Range Project in British Columbia. Earthwise holds an option to acquire up to 80% interest in the 21,437ha project.

The project showed significant historical drilling results, including:

• 2010 Talon Zone: 14.0m @ 5.1g/t gold, 1.86% lead, 2.1% zinc, 75.3g/t silver
• 2010 Talon Zone: 7.1m @ 8.13g/t gold, 2.84% lead, 3.07% zinc, 86.6g/t silver
• 2008 drilling (10km north): 7.0m @ 51.52g/t gold

Under the option agreement, Earthwise must make CA$250,000 in payments, issue 1.5M shares, and fund CA$4M in exploration over four years for 70% interest. An additional 10% can be acquired through CA$1M payment and completing a bankable feasibility study.

Positive

• High-grade gold intersections from historical drilling (up to 51.52g/t gold)
• Project is fully permitted with MYAB permit for drilling and exploration
• Excellent infrastructure with nearby power, gas pipeline, and rail access to Teck smelter
• Comprehensive exploration database with extensive drilling and sampling data

Negative

• No current mineral resource estimate reported
• Required significant future expenditure (CA$4M) to earn majority interest
• Project still in early exploration stage despite historical work

CRANBROOK, BC / ACCESS Newswire / April 23, 2025 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") is pleased to announce that partner Earthwise Minerals Corp. (CSE:WISE) ("Earthwise") ("WISE" or "Earthwise") has completed a comprehensive review of data collected at Eagle Plains 100% owned Iron Range Project. Earthwise holds the exclusive option to acquire up to an 80% interest in the Iron Range Project.

Planning is underway for the 2025 field season, with the focus on detailed follow up of historic soil geochemical and till anomalies in the Talon Zone area and along structural splays of the Iron Range Fault.

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, 1.86% lead, 2.1% Zinc, 75.3g/t silver and 7.1m grading 8.13g/t gold, 2.84% lead, 3.07% zinc, 86.6g/t silver (Eagle Plains news release December 21st, 2010). Previous drilling 10km north of the Talon Zone in 2008 by Eagle Plains intersected gold mineralization in drill-hole IR08006 which assayed 7.0m grading 51.52g/t (1.50 oz/ton) gold (Eagle Plains news release dated April 20th, 2009).

The 21,437ha Iron Range Project is considered by management of both Eagle Plains and Earthwise 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. The property is owned 100% by Eagle Plains, with part of the property subject to an underlying 1.0% Net Smelter Royalty held by a third party.

Iron Range Option Agreement Details

To exercise the Option, Earthwise 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 70% interest in the Project by paying CA$250,000, issuing an aggregate of 1,500,000 common shares to EPL and funding CA$4,000,000 in exploration expenditures on the Project by over a four-year term, including $200,000 in expenditures in 2025. Pursuant to the second phase of the Option, the Company may acquire an additional 10% interest in the Project (for an 80% total interest) by notifying Eagle Plains of its intent to increase its interest to 80% and making an additional one-time payment of CDN$ 1,000,000 cash, and completing a bankable feasibility study on the Property, before the eighth anniversary of the Option.

If the First Option or the Second Option is exercised, a 2% smelter returns royalty will be granted to the Eagle Plains over the entire property, 1% of which may be repurchased for CA$1,500,000.

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.

See Iron Range Project Information and Map here

Iron Range Project Summary

The 21,437ha Iron Range Project located near Creston, BC, is owned 100% by Eagle Plains, subject to a 1% NSR held by a third party on a portion of the claim group. A well-developed transportation and power corridor transects the southern part of the property, including a high-pressure gas pipeline and a high-voltage hydro-electric line, both of which follow the CPR mainline and Highway 3. The rail line provides efficient access to the Teck smelter in Trail, B.C. The project is fully permitted with a Multi-Year Area Based (MYAB) permit in place issued by the BC Ministry of Mining and Critical Minerals that includes provisions for geophysical work, mechanical trenching, access trail construction and diamond drilling.

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.

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 an officer and director of Eagle Plains, has reviewed and approved the scientific and technical disclosure in this news release.

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 $100,000,000 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.

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 $39M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 50,000m 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
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 drilling results from Eagle Plains' Iron Range Project (EGPLF)?

The 2010 Talon Zone drilling revealed 14.0m @ 5.1g/t gold with base metals, and 7.1m @ 8.13g/t gold. A 2008 drill hole 10km north showed 7.0m @ 51.52g/t gold.

What are the terms of Earthwise's option agreement for the Iron Range Project?

Earthwise can acquire 70% interest by paying CA$250,000, issuing 1.5M shares, and funding CA$4M in exploration over 4 years. An additional 10% requires CA$1M payment and completing a feasibility study.

How large is the Iron Range Project and what type of mineralization is targeted?

The project spans 21,437ha and targets structurally controlled gold-silver, iron-oxide copper-gold (IOCG), and Sullivan-style lead-zinc-silver sedex mineralization.

What exploration work has been completed at Iron Range since 2001?

Since 2001, 21,593m of diamond-drilling in 87 holes, 2,482 line-km of geophysical data, and analysis of 10,053 soil samples, 495 rock samples, and 6,955 drill core samples.