Eagle Plains' Partner Rockridge Resources to Commence a Fully Funded Drill Program at the High-Grade Knife Lake Copper Project, Saskatchewan

Rhea-AI Summary

Eagle Plains Resources announces that its option partner Rockridge Resources plans to initiate a fully funded drilling program at the Knife Lake Copper VMS Project in Saskatchewan, set for mid-July 2022. The program targets geophysical areas identified in 2021, focusing on the highly prospective Gilbert Lake zone while evaluating other targets across the property, which spans 56,865 hectares. Rockridge has secured contracts for necessary logistics and aims to update shareholders on the exploration progress, highlighting the project's potential in a favorable mining jurisdiction.

Positive

• Rockridge Resources is set to start a fully funded diamond drill program at Knife Lake, indicating strong potential for new mineral discoveries.
• The project covers 56,865 hectares, providing substantial exploration opportunities.
• Previous drill programs revealed promising mineralization, enhancing the project's attractiveness.

Negative

• None.

CRANBROOK, BC / ACCESSWIRE / June 9, 2022 / Eagle Plains Resources (TSXV:EPL) is pleased to announce that option partner Rockridge Resources Ltd. (TSX-V:ROCK) (OTCQB:RRRLF) (Frankfurt:RR0) ("Rockridge") is set to commence a fully funded Summer 2022 diamond drill program in mid-July at the Knife Lake Copper VMS Project located in Saskatchewan, Canada (the "Knife Lake Project" or "Property"). Using the results and interpretation from the 2021 geophysical programs, as well as the 2021 drill and field programs, the upcoming program will focus on Geophysical VTEM targets at the Gilbert Lake zones. Furthermore, Rockridge is evaluating other targets across the property as well as infill and expansion drill targets at the deposit. The Knife Lake Project, consisting of 82 claims totaling 56,865 hectares (140,516 acres), is an advanced-stage copper, silver, zinc and cobalt exploration property in Saskatchewan host to the Knife Lake Deposit.

Rockridge holds the exclusive option from Eagle Plains to acquire a 100% interest in the Property that covers the Knife Lake Cu-Zn-Ag-Co VMS deposit (details following). The contiguous claims are located approximately 50 km northwest of Sandy Bay, Saskatchewan. A 357kV powerline runs within 16 km of the Knife Lake Deposit area.

See Knife Lake VMS Project Location Map here

Plans for Upcoming Summer Diamond Drilling Program

The focus of the 2022 drill program will be on the highly prospective Gilbert Lake target area. The Gilbert Lake targets were identified from the results and interpretation of the 2021 geophysical, drill and field programs. Results from these programs show that airborne VTEM surveys can successfully identify zones of VMS-style mineralization hosted in favourable stratigraphy on the property. Additionally, Rockridge is currently finalizing 3D modeling of the VTEM data focusing on the highest-priority drill targets for the upcoming program. Rockridge has signed contracts for the installation of the exploration camp, helicopter rental and a preferred drill contractor to support the upcoming program.

Rockridge's CEO, Jonathan Wiesblatt, commented: "Returning to the Knife Lake Project for a summer drilling campaign is a top priority for Rockridge. Exploration at target areas outside of the existing mineral resource offers compelling discovery potential as there has been limited historical work done on these highly prospective targets. Our work to date has only advanced our thesis that the identified target areas display very common characteristics synonymous with comparable VMS systems. Our efforts have been focused on identifying new prospective VMS discoveries in and around the Knife Lake deposit. The project remains an exciting exploration story that can offer investors exposure to a top mining jurisdiction and to commodities in high demand like copper. We look forward to updating our shareholders in the coming weeks."

See Knife Lake Target Areas 2022 Drill Program Map here

Specifically, Rockridge has assessed high-priority targets that include additional drill testing in the Gilbert Lake Area. The planned holes will further investigate strike-length continuity of the mineralized horizon intersected in 2021 drilling, which remains open to the south. The holes will also evaluate potential zoning of mineralization, which is commonly observed in VMS systems. Additional holes at a newly discovered copper showing at the Gilbert West Area have also been prioritized. The holes will target the down-dip extension of a mineralized and intensely altered volcanic package which is interpreted to be the Knife Lake stratigraphic horizon. The Gilbert West target has never been drill tested.

Summary of Exploration in 2021

Rockridge received and previously announced results from a field program completed in October of last year. A two-person field crew was mobilized to complete mapping and prospecting at regional target areas, investigating conductivity and magnetic anomalies identified through the Phase I (February 2021) and Phase II (October 2021) airborne geophysical programs (VTEM).

See Knife Lake Project VTEM and Grab Sample Survey Map here

Prospecting on the west side of the Gilbert Lake target identified altered volcanic and green pegmatite lithologies consistent with the host rocks at the deposit, indicating continuity of favourable stratigraphy approximately 10 km west of the deposit. Field geologists reported visual confirmation of trace interstitial chalcopyrite hosted within the green pegmatite interval.

The drill program at the Gilbert North and South target areas in 2021 was designed to evaluate conductivity and magnetic anomalies identified during the early 2021 airborne VTEM Plus survey and corresponding surficial geochemical anomalies. It was the first modern drill program that tested these target areas and several drill intercepts included pyrrhotite-pyrite dominant VMS-style mineralization hosted at the same stratigraphic horizon as the Knife Lake Deposit. Following the initial drilling at the Gilbert North and South targets, a Borehole Electromagnetic survey of all holes at the Gilbert North and South target areas was completed to refine future drill targets which will be tested in this upcoming program. Furthermore, previous surficial work programs have indicated that the stratigraphic position of the targeted anomalies correlates with the Knife Lake Deposit to the east. The discovery potential at the broader 15 km Gilbert trend is robust and warrants follow-up work. Rockridge continues to utilize modern exploration techniques and methods with the goal of making new discoveries.

Knife Lake Geology and History

The Knife Lake Deposit is interpreted to be a remobilized VMS deposit. The stratabound mineralized zone is approximately 15m thick and contains copper, silver, zinc, gold and cobalt mineralization which dips 30° to 50° eastward over a known strike-length within Rockridge's claim area of 3,700 metres, and a known average down-dip extension of approximately 300 metres.

See Knife Lake Deposit Map here

The deposit is hosted by felsic to intermediate volcanic and volcaniclastic rocks which have been metamorphosed to upper amphibolite facies. The deposit contains VMS mineralogy which has been significantly modified and partially remobilized during the emplacement of granitic rocks. The mineralization straddles the boundary between two rock units and occurs on both limbs of an interpreted overturned fold.

Rockridge has completed twenty-four holes consisting of 3096 metres of diamond drilling in the 2019 and 2021 winter drilling programs. This represented the first drilling on the property since 2001. Both programs have given Rockridge's technical team valuable insights into the property geology, alteration, and mineralization that will be applied to future regional exploration on the highly prospective and underexplored land package.

Highlights from the drill programs include previously reported hole KF19003 which intersected net-textured to semi-massive sulphide mineralization from 11.2m to 48.8m downhole. This 37.6 metre interval returned 2.03% Cu, 0.19 g/t Au, 9.88 g/t Ag, 0.36% Zn, and 0.01% Co for an estimated 2.42% CuEq.

In August 2019, Rockridge announced a maiden NI 43-101 resource estimate for the Knife Lake deposit which consisted of a pit-constrained indicated resource of 3.8 million tonnes at 1.02% CuEq and an inferred resource of 7.9 million tonnes at 0.67% CuEq using a 0.4% CuEq cut-off. For more information, please refer to the News Release dated August 14^th, 2019 or the NI 43-101 Technical Report on the Mineral Resource Estimate for the Knife Lake Property, Saskatchewan dated September 27, 2019, filed on Sedar.

Knife Lake Option Agreement Details

To earn a 100% interest in the Knife Lake Project, Rockridge has agreed to make a cash payment to Eagle Plains of $150,000 (complete), issue up to 5,550,000 common shares of Rockridge (4,550,000 shares issued to date) and complete $3,250,000 in exploration expenditures over four years. Eagle Plains will retain a 2% net smelter royalty ("NSR") on certain claims which comprise the project area. Under the terms of the agreement Rockridge is designated as the Operator of the project.

Qualified Person

Kerry Bates, P. Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and a Geologist employed by Eagle Plains Resources, has reviewed and approved the scientific and technical disclosure in this news release relating to the Knife Lake Project.

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. 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 recently Taiga Gold being notable examples.

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 on projects controlled by Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd. and Alexco Resource Corp./Banyan Gold Corp., among others. Management's focus is to advance its most promising exploration projects. 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 2011-2021 on Eagle Plains-related projects exceed $27M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 42,000m 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 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.

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FAQ

What is the Knife Lake Project and its significance for EGPLF?

The Knife Lake Project is a copper, silver, zinc, and cobalt exploration property in Saskatchewan held by Eagle Plains Resources, which has significant mineralization potential.

When will the drilling program for the Knife Lake Project commence?

The drilling program is scheduled to start in mid-July 2022.

What are the main goals of the upcoming drilling program at Knife Lake?

The program aims to investigate geophysical VTEM targets at the Gilbert Lake zone and evaluate additional unexplored areas for mineralization.

How much area does the Knife Lake Project cover?

The Knife Lake Project encompasses 56,865 hectares (140,516 acres).

What is the role of Rockridge Resources in relation to Eagle Plains Resources?

Rockridge Resources is the option partner of Eagle Plains Resources, aiming to acquire a 100% interest in the Knife Lake Project.