Fieldwork Underway at Eagle Plains' Findlay Critical Metals Project

Rhea-AI Summary

Eagle Plains Resources Ltd. begins exploration on Findlay Project, funded by Amaroq Gold Corp.

Positive

• Exploration activity on Findlay Project shows potential for Sullivan-style mineralization at multiple stratigraphic levels.
• Amaroq may earn up to a 75% interest in the project by completing $5,000,000 in exploration expenditures and issuing 1,800,000 voting class common shares.

Negative

• None.

CRANBROOK, BC / ACCESSWIRE / September 6, 2023 / Eagle Plains Resources Ltd. (TSXV:EPL) or ("Eagle Plains") has mobilized crews to commence exploration activity on EPL's 100% owned Findlay Project, located 35km NW of Kimberley, BC and 15km north of Eagle Plains' Vulcan property. Fieldwork is being funded by Amaroq Gold Corp. ("Amaroq", a private BC corporation), which may earn up to a 75% interest in the project (details following).

2023 Exploration activity at Findlay will consist of surface mapping, prospecting and soil geochemical sampling in the Midfork and Tourmalinite Ridge areas of the property.

Findlay Project Summary

The Findlay Project overlies Aldridge Formation stratigraphy, considered prospective for sedimentary-exhalative ("sedex") deposits. Structurally, this area has been identified as an extension of the North Star-Sullivan corridor which hosts the world-class Sullivan critical metals deposit 35km to the southeast. Over its 100+ year lifetime, Sullivan contained a total of 160 million tonnes of ore averaging 6.5% lead, 5.6% zinc and 67 g/t silver, resulting in 298 million ounces of silver, 18.5 billion pounds of lead, 17.5 billion pounds of zinc and significant quantities of associated metals; collectively worth over $40B at current metal prices. The Findlay property displays Sullivan-style exhalative tourmalinite (boron) horizons, massive fragmental sections, anomalous lead, zinc, and indicator geochemistry, and base-metal occurrences. This "Sullivan smoke" occurs throughout the Lower to Upper Aldridge formation and indicates the potential for Sullivan-style mineralization at multiple stratigraphic levels. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Findlay property.

See Findlay Project Highlight Map and Webpage here

Project History

The Findlay property has been explored sporadically since the 1930's. Government assessment reports show exploration programs by Cominco (1959-69, 1977, 1984-1988), Texas Gulf Sulphur (1971), Kerr-Addison Mines (1971-1975), Amax (1977-79), Four Tops Mining (1982-1985), Billiton Canada (1983-1984) and Teck Corp.(1990). Commodities sought were skarn-related tungsten from Cretaceous intrusions and base- and precious-metals from SEDEX style deposition. Eagle Plains Resources began acquiring claims in the Findlay/Doctor/Greenland Creek area in 1996.

Between 1997 and 2000, parts of the current Findlay property were under option to Kennecott Canada Ltd. Billiton Canada Ltd. and Rio Algom Ltd. Work by these groups as well as extensive work funded exclusively by Eagle Plains included property-scale geological and structural mapping, soil geochemical sampling, prospecting and limited diamond-drilling.

In 2012, MMG completed a 475 line-km airborne geophysical survey, followed by a 4-hole, 1435m diamond-drilling program. Work in 2013 by MMG included systematic exploration including geological mapping, soil geochemical sampling, ground geophysics and water sampling. The target to be tested during this current drill program was identified as a result of this work. The last systematic exploration of the property occurred in 2014, when MMG completed a ground magnetic geophysical survey and 2-hole, 748m diamond drill program. Following this program, MMG elected to terminate its option.

Total expenditures on the property since acquisition by EPL in 1996 are approximately $5.0M

Technical information concerning the Findlay property 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.

Findlay Option Agreement Details

Under the terms of an option agreement announced May 8^th, 2023, Amaroq may earn a 60% interest by completing $5,000,000 in exploration expenditures, issuing 1,800,000 voting class common shares and making $500,000 in cash payments over a 4-year period. Amaroq may increase its interest to 75% by delivering a feasibility study by 2030.

Update on Vulcan Program

Work continues processing core from 2023 drilling at Vulcan. Detailed core-logging has been completed and broad intervals of mineralized material are now being systematically cut and sampled. It is expected that logging and detailed analytical results of the drill core will provide important clues with respect to mineralization, geological setting, metal ratios, alteration and other geological information which will guide future drilling. An application seeking a 5-year area-based permit has recently been filed with government authorities to facilitate future drilling and other exploration activities. Detailed analytical results will be reported once they have been received, compiled and interpreted.

See Vulcan Project Highlight Map and Webpage here

Update on Hansen North Lithium Project

As announced previously by partner Brunswick Exploration Inc., ("Brunswick"), Brunswick has elected to terminate its option on EPL's 100% owned Hansen North Project located in east-central Saskatchewan.

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 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.

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 2011-2022 on Eagle Plains-related projects exceed $30M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 45,000m 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 of Eagle Plains

"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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