Eagle Plains Completes Vulcan Drilling, Geophysical Program

Cranbrook, B.C., October 11th, 2022:  Eagle Plains Resources Ltd. (TSX-V:EPL) (“EPL” or “Eagle Plains”) reports that it has successfully completed a three-hole, 1700m drilling program on Eagle Plains’ 100% owned, Vulcan Project, located 30km west of Kimberley, BC. The Vulcan Property is accessible by an extensive network of well-maintained forest service roads. All three holes successfully intersected stratigraphy containing the Lower-Middle Aldridge contact (“LMC”), the same time-stratigraphic horizon which hosts the nearby Sullivan deposit. The second hole of the program (VU22004) is particularly significant and suggests close proximity to a lead-zinc mineralized feeder system. Downhole electromagnetic surveying was carried out at the completion of drilling activity (details following).

The following summaries and photos are intended as preliminary updates only, with final detailed reporting to follow as laboratory analytical results are received, compiled and interpreted and final geophysical products have been received.

Hole 1 (VU22003): Total depth 630.0m (2067’); Az: 100°; Inclination: -50°

As reported September 12th 2022, drill-hole VU22003 intersected minor disseminated sphalerite (zinc) mineralization near the top of the hole and a narrow (<10cm) band of stratiform sulphide (pyrrhotite) mineralization approximately 20m below the Lower Middle Contact (“LMC”) in rocks of the Aldridge Formation.  Preliminary results obtained using a portable XRF spectrometer indicate elevated zinc values for the interval. Geologists interpret this mineralization to represent the Sullivan time horizon and are encouraged with the results. A downhole geophysical (BHEM) survey was attempted on this hole, but near-surface caving within the hole prevented insertion of the downhole probe, resulting in abandonment of the survey in this area.

Hole 2 (VU22004): Total depth 597.2m (1959’); Az: 106°; Inclination: -45°

Originally planned for 400m, VU22004 was deepened following observation of banded, cm-scale strata-controlled sphalerite (zinc) and galena (lead) mineralization within a thick (139m) fragmental unit containing abundant clasts of sphalerite, galena and pyrrhotite mineralization persisting well below the interpreted Sullivan time horizon, which was intersected at ~303m. Portable XRF analysis of these cm-scale sphalerite bands indicated point concentrations in excess of 10% zinc in addition to highly anomalous silver, lead and cadmium values. Similar mineralization is reported in historical drill holes in Lower Aldridge footwall rocks east of the North Star deposit approximately 3 km south of Sullivan, suggesting permeable silty sediments were impregnated with mineralization from the nearby active feeder system (P. Ransom, P.Geo., personal communication). A downhole electromagnetic geophysical survey (BHEM) was successfully completed on this hole and suggests discrete off-hole anomalies at depths consistent with mineralization observed in drill-core.


Pyrrhotite-sphalerite±galena mineralized fragmental clasts. DDH VU22004 (437.75m)
 

Mineralized fragmental with interbedded wacke. Mineralized fragments (pyrrhotite-sphalerite-galena) and semi-massive stratiform sulphide mineralization (pyrrhotite-sphalerite-galena) are abundant throughout the broad fragmental unit. VU22004 (438.86-447.74m)


Stratiform pyrrhotite-sphalerite-galena mineralization hosted within a broad fragmental unit. pXRF analysis reports >10% combined Zn-Pb. VU22004 (441.34m)

Stratiform semi-massive pyrrhotite-sphalerite-galena (7-cm and 2-cm true thickness) hosted within a broad fragmental with intercalated wacke. VU22004 (445.79m)

Hole 3 (VU22005): Total depth 473.5m (1553’); Az: 095°; Inclination: -50°

Hole 3 crossed the interpreted LMC at approximately 327m, and intercepted fragmental material and trace bedded sulphide mineralization, though thicknesses and mineralization is less persistent and intense than that seen in Hole 2 (VU22004). Disseminated sphalerite with associated tourmalinite was reported in a 1.2m wide vein intersected at 295.0m. A downhole geophysical survey was attempted on this hole, but as was the case with Hole 1, a blockage near the top of the hole prevented insertion of the downhole probe, resulting in abandonment of the survey in this area.

Given the recognition of persistent mineralization at depths well below LMC (interpreted Sullivan Time), management intends to review all available historical drill core relating to the Vulcan property, as most historical holes were stopped stratigraphically above the mineralized intervals  intersected in Hole 2 (VU22004).  Future exploration at the Vulcan will be guided by this re-interpretation of the geology.

Tim Termuende, P.Geo, President and CEO of Eagle Plains commented recently on the Vulcan program: “although mineralization at Vulcan has been recognized for many years, the pieces of the exploration puzzle continue to fall into place, high-lighting the project’s significance. Many of the geological hallmarks of the nearby Sullivan deposit are displayed at Vulcan. The recognition of widespread mineralization in Hole VU22004 at depths previously untested in the area strongly suggest that more drilling is warranted. Planning in that regard in currently underway, with future results eagerly anticipated”.
  
Vulcan Project Summary

Tim Termuende President/CEO Discusses the Vulcan 2022 Drill Program here

View Vulcan Project Highlight Map and Drill Core Photos here

Management of Eagle Plains considers the Vulcan project to hold excellent potential for the presence of sedex mineralization. Rocks underlying the Vulcan are within the same sedimentary sequence and host occurrences with mineralization and alteration styles similar to those observed at and adjacent to the now-depleted Sullivan deposit. The Main (Hilo) mineral occurrence at Vulcan returned up to 1.6 % combined lead-zinc over 1.5 metres from rocks near the Lower-Middle Aldridge contact (“LMC”), the same time-stratigraphic horizon which hosts the Sullivan deposit.

The Sullivan mine was discovered in 1892 and is one of the largest sedex deposits in the world. 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. Eagle Plains management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Vulcan property.

Vulcan Project History

Sullivan-style mineralization was first reported in the mid-1950s at Vulcan. During the 1970s and 1980s, Texas Gulf Sulphur and later Cominco completed extensive geophysical work and drilled shallow holes to test for continuous mineralization in areas of the property. The most comprehensive testing occurred in the Hilo area during the early 1990s by Ascot Resources. In 1991 a five-hole, 1003m drill program was completed, with three holes totaling 1535m completed in 1992.

Since acquiring the initial claims on the property in 2002, Eagle Plains has completed an extensive compilation of all existing data, followed in 2006 by a 125 line-km helicopter-borne time-domain geophysical survey flown at 200m spacing. Additional claims were added to the property position as they became available through staking. Systematic geochemical, geological and geophysical programs were conducted by Eagle Plains and its partners from 2011-2019.

In June 2020, Eagle Plains completed a two-hole, 977m drill program to test the LMC along an existing road cut in an area of elevated soil geochemistry and anomalous geophysical features (magnetometer, induced polarization and magnetotellurics). The LMC contact was successfully intercepted in Hole VU20002 with significant alteration suggesting proximity to a hydrothermal source, though no economic mineralization was encountered.

2022 Vulcan Program Logistical Summary

The 2022 Vulcan program was carried out by TerraLogic Exploration Services of Cranbrook, BC under the supervision of Kerry Bates, P.Geo. Drilling services were contracted to Proterra Drilling Solutions of Quesnel.  SJ Geophysics of Delta, BC was retained to carry out down-hole electromagnetic surveying. BC. Bighorn Helicopters of Cranbrook, BC provided helicopter support on two of the three holes completed.

Qualified Person

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, has prepared, reviewed, and approved the scientific and technical disclosure in the 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. 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 Banyan Gold Corp., among many 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.