Eagle Plains Updates Brownell Lake, Olson Projects

Cranbrook, B.C., March 1st, 2019: Eagle Plains Resources Ltd. (TSX-V: “EPL”) has received notice from optionee Roughrider Resources Ltd. (“Roughrider”; TSX-V: “REL”) that it wishes to terminate the option agreements relating to the Brownell Lake (VMS-polymetallic) and Olson (gold) exploration properties located 120km east of La Ronge, Saskatchewan in order to focus efforts elsewhere.

Brownell Project Summary:     
                                                    
See the Brownell project map here

The Brownell Lake Project is host to regionally-sheared, highly-strained meta-volcanic rocks which are considered to be prospective for volcanogenic massive sulphide (“VMS”) mineralization. Highlight drilling results include 3.35 m of 0.48% Cu, 2.28% Zn, 1.46 g/t Au; 2.2 m of 6% Zn; and 20.5 m of 0.49% Cu. Historic work has delineated a 2600m mineralized EM/magnetic anomaly, with an additional 1700 m of prospective magnetic anomaly that remains untested by electromagnetics and diamond drilling. Results are historical in nature and have not been confirmed by Eagle Plains, but are considered to be reliable and will form a basis for ongoing work. 

During 2018, Eagle Plains and Roughrider completed a comprehensive geological compilation of all existing data on the property, followed by a $100,000 exploration program consisting of ground geophysics, geological mapping, soil sampling, resampling of historic core and sampling and survey of existing collar locations. 

As a result of this work, Eagle Plain’s geologists consider the property to be drill-ready, with the objective of expanding the known mineralized trend and defining a maiden NI 43-101-compliant resource. The 2018 ground magnetic-VLF surveying agreed well with historical data and was successful in extending the magnetic-conductive trend associated with the Brownell Lake Cu-Zn Zone ~1.2 km to the east. Analysis and correlation of whole rock geochemical results from both surface sampling and drill core indicate the presence of alteration signatures consistent with base-metal-rich hydrothermal systems. 

Past drilling was successful in establishing mineralization near-surface, but only one fence tested the zone to any moderate depth. In this area, drilling indicated that not only did the deposit continue down-dip to a depth of at least 134 m, but also that the grade and thickness of the mineralization increased (Saskatchewan Assessment Report 63M04-0007). In addition, historical drilling by INCO in the late 1950’s to early 1960’s only assayed for Cu and Ni, whereas more recent drilling indicates that copper mineralization is associated with significant Zn, Ag and Au grades, which were not considered in early resource estimates. 

Olson Project Summary:

See the Olson project map here

The Olson project is host to regionally-sheared, highly-strained meta-volcanic rocks which are considered to be prospective for orogenic gold mineralization. The Olson project area is host to 29 mineral occurrences defined by historical geological mapping, prospecting, trenching and 4700 m of diamond drilling. Historical drilling has intersected 7.5 m grading 2.07 g/t Au including 13.00 g/t Au over 0.65 m and grab samples of up to 105.52 g/t Au. The project is considered to be significantly underexplored, with known gold occurrences open at depth and along strike. Results are historical in nature and have not been confirmed by Eagle Plains but are considered to be reliable and will form a basis for ongoing work. 

In 2018, Eagle Plains and Roughrider completed a detailed compilation of existing data, followed by a 2- Phase, $150,000 field program which consisted of geological mapping and prospecting and the collection of a total of 862 soil samples and 126 rock samples.

The 2018 field program verified the results of historical work and identified additional targets in areas that were previously unexplored. Grid soil geochemistry highlighted two main areas with extensive gold in soil anomalies. Soil geochemical values ranged from below detection to a maximum of 2704.6 ppb Au, with 6 samples returning greater than 1000 ppb Au. In the Jena area, soil geochemistry delineated a 1.4 km strike length of anomalous soil results greater than 80 ppb Au with a maximum of 1346 ppb Au. The Ackbar-Tuscan-Point area also returned promising results, with a 300m by 100m zone returning values greater than 80 ppb Au and a maximum of 2704.6 ppb Au. Soil geochemistry at the Olson and Juba showing areas returned lower values, likely related to thick clay and soil cover in these areas. 

Prospecting in the areas of anomalous soil geochemistry identified gold mineralization associated with 
shear-hosted quartz veins. Analytical results ranged from below detection to a maximum of 45.1 g/t Au, with 20 grab samples returning greater than 1000 ppb Au. The Olson area had a maximum assay of 41g/t Au from a grab sample of sheeted veins. The Jena area had 20 samples in excess of 1000 ppb Au with a maximum assay of 15.7 g/t Au from quartz-arsenopyrite veins. At the Juba occurrence, a grab sample returned 13.1 g/t Au. Mineralization at the Point and Tuscan area returned maximum values of 9.8 g/t Au at the Point and 45.1 g/t Au at Tuscan.

The next phase of work will focus on defining targets for diamond drilling.

Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has prepared, reviewed, and approved the scientific and technical disclosure in the news release. 

Analytical and QA/QC Procedures

All samples were shipped to Bureau Veritas in Vancouver BC for analytical work.  Soil samples were analyzed for 37 major and trace elements by inductively coupled plasma mass spectrometry. For Brownell project work, rock and drill core samples were analysed using total whole rock characterization. Major oxides, precious metals and base metals were analyzed using ICP-ES and MS methods with a total of 65 elements analysed.  For Olson project work, rock samples were analyzed with ICP-MS analysis for 35 major and trace elements. Gold was analysed using fire assay atomic absorption analysis. A 30g split for gravimetric fire assay was also used for gold analysis for samples that had over 10 ppm Au. Quality control and assurance (QA/QC) was done using in house Bureau Veritas protocols consisting of reject duplicates, blank and certified reference materials. 

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. Managements’ current focus is to preserve its treasury while advancing 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. Since 2012, Eagle Plains has added to its portfolio a number of new projects exceeding 130,000 ha targeting mainly gold, uranium and base-metals in Saskatchewan, a highly-prospective mining jurisdiction which was recently recognized by the Fraser Institute as the second best place in the world in terms of Investment Attractiveness. 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 2011-2018 on Eagle Plains-related projects exceed $20M, most of which was funded by third-party partners. This exploration work resulted in approximately 30,000 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 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.