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Eagle Plains Executes Option with Aben Resources on Slocan Graphite
CRANBROOK, BC / ACCESSWIRE / November 10, 2021 / Eagle Plains Resources Ltd. (TSXV:EPL) has ...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains Executes Option with Aben Resources on Slocan GraphiteCRANBROOK, BC / ACCESSWIRE / November 10, 2021 / Eagle Plains Resources Ltd. (TSXV:EPL) has executed a formal option agreement (subject to regulatory approval) with Aben Resources Ltd. (ABN) whereby Aben holds the exclusive right to earn a 100% interest, less 2% Net Production Royalty (\"NPR\") in the road-accessible Slocan Graphite Project located 34km northwest of Castlegar, British Columbia (the \"Agreement\"). Under terms of the Agreement, Aben must complete $1,000,000 in exploration expenditures, issue 850,000 common shares and make $150,000 in cash payments to Eagle Plains over a three-year period. In addition, if at any time Aben or its successors report a resource of greater than 10Mt for tenures comprising the property, EPL will receive a one-time \"Success Fee\" of 500,000 Aben shares.The Slocan Graphite project consists of 2,387 ha owned 100% by Eagle Plains with no underlying royalties or encumbrances. The property hosts several large flake graphite-bearing outcrops and float occurrences known as the Tedesco Zone, which is interpreted to extend over 2.0km. Eagle Plains recently completed fieldwork on the property and is encouraged by preliminary field observations, with the program focused on prospecting and geological mapping in underexplored areas of the property in an effort to locate extensions of the known graphite mineralized horizon and to better understand controls on mineralization.See project location and summary map hereAbout the Slocan Graphite ProjectGraphite is a naturally occurring form of carbon and is an excellent conductor of both electricity and heat. It is becoming increasingly important as a critical strategic component in advancing alternative energy solutions including wind and solar power, hybrid vehicles and other alternative energy uses. It is also a mainstay of the steel production industry. Canada is currently ranked as the 5th largest supplier of graphite.The Slocan Graphite Project benefits from excellent infrastructure including a high-voltage transmission line within 1.2 km of the property boundaries, an extensive network of forestry roads on and around the property, and an existing graphite processing plant and facilities located 1.5 km west of the property, owned by Eagle Graphite Corporation.Graphite mineralization w...