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Eagle Plains Options Pine Channel Gold Project to Tri Capital
CRANBROOK, BC / ACCESSWIRE / May 12, 2021 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains Options Pine Channel Gold Project to Tri CapitalCRANBROOK, BC / ACCESSWIRE / May 12, 2021 / Eagle Plains Resources Ltd. (TSXV:EPL) (\"EPL\" or \"Eagle Plains\") and Tri Capital Opportunities Corp (\"TCAP\")(TCAP.P) have executed a formal option agreement (the \"Option Agreement\") whereby TCAP may acquire up to an 80% interest in EPL's 6,500 ha, 100%-owned Pine Channel project located 43 km west of Stony Rapids, Saskatchewan (the \"Property\"). Limited drilling has been completed in and around the property area by past operators, which resulted in the successful delineation of mineralization to shallow depths. Potential to test for further continuity at depth is considered to be excellent.To earn an 80% interest in the property, TCAP will complete $3,000,000 in exploration expenditures, issue 2,000,000 voting class common shares to Eagle Plains and make $150,000 in cash payments over a 4-year period (see details below). EPL will retain a 2.0% net smelter returns royalty on the Property (subject to underlying royalties on certain areas of the Property), which royalty may be purchased by TCAP at any time for CDN$1,000,000. TCAP will be operator of the project.Eagle Plains acquired the project in 2018-2020 by staking and in part, by purchase from third-party vendors. In 2019 and 2020 EPL completed field programs designed to evaluate and confirm the nature of mineralization previously documented at historical showings.See Pine Channel Project Map herePine Channel Gold Property SummaryThe Pine Channel Property consists of 28 mineral dispositions covering 6,502.63 hectares located approximately 40 km west of Stony Rapids, Saskatchewan-the logistics/business hub for northern Saskatchewan. The property can be accessed year-round by float- or ski-equipped aircraft from Stony Rapids, SK. or Fort MacMurray, AB. The eastern and northern part of the property is transected by a high-voltage powerline. Most geological fieldwork is limited to late May to October but other operations such as geophysical surveys and diamond drilling can be completed year-round.Highlights from documented historical work include:North Norite Bay (SMDI 2183): 407.96 g/t (14.39 oz/T) Au over 0.5 m (drill hole)ELA (SMDI 1574): 39.96 g/t (1.41 oz/t) Au over 0.55 m (drill hole)Holes G-1 and G-3 (SMDI 2329): 3.20 g/t Au over 1 m (drill hole)Occurrence No. 6/...