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Eagle Plains Partner Apogee Minerals Commences Airborne Geophysical Survey at Pine Channel Gold Project
CRANBROOK, BC / ACCESSWIRE / June 8, 2022 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains Partner Apogee Minerals Commences Airborne Geophysical Survey at Pine Channel Gold ProjectCRANBROOK, BC / ACCESSWIRE / June 8, 2022 / Eagle Plains Resources Ltd. (TSXV:EPL) (\"EPL\" or \"Eagle Plains\") has been notified by option partner Apogee Minerals (TSX-V APMI) that survey equipment has been mobilized to EPL's 6,500 ha, 100%-owned Pine Channel project located 43 km west of Stony Rapids, Saskatchewan (the \"Property\"). Precision Geosurveys Inc. of Langley British Columbia has been contracted to complete a 380 line-km helicopter-borne high-resolution aeromagnetic and radiometric survey.To earn an 80% interest in the property, Apogee 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 and 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), of which 1% may be purchased by Apogee at any time for CDN$1,000,000.Eagle Plains acquired the project in 2018-2020 by staking and purchase from third-party vendors and in 2019 and 2020 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 or Fort McMurray, 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/Occurrence No. 8 (SMDI 1581): 90.6 g/t (3.20 oz/T) Au over 0.2 m (trench)Cole Lake Ni-Cu (SMDI 1583): 0.45% Ni over 7.0 m (drill hole), 6.2 g/t Au, 0.0...