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Eagle Plains' Partner Rockridge Completes Earn-In at the High-Grade Knife Lake Copper Project, Saskatchewan
CRANBROOK, BC / ACCESSWIRE / September 19, 2022 / Eagle Plains Resources (TSXV:EPL) is pleas...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains’ Partner Rockridge Completes Earn-In at the High-Grade Knife Lake Copper Project, SaskatchewanCRANBROOK, BC / ACCESSWIRE / September 19, 2022 / Eagle Plains Resources (TSXV:EPL) is pleased to announce that option partner Rockridge Resources Ltd. (TSXV:ROCK)(OTCQB:RRRLF)(Frankfurt:RR0) (\"Rockridge\") has completed the earn-in option and now has 100% ownership of the Knife Lake Copper VMS Project in Saskatchewan (the \"Knife Lake Project\" or \"Property\"). The Knife Lake Project, consists of 82 claims totaling 56,865 hectares (140,516 acres), is an advanced-stage copper, silver, zinc and cobalt exploration property in Saskatchewan host to the Knife Lake Deposit.Rockridge held the exclusive option from Eagle Plains to acquire a 100% interest in the Property that covers the Knife Lake Cu-Zn-Ag-Co VMS deposit (details following). The contiguous claims are located approximately 50 km northwest of Sandy Bay, Saskatchewan. A 357kV powerline runs within 16 km of the Knife Lake Deposit area.See Knife Lake VMS Project Location Map hereThe Knife Lake Project is host to a NI 43-101 resource estimate which consists of a pit-constrained indicated resource of 3.8 million tonnes at 1.02% CuEq and an inferred resource of 7.9 million tonnes at 0.67% CuEq using a 0.4% CuEq cut-off. For more information, please refer to the News Release dated August 14th, 2019 or the NI 43-101 Technical Report on the Mineral Resource Estimate for the Knife Lake Property, Saskatchewan dated September 27th, 2019, filed on Sedar.Knife Lake Option Agreement DetailsTo earn a 100% interest in the Knife Lake Project, Rockridge has made a cash payment to Eagle Plains of $150,000, issued 5,550,000 common shares of Rockridge and completed $3,250,000 in exploration expenditures within a four year period. Eagle Plains retains a 2% net smelter royalty (\"NSR\") on certain claims which comprise the project area. Under the terms of the agreement Rockridge was designated as the Operator of the project.Summer Diamond Drilling ProgramThe focus of the ongoing 2022 drill program has been on the highly prospective Gilbert Lake target area as well as continued infill and expansion drilling at the Knife Lake deposit. The program is planned to consist of approximately 1,000m in six to eight drill holes. The Gilbert Lake targets were identified from the results an...