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Eagle Plains Resources Ltd. Executes Formal Option Agreement on Iron Range Project, Southeastern B.C.
CRANBROOK, BC / ACCESSWIRE / May 5, 2020 / Eagle Plains Resources Ltd. (TSX-V:EPL) (OTC P...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains Resources Ltd. Executes Formal Option Agreement on Iron Range Project, Southeastern B.C.CRANBROOK, BC / ACCESSWIRE / May 5, 2020 / Eagle Plains Resources Ltd. (TSX-V:EPL) (OTC PINK:EGPLF) (\"Eagle Plains\") and an arm's length private Alberta company (the \"Company\") have executed a formal option agreement (subject to regulatory approval) whereby the Company will have the exclusive right to earn up to an 80% interest in the Iron Range Project (the \"Project\") from Eagle Plains over a five-year period (the \"Option\"). The proposed Option comprises a commitment by the Company to earn a 60% interest by incurring $3,500,000 in exploration expenditures on the property and making $250,000 in cash payments to Eagle Plains. The Company retains the right to increase its interest to 80% by making a one-time cash payment of $1,000,000 to Eagle Plains.The Company will be the operator during the term of the Option. When all of the conditions of the option agreement have been met and the Company has exercised the Option, a joint venture (\"JV\") will be formed to further advance the Project.The Iron Range project is located near Creston, BC, and is owned 100% by Eagle Plains, subject to a 1% NSR on a portion of the claim group. A well-developed transportation and power corridor transects the southern part of the property, including a high-pressure gas pipeline and a high-voltage hydro-electric line, both of which follow the CPR mainline and Highway 3. The rail line provides efficient access to the Teck smelter in Trail, B.C.The Iron Range property covers an extensive area approximately 10km x 60km which overlies the regional Iron Range Fault System (\"IRF\"). Prior to the acquisition and initial involvement of Eagle Plains in 2001, the property had seen little systematic exploration for other than iron resources known to exist on the property since the late 1800s. Since 2001, Eagle Plains and its partners have completed 17,226m in diamond-drilling in 70 holes, collected 2482 line-km of airborne and surface geophysical data and analysed 10,053 soil geochemical samples, 495 rock samples and 5749 drill core samples.Management of both Eagle Plains and the Company consider the Iron Range project to hold excellent potential for the presence of both iron-oxide copper-gold (\"IOCG\") and Sullivan-style lead-zinc-silver sedimentary-exh...