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Eagle Plains/Brascan Execute Option Agreement on Vulcan Project, Southeastern B.C.
CRANBROOK, BC / ACCESSWIRE / September 28, 2020 / Eagle Plains Resources Ltd. (TSX-V: "EPL"...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains/Brascan Execute Option Agreement on Vulcan Project, Southeastern B.C.CRANBROOK, BC / ACCESSWIRE / September 28, 2020 / Eagle Plains Resources Ltd. (TSX-V: \"EPL\") has entered into a formal option agreement with Brascan Gold Corp., (a private B.C. company), (\"Brascan\") whereby Brascan may earn up to a 60% interest in Eagle Plains' Vulcan silver-lead-zinc property (the \"Property\"), located 30km west of Kimberley, in southeastern British Columbia. The 8600 ha Vulcan claims are owned 100% by Eagle Plains and carry no underlying royalties or encumbrances.Brascan has the exclusive right to complete its earn-in by making $4,000,000 in exploration expenditures, issuing 1,000,000 voting-class common shares and making $500,000 in cash payments to Eagle Plains over three years. Eagle Plains will retain an overriding 2% net smelter royalty on the claims comprising the Property. Eagle Plains will be operator of the project during the term of the option.Vulcan Project SummaryManagement of Eagle Plains considers the Vulcan project to hold excellent potential for the presence of Sullivan-style lead-zinc-silver sedimentary-exhalative (\"sedex\") mineralization such as that at the world-class Sullivan Mine located 30km to the east. Rocks underlying Vulcan are within the same sedimentary sequence and host occurrences with mineralization and alteration styles similar to those observed at and adjacent to the now-depleted Sullivan deposit. The Main (Hilo) mineral occurrence at Vulcan returned up to 1.6 % combined lead-zinc over 1.5 metres from rocks near the Lower-Middle Aldridge contact (\"LMC\"), the same time-stratigraphic horizon which hosts the Sullivan deposit.The Sullivan mine was discovered in 1892 and is one of the largest sedex deposits in the world. Over its 100+ year lifetime, Sullivan contained a total of 160 million tonnes of ore averaging 6.5% lead, 5.6% zinc and 67 g/t silver, resulting in 298 million ounces of silver, 18.5 billion pounds of lead, 17.5 billion pounds of zinc, and significant quantities of associated metals; collectively worth over $40B at current metal prices. Eagle Plains management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Vulcan property.Sullivan-style mineralization was first reported in the mid-1950s at t...