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Eagle Plains/NevGold Subsidiary Execute Option Agreement for Multiple British Columbia Critical Metal Projects
CRANBROOK, BC / ACCESSWIRE / May 31, 2023 / Eagle Plains Resources Ltd. ("EPL":TSX-V, or "Eagle P...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains/NevGold Subsidiary Execute Option Agreement for Multiple British Columbia Critical Metal ProjectsCRANBROOK, BC / ACCESSWIRE / May 31, 2023 / Eagle Plains Resources Ltd. (\"EPL\":TSX-V, or \"Eagle Plains\") has executed an option agreement with 1416753 BC Ltd. (\"141\"), a subsidiary of NevGold (\"NevGold\"), a BC corporation, whereby 141 may earn a 100% interest in the Acacia, Lost Horse, FinLith, Surprise and Toodoggone Projects. NevGold intends to prepare 141 for a future subsequent going public transaction through either a spin-out, merger, or sale. The projects are owned 100% by Eagle Plains, with certain projects subject to underlying royalties.Under the terms of the agreement, 141 may earn a 100% interest in the properties by completing $1,000,000 in exploration expenditures over two years and issuing 10,000,000 141 shares. A 2% NSR on some of the properties has been reserved for Eagle Plains. Planning is underway for 2023 work on the properties, which will be managed by Terralogic Exploration Inc., a wholly owned subsidiary of Eagle Plains.BC Project SummariesAcacia (VMS)The 4857ha Acacia Project, located 60 km NE of Kamloops, BC is considered to have excellent potential for hosting volcanogenic massive sulphide (\"VMS\") deposits. These deposits typically contain both base and precious metals, and occur in clusters and/or stacked lenses. The property covers a fertile stratigraphic assemblage which hosts a number of nearby, on-strike base and precious-metal VMS deposits including the Rea Gold, K7, Twin 3 and past-producing Samatosum Mine, located approximately 2.5 km northwest of current property boundary. Past drilling within target stratigraphy northwest of current property boundary returned values from trace quantities up to 10.6 g/t Au, 335.3 g/t Ag, 3.13 % Zn, 2.74% Pb, and 0.55% Cu over 2.37 m. 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 Acacia property.Extensive work in the area was completed following the discovery of the Samatosum and Rea deposits in the mid-1980s. Geological mapping, geophysical surveys, thousands of soil samples and over 125 drill-holes were completed in target stratigraphy within 4.0 km of the current Acacia claim boundaries. Previous fractured ownership and the cessat...