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Eagle Plains/Pacific Imperial Execute Option Agreement for Brownell Lake Copper Project, Saskatchewan
CRANBROOK, BC / ACCESSWIRE / March 28, 2023 / Eagle Plains Resources Ltd. ("EPL":TSXV, or "Eagle ...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains/Pacific Imperial Execute Option Agreement for Brownell Lake Copper Project, SaskatchewanCRANBROOK, BC / ACCESSWIRE / March 28, 2023 / Eagle Plains Resources Ltd. (\"EPL\":TSXV, or \"Eagle Plains\") has executed an option agreement (subject to regulatory approval) with Pacific Imperial Mines Inc. (\"PPM\": TSXV) whereby PPM may earn up to a 60% interest in the 1863 ha Brownell Lake VMS-polymetallic exploration project located 17km west of the community of Deschambault Lake, Saskatchewan. The project is owned 100% by Eagle Plains, subject to a 2% underlying royalty.Under the terms of the agreement, PPM may earn its interest by completing $5,000,000 in exploration expenditures, issuing 1,000,000 voting class common shares and making $500,000 in cash payments over a 4 year period. Planning is underway to commence a ground-based time-domain electromagnetic (TDEM) geophysical survey in the coming weeks.Brownell Lake Project SummaryThe Brownell Lake Project is host to regionally deformed meta-volcanic rocks which are considered to be prospective for volcanogenic massive sulphide (\"VMS\") mineralization. Historical select drilling results include 3.35 m of 0.48% Cu, 2.28% Zn, 1.46 g/t Au; 2.2 m of 6% Zn; and 20.5 m of 0.49% Cu. Historic work has delineated a 2,600m length EM/magnetic anomaly coincident with the VMS horizon, with an additional 1,700 m of prospective magnetic anomaly that remains untested by electromagnetics and diamond drilling. Results are historical in nature and have not been confirmed by Eagle Plains, but are considered to be reliable and will form a basis for ongoing work.In December 2003, Shane Resources released a geological resource for the Brownell Lake Property of 1,251,900 tonnes grading 0.56% Cu and 1.75% Zn (Saskatchewan Mineral Deposit Index 0339), based on 37 historic, mostly shallow, drill holes. Eagle Plains' management considers the mineral resource estimates to be historical in nature and cautions that a Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves in accordance with National Instrument 43-101. These estimates do not comply with current definitions prescribed by National Instrument 43-101 or the Canadian Institute of Mining, and are disclosed only as indications of the presence of mineralization and are...