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Eagle Plains/Shooting Star Execute Option Agreement on Eldridge Gold Property, Saskatchewan
CRANBROOK, BC / ACCESSWIRE / June 23, 2022 / Eagle Plains Resources (TSXV:EPL), ("EPL") and ...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains/Shooting Star Execute Option Agreement on Eldridge Gold Property, SaskatchewanCRANBROOK, BC / ACCESSWIRE / June 23, 2022 / Eagle Plains Resources (TSXV:EPL), (\"EPL\") and Shooting Star Acquisition Corp. (SSSS.P), (\"Shooting Star\"), a BC capital pool company, announce that the companies have entered into a formal option agreement whereby Shooting Star may earn an undivided 60% interest in the Eldridge Property (the \"Property\"). EPL owns a 100% interest in the 13,500ha property located approximately 85 km east of La Ronge and 30km NW of Deschambault Lake, Saskatchewan. Under terms of the agreement, Shooting Star can earn an undivided 60% interest by completing exploration expenditures of $4,000,000, making cash payments of $500,000 and issuing 1,000,000 common shares to EPL over a four-year period. Eagle Plains will retain a 2% NSR in the Property, with a buy down to 1% for $1,000,000.Eldridge Property SummaryThe Eldridge Property is located within the Trans Hudson Corridor with host rocks similar to SSR Mining's Santoy Mine and other orogenic gold and VMS projects in the region. The property has seen very little historical exploration activity despite recognition of prospective host rocks and structures by regional government geological surveys.In 2021, Eagle Plains engaged TerraLogic Exploration Services to conduct preliminary geochemical and geophysical surveys on the property which have resulted in the recognition of highly anomalous gold trends. The 2021 field program generated a total of 59 lake-sediment samples which were analyzed for gold and base metals, and 7 till samples that were collected at strategic locations down-ice of prospective regional geological and/or magnetic lineaments. Encouraging lake-sediment results returned gold assays between 0.1 - 9.7 ppb with 12 samples returning at least 2x background. Till results were also very encouraging, with a best gold grain count 30 of grains and a normalized estimate gold assay of 30ppb Au.Follow-up exploration work is recommended for the property.Charles C. Downie, P.Geo., a \"qualified person\" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a Director of Eagle Plains Resources Ltd., has prepared, reviewed, and approved the scientific and technical disclosure in this news release.About Eagle Plains Reso...