Business
Eagle Royalties Announces Expansion of Schotts Lake Royalty
CRANBROOK, BC / ACCESSWIRE / December 12, 2023 / Eagle Royalties Ltd. ("ER.CN":CSE, or "Eagle Royalties") has received formal notice from Eagle Plains Resources
About this update from Summit Royalties Ltd
[{"type":"text","content":" CRANBROOK, BC / ACCESSWIRE / December 12, 2023 / Eagle Royalties Ltd. (\"ER.CN\":CSE, or \"Eagle Royalties\") has received formal notice from Eagle Plains Resources Ltd. (\"EPL\":TSX-V) that EPL has significantly expanded the land package comprising the 3871 ha Schotts Lake project located in east-central Saskatchewan approximately 40km northwest of Flin Flon Manitoba. The property has been expanded by 1069 ha through staking, which has added approximately 27% more area which contains important geological and structural trends defined by recent work on the property. Schotts Lake contains an historical copper-zinc resource (details below) and is considered a flagship royalty asset by Eagle Royalties. Eagle Royalties holds a 2% Net Smelter Royalty on 15 of the 18 dispositions that comprise the property. See Schotts Lake Royalty Map here Schotts Lake Geology and History The Schotts Lake property hosts metamorphic and intrusive rocks which are dominantly volcanic in origin and associated with an island arc environment. The rocks are folded into an easterly-dipping synform. Mineralization was first discovered in 1953 by Kay Lake Mines. A total of 79 drill holes have been completed for a total of 9516m (31,200') and a historical resource of 1,983,850 tonnes grading 0.61% copper and 1.35% zinc (Aur Resources, 2003-SDMI 0320). Notably, the historical resource did not include precious metal enrichment and/or cobalt. Eagle Royalties' management considers these 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 considered to be a guide for additional work. The historical models and data sets used to prepare these historical estimates are not available to Eagle Royalties, nor are any more recent resource estimates or drill information on the Property. Mineralization at Schotts Lake consists of semi-massive to massive pyrrhotite and pyrite with associated chalcopyrite (copper) and sphalerite (zinc). The Schotts Lake deposit is interpreted to be a typi...