Eagle Plains and Earthwise Minerals Execute Option Agreement for the Iron Range Gold Project, British Columbia
Rhea-AI Summary
Eagle Plains Resources (TSXV:EPL) and Earthwise Minerals (CSE:WISE) have finalized an option agreement for the Iron Range gold project in British Columbia. The agreement allows Earthwise to acquire up to 80% interest in the 21,437ha project through a two-phase option structure.
The First Option enables a 70% interest acquisition for CA$250,000, 1.5 million common shares, and CA$4,000,000 in exploration expenditures over four years. The Second Option permits an additional 10% interest for CA$1,000,000 and completion of a bankable feasibility study.
Historical drilling highlights include:
- Talon Zone: 14.0m at 5.1g/t gold, 1.86% lead, 2.1% zinc, 75.3g/t silver
- Additional intersection: 7.0m at 51.52g/t gold
The project shows potential for gold-silver, iron-oxide copper-gold (IOCG), and Sullivan-style lead-zinc-silver mineralization. Eagle Plains will serve as the operator, with a 2% smelter returns royalty upon option exercise, 1% of which is repurchasable for CA$1,500,000.
AI-generated analysis. Not financial advice.
Positive
- High-grade gold discoveries: 14.0m @ 5.1g/t Au and 7.0m @ 51.52g/t Au
- CA$4.25M total potential cash payments from Earthwise
- Project fully permitted with MYAB permit
- Excellent infrastructure with nearby power, gas, railway, and smelter access
Negative
- Long timeline for full option exercise (8 years)
- Significant CA$4M exploration expenditure requirement
- Potential significant share dilution from 1.5M share issuance
News Market Reaction – EGPLF
On the day this news was published, EGPLF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
CRANBROOK, BC / ACCESS Newswire / March 3, 2025 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") and Earthwise Minerals Corp. (CSE:WISE) ("Earthwise") ("WISE" or "Earthwise") are pleased to announce that further to their respective news releases dated February 10, 2025, the parties have entered into an option agreement (the "Option") dated February 26, 2025, pursuant to which Earthwise has been granted the exclusive right to acquire up to an
Drilling at Iron Range in 2010 resulted in the discovery of the Talon Zone, where drill-hole IR10-010 intersected 2 intervals of strong and continuous mineralization including 14.0m grading 5.1g/t gold,
The 21,437ha Iron Range Project is considered by management of both Eagle Plains and Earthwise to hold excellent potential for the presence of structurally controlled gold-silver mineralization, iron-oxide copper-gold ("IOCG") and Sullivan-style lead-zinc-silver sedimentary-exhalative ("sedex") mineralization. The property is owned
To exercise the Option, Earthwise must make a series of cash payments and share issuances to Eagle Plains and fund exploration expenditures on the Project. These payments, share issuance and expenditures are separated into two phases, with the First Option entitling the Company to acquire a
If either the First Option or the Second Option is exercised, a
Eagle Plains will serve as Operator under the terms of Option and will reserve the right to use TerraLogic Exploration Inc. as geoscience consultant. Following the exercise of either the First Option or the Second Option, Earthwise and Eagle Plains shall then form a 70/30 or 80/20 joint venture ("JV") to further explore and develop the Property.
See Iron Range Project Information and Map here
Iron Range Project Summary
The 21,437ha Iron Range Project located near Creston, BC, is owned
The Iron Range property covers an extensive area approximately 10km x 32km which overlies the regional Iron Range Fault System ("IRFS"). Prior to the acquisition by Eagle Plains in 2001, the property had seen little systematic exploration for other than iron resources known to exist on the property since the late 1800s. Since 2001, Eagle Plains and its partners have completed 21,593m of diamond-drilling in 87 holes, collected 2482 line-km of airborne and surface geophysical data and analysed 10,053 soil geochemical samples, 495 rock samples and 6955 drill core samples.
Qualified Persons
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, has reviewed and approved the scientific and technical disclosure in this news release.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.
The Company was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (and one of only three that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over
On October 2, 2024, Eagle Plains announced announce the formation of a separate division within the Company that will give Eagle Plains' shareholders direct exposure to strategic opportunities in Canadian green energy transition. As a wholly owned subsidiary of Eagle Plains, Osprey Power Inc. ("OP") will focus on identifying and advancing innovative and diverse clean energy project portfolios in target markets throughout Canada, with an initial focus on Western Canada.
Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.
Expenditures from 2010-2024 on Eagle Plains-related projects exceed
Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
On behalf of the Board of Directors
"C.C. (Chuck) Downie" P.Geo
President and CEO
For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at https://www.eagleplains.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Eagle Plains Resources Ltd.
View the original press release on ACCESS Newswire