Eagle Plains and Tana Resources Execute Option Agreement for the MPW Copper-Gold Project, British Columbia

Rhea-AI Summary

Eagle Plains Resources and Tana Resources have entered into an option agreement for the Mount Polley West copper-gold project in British Columbia. Under the agreement, Tana can acquire up to 75% interest in the 7,407-hectare property located 54km north-northeast of Williams Lake. The First Option allows Tana to acquire 60% interest by paying CA$250,000, issuing 2.75M shares, and funding CA$3M in exploration over four years. A Second Option for an additional 15% interest requires completing a bankable feasibility study by 2031. The property shows promising exploration results, including historical trenching that returned 1.12% Cu over 35m and multiple mineralized intrusions similar to the Mount Polley Intrusive Complex. Eagle Plains will serve as the operator and retain a 2% smelter return royalty, 1% of which can be repurchased for CA$1M.

Positive

• Historical trenching showed significant copper mineralization with 1.12% Cu over 35m, including high-grade 7.12% Cu over 5m
• Strategic location adjacent to Imperial Metals' Mount Polley Property in a proven mineral-rich region
• Multiple mineralized intrusions identified similar to the Mount Polley Intrusive Complex
• Project is fully owned by Eagle Plains with potential for both copper-gold porphyry and epithermal gold mineralization

Negative

• Significant exploration expenditure required (CA$3M) to earn initial 60% interest
• Long timeline for full earn-in, with feasibility study required by 2031 for 75% interest
• Early-stage project with no defined resource estimates
• Portions of property subject to existing Net Smelter Royalties held by third parties

CRANBROOK, BC / ACCESS Newswire / June 19, 2025 / Eagle Plains Resources Ltd. (TSXV:EPL)(OTCQB:EGPLF) ("EPL" or "Eagle Plains") and Tana Resources Inc. (CSE:TANA) ("TANA" or "Tana") are pleased to announce the parties have entered into an option agreement (the "Option") dated June 17, 2025, pursuant to which Tana has been granted the exclusive right to acquire up to a 75% interest in Eagle Plains' wholly-owned Mount Polly West (MPW) copper-gold project ("the Project"). The 7,407 ha MPW Project is located 54 kms north-northeast of Williams Lake and adjacent to Imperial Metals' Mount Polley Property, in British Columbia's Cariboo region. Management of both Eagle Plains and Tana consider the MPW to hold excellent potential for copper-gold porphyry and epithermal gold mineralization. The property is owned 100% by Eagle Plains, with a portion of the property subject to Net Smelter Royalties held by third parties, including Eagle Royalties.

Key highlights include:

• Historical trenching returned 1.12% Cu over 35m, including 7.12% Cu over 5m ¹

• Historic exploration has documented

  • multiple mineralized intrusions similar in nature to the Mount Polley Intrusive Complex (MPIC) ²

  • coincident geophysical and geochemical anomalies that support the presence of additional prospective intrusions ³

• Exploration by Eagle Plains has located down-ice basal till gold grain counts indicative of potential proximal sources ⁴

Chuck Downie, President and CEO of Eagle Plains commented "Grass roots fieldwork by Eagle Plains and past operators at MPW has identified many of the geological indicators associated with porphyry and epithermal mineralizing systems and we look forward to working with the Tana team to advance the Project."

"We are excited to add the Mount Polley West project to the Tana portfolio and work with the Eagle Plains, one of the top project generators," commented Tana CEO Vic Koraijan. "The historic compilation in combination with the recent work by Eagle Plains has identified excellent porphyry and epithermal targets in a known mineral rich belt," he added.

Figure 1. Mount Polley West Property

To exercise the Option, Tana 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 Tana to acquire a 60% interest in the Project by paying CA$250,000, issuing an aggregate of 2,750,000 common shares to EPL and funding CA$3,000,000 in exploration expenditures on the Project by over a four-year term, including $75,000 in expenditures in 2025. Pursuant to the Second Option (if elected by Tana), Tana may acquire an additional 15% interest in the Project (for a 75% total interest) by notifying Eagle Plains of its intent to increase its interest to 75%, and by completing a bankable feasibility-level study on the Property prior to December 31, 2031.

If either the First Option or the Second Option is exercised, a 2% smelter return royalty will be granted to the Eagle Plains over part of the property, 1% of which may be repurchased for CA$1,000,000.

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, Tana and Eagle Plains shall then form a 60/40 or 75/25 joint venture ("JV") to further explore and develop the Property.

Some of the above results were taken directly from MINFILE descriptions and assessment reports (ARIS) filed with the BC government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person but form a basis for ongoing work on the subject properties. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.

See MPW Property Information and Map here

The Mount Polley West property lies in the Quesnel Trough and is underlain by the Triassic Nicola Group volcanics and volcaniclastics intruded by coeval and younger small stocks, plugs and dykes of syenitic to monzodioritic composition, a setting similar to the Mount Polley Mine approximately 5 kilometres to the east. In addition, 10 documented BC MINFILE mineral occurrences lie within the property boundaries, primarily copper showings.

¹ Kikauka, A. (1999). Geological and Geophysical Report on the J 1-4 Claim Group, Jacobie Lake, Likely, B.C.. (File No. 25960)

² Montgomery, A. (1990). 1990 Assessment Report on a Prospecting and Geological Work Program, JC 1 & 2 Mineral Claims, Cariboo Mining Division (File No. 20792)

³ Downie, D., & Schmidt, N. (2022). 2022 Airborne Geophysical Survey of the ML Property, near Williams Lake, B.C.. Dahrouge Geological Consulting Ltd. (File No. 40295)

⁴ Baich, Ashton. (2025). 2024Mount Polley West Project Assessment Report (Filed for Assessment Mar. 14, 2025)

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 $100,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains latest spinout, Eagle Royalties Ltd. (CSE:"ER") was listed on May 24, 2023, and holds a diverse portfolio of royalty assets throughout western Canada.

On October 2, 2024, Eagle Plains announced 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 2010-2023 on Eagle Plains-related projects exceed $39M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 50,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

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

FAQ

What are the terms of the Eagle Plains (EGPLF) and Tana Resources option agreement for MPW project?

Tana can acquire 60% interest by paying CA$250,000, issuing 2.75M shares, and funding CA$3M in exploration over four years. An additional 15% interest requires completing a feasibility study by 2031.

Where is the Mount Polley West copper-gold project located?

The 7,407-hectare project is located 54 kilometers north-northeast of Williams Lake in British Columbia's Cariboo region, adjacent to Imperial Metals' Mount Polley Property.

What are the key exploration results from the MPW copper-gold project?

Historical trenching returned 1.12% Cu over 35m, including 7.12% Cu over 5m. The project has multiple mineralized intrusions similar to the Mount Polley Intrusive Complex and coincident geophysical and geochemical anomalies.

Who will operate the MPW project under the option agreement?

Eagle Plains will serve as the operator under the terms of the option agreement, with the right to use TerraLogic Exploration Inc. as geoscience consultant.

What royalties are associated with the MPW project?

Upon exercise of either option, Eagle Plains will retain a 2% smelter return royalty, of which 1% can be repurchased for CA$1M. Portions of the property are also subject to existing Net Smelter Royalties held by third parties.