Eagle Plains Completes 2024 Fieldwork, Receives Drill Permit at Adamant REE Project, British Columbia

Rhea-AI Summary

Eagle Plains Resources (TSX-V:EPL) has completed 2024 fieldwork at its 100%-owned Adamant Property in British Columbia, which hosts Rare Earth Element (REE) mineralization. The company has also received a Multi-Year Area Based Permit (MYAB) for geophysics, trenching, and drilling. The 2024 fieldwork focused on extending known syenite and pegmatite dyke swarms and evaluating additional targets. It generated 23 rock samples and 2 stream-silt samples, along with scintillometer survey traverses. Previous work in the area has shown high-grade REE mineralization, with samples returning up to 12.63% Total Rare Earth Oxides (TREO). Eagle Plains is actively seeking a partner for the project, which meets qualifying transaction requirements for both CSE and TSX.V listings.

Positive

• Received Multi-Year Area Based Permit for advanced exploration activities
• Completed 2024 fieldwork, generating 23 rock samples and 2 stream-silt samples
• Previous work showed high-grade REE mineralization up to 12.63% TREO
• Project meets qualifying transaction requirements for CSE and TSX.V listings

Negative

• Analytical results from 2024 fieldwork are still pending
• Company is actively seeking a partner for the project, indicating potential need for additional funding or expertise

News Market Reaction

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On the day this news was published, EGPLF declined 6.25%, reflecting a notable negative market reaction.

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CRANBROOK, BC / ACCESSWIRE / October 1, 2024 / Eagle Plains Resources (TSX-V:EPL) has completed 2024 fieldwork at its' 100%-owned Adamant Property, located 80 km NE of Revelstoke, British Columbia. The 10080ha property is host to Rare Earth Element ("REE") mineralization in syenite, carbonatite and pegmatite dyke systems that are numerous and widespread over approximately 25 km of strike length. In addition, Eagle Plains is pleased to announce that the BC Ministry of Energy, Mines and Low Carbon Innovation has approved a Multi-Year Area Based Permit (MYAB) for the Property, which includes provisions for geophysics, mechanical trenching and diamond drilling.

2024 Fieldwork

Eagle Plains, through contractor TerraLogic Exploration Ltd, completed fieldwork earlier this summer with a focus on defining and extending the known syenite and pegmatite dyke swarms and evaluating additional targets generated by Eagle Plains during its 2022 work program and through compilation of historic work. The 2024 field program was completed in early September and generated 23 rock samples and 2 stream-silt samples as well as scintillometer survey traverses.

2024 work included prospecting in the Kin Far West Zone where receding glaciers have exposed new outcrop upstream from a series of historic stream silt anomalies which returned up to 4,136 ppm Total Rare Earth Elements (TREE*). Within the northern Amy-Carmen Trend, infill prospecting and mapping was completed to follow-up strongly anomalous 2022 rock samples which returned up to 43,300 ppm TREE (5.07% TREO) and 25,700 ppm (2.57%) Nb. Detailed prospecting was completed at the Brad-North target to assess the possible presence of a mineralized trend parallel to the Amy-Carmen zone, indicated by historic anomalous 2011 stream-silt anomalies which returned up to 4,638 ppm TREE.

Analytical results from the 2024 fieldwork are pending and will be released once they have been received, compiled and interpreted. The Adamant project is a property of merit that meets qualifying transaction requirements for both CSE and TSX.V listings. Eagle Plains is actively seeking a partner for the project.

See Adamant Project Summary Map here

Adamant Geology and Project History

Eagle Plains acquired the Adamant Property by staking in 2021 and 2022 and currently holds a 100% interest subject to underlying royalties. The Adamant property contains high-grade metamorphic rocks which have been intruded by a series of syenite dykes and sills. Critical metals were first reported in the area in 1956 with the identification of niobium in placer samples from Trident Creek. The Geological Survey of Canada in 1965 identified a large REE-bearing nepheline syenite gneiss unit northwest of the Adamant property at Trident Mountain (BC MINFILE 082M 126). A study conducted in 1987 by the Government of British Columbia focused on the economic viability of feldspar and nepheline syenite occurrences in the area and concluded that potential exists for the production of feldspathic products meeting commercial specifications for use in glass/ceramic manufacturing.

The last systematic exploration work on the property previous to 2022, was carried out in 2011 by Critical Elements Corporation which increased the known extent of the Trident Mountain syenite from 15 km to approximately 25 km. Grab samples collected in the Trident area saw results grading from trace quantities to up to 31,387 ppm TREE* (3.67% TREO**), 481.2 ppm Nb; and 50,655 ppm TREE (5.92% TREO), 1721 ppm Nb and >2000 ppm Mo. In this target area, 21 samples collected returned average values of 6829 ppm TREE, 265 ppm Nb and 195 ppm Mo.

2011 fieldwork in the Kin area saw the discovery of new mineralization named the "Amy-Carmen Trend" where 43 rock samples collected returned results ranging from between 38 ppm and 74,061 ppm TREE (8.67% TREO), 22 ppm to 21,126 ppm (2.12%) Nb and 0.7 ppm to 62,900 ppm (6.29%) Mo, with respective averages of 10,074 ppm TREE, 2684 ppm Nb and 2832 ppm Mo. Other elements of interest from the Amy-Carmen trend include values ranging from trace quantities to up to 1000 ppm HREE, 166 g/t Ag and 181 ppm Ta.

Also discovered in 2011 was the "Carmen Trend", which is located 500m south of the Amy-Carmen Trend. This parallel trend comprises a broad zone (~250m wide) containing many narrow, mineralized structures. The results from 9 samples collected over a 1 km strike in this zone returned values ranging from trace quantities to up to 107,989 ppm TREE (12.63% TREO), 34731 ppm (3.47%) Nb, 16.4 ppm Mo and 4089 ppm HREE. (Source: BCGS Assessment Report 32655).

Many of the hard rock discoveries in 2011 were made following up targets derived from combined 2010-2011 airborne radiometric surveys and a detailed heli-assisted silt-stream geochemical program.

The above historical 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. Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.

Results from the 2022 Eagle Plains field program included the highest ever stream-silt sample REE assay recorded on the property with sample JMCADS009 from the Carmen trend returning 6365 ppm TREE*. Rock grab sampling returned 10 samples over 5000 ppm TREE, with a best result of 43331 ppm TREE (5.07% TREO) located upstream of this stream-silt anomaly. Two of the top-10 rock sample results also returned the highest ever reported heavy rare earth element (HREE***) assays on the property including 10103 ppm (1.01% HREE: sample JKADR010), and 8750 ppm HREE (sample JMCADR012). Other best-of strategic element rock results from the 2022 program include 1.44% Mo, 2.57% Nb, and 1480 ppm Ta.

For context and in comparison to other BC REE projects, Defense Metals' (TSX-V.DEFN) Wicheeda Project, located 80km NE of Prince George, has a Measured Mineral Resource of 6.4 million tonne, averaging 2.86% (TREO); Indicated Mineral Indicated Resource of 27.8 million tonne , averaging 1.84% TREO; and an Inferred Mineral Resource of 11.1 million tonne, averaging 1.02% TREO, reported at a cut-off grade of 0.5% TREO (Defense Metals website).

Management cautions that results or discoveries on geologically similar projects are not necessarily indicative of the results that may be achieved on the Adamant property.

*TREE (total rare earth elements sum) is inclusive of La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu.
**TREO (total rare earth element oxides: sum of REE₂O₃)
***HREE (heavy rare earth elements) is the heavy REE subset of TREE including Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu.

Jarrod Brown, P.Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has prepared, reviewed, and approved the scientific and technical disclosure in the 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.

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 $38M, 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 of Eagle Plains

"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 accesswire.com

FAQ

What were the results of Eagle Plains Resources' (EGPLF) 2024 fieldwork at the Adamant Property?

The results of the 2024 fieldwork are pending. Eagle Plains completed the fieldwork in early September, generating 23 rock samples and 2 stream-silt samples, along with scintillometer survey traverses. The company will release the results once they have been received, compiled, and interpreted.

What type of permit did Eagle Plains Resources (EGPLF) receive for the Adamant Property in 2024?

Eagle Plains Resources received a Multi-Year Area Based Permit (MYAB) from the BC Ministry of Energy, Mines and Low Carbon Innovation. This permit includes provisions for geophysics, mechanical trenching, and diamond drilling at the Adamant Property.

What were the highest REE grades previously reported at Eagle Plains Resources' (EGPLF) Adamant Property?

Previous work at the Adamant Property reported high-grade REE mineralization. The highest grade reported was 107,989 ppm TREE (12.63% TREO) from the Carmen Trend. Other notable results include samples grading up to 8.67% TREO from the Amy-Carmen Trend.

Is Eagle Plains Resources (EGPLF) seeking a partner for the Adamant REE project as of October 2024?

Yes, as of October 2024, Eagle Plains Resources is actively seeking a partner for the Adamant REE project. The company states that the project meets qualifying transaction requirements for both CSE and TSX.V listings.