Eagle Plains Partner Earthwise Commences Drill Program at the Iron Range Precious Metals Project, SE BC
Rhea-AI Summary
Eagle Plains (OTCQB:EGPLF) reports that partner Earthwise Minerals has started a diamond drill program at the 100%-owned Iron Range Project in southeast BC. Three 2026 holes will test and extend the high-grade Talon Zone, guided by historic intercepts and geophysical anomalies.
Earthwise may earn up to an 80% interest by staged cash, share payments and funding up to CA$4M in exploration, plus a further CA$1M and a bankable feasibility study. Eagle Plains would retain a 2% smelter returns royalty and later form a 70/30 or 80/20 joint venture.
AI-generated analysis. Not financial advice.
Positive
- Earthwise-funded 2026 drill program targets Talon Zone and IP anomaly
- Option requires CA$250,000 cash, 1,500,000 shares and CA$4,000,000 exploration spend
- Second-stage option adds CA$1,000,000 payment and bankable feasibility study
- Eagle Plains retains 2% smelter returns royalty, with 1% buyback for CA$1,500,000
- Project is fully permitted under a Multi-Year Area Based permit
- Historic Talon Zone intercepts include 14.0m at 5.1 g/t Au and 75.3 g/t Ag
Negative
- Earning 70–80% interest is contingent on Earthwise completing payments and work commitments
- Historical results and some samples have not been verified by a Qualified Person
- Rock grab samples are selective and not necessarily representative of overall mineralization
- Management cautions past results on proximate land may not indicate future results on the property
News Market Reaction – EGPLF
On the day this news was published, EGPLF gained 3.70%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
CRANBROOK, BC / ACCESS Newswire / May 11, 2026 / Eagle Plains Resources Ltd. (TSXV:EPL)(OTCQB:EGPLF) ("EPL" or "Eagle Plains") is pleased to announce that partner Earthwise Minerals Corp. (CSE: WISE FSE: 966; OTCQB: EWISF) ("Earthwise" or "WISE") has commenced a diamond drilling program at Eagle Plains'
The 20,021ha 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
The 2026 drill program will target the Talon Zone structure, where 2010 drilling by Eagle Plains intersected 2 intervals of strong and continuous mineralization including 14.0m grading 5.1g/t gold,
Two of the three holes will cross-cut the Talon Zone structure, and are designed to infill gaps in the historic drilling. The third hole will test downdip and along strike of known mineralization, targeting a coincident resistivity-conductivity Induced Polarization (IP) anomaly.
Chuck Downie, President and CEO of Eagle Plains commented "We are excited to be back drilling at the Iron Range project with our partners Earthwise. The Talon Zone is a high-grade gold mineralized shear proximal to a major regional structure. The presence of similar structural splays off of the Iron Range Fault system, coincident with anomalous pathfinder geochemistry and IP geophysical anomalies that are modelled to extend to depth indicate the potential for additional Talon Zone style mineralization at the project."
See Iron Range Property Information and Map here
Iron Range Project Summary
The 20,021ha 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.
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,
Mineralization at the Pyromorphite Zone (BC MinFile 082FSE141) was discovered in 2009 after construction of logging roads exposed sheared and brecciated sediments hosting cm-scale quartz veins bearing pyromorphite (lead) mineralization. No significant work has been completed at the zone since its initial discovery by the previous tenure holder. Rock (grab) sample SK10-207 reports 27.0 g/t Au, 173.0 g/t Ag, and
Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across 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.
Iron Range Option Agreement Details
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 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 Option 1 or 2, Earthwise and Eagle Plains shall then form a 70/30 or 80/20 joint venture ("JV") to further explore and develop the Property.
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 an officer and 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 fourth-oldest listed issuer on the TSX-V (and the only one of these four 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 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 2010-2025 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 of Eagle Plains
"C.C. (Chuck) Downie, P.Geo"
President and CEO
For further information on EPL, please contact Andrew Wilson at 1 866 HUNT ORE (486 8673)
Email: abw@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