Eagle Plains Partner Refined Energy Files 43-101 Report on Dufferin Project with Recommendations for Drill Program at Dufferin West Targets
Rhea-AI Summary
Eagle Plains Resources (OTCQB:EGPLF) announced that its partner Refined Energy Corp has filed a NI 43-101 technical report for the Dufferin Project in the Athabasca Basin. The report recommends a drill program of minimum 4 holes and 1,250 metres for the Dufferin West targets, with a proposed budget of $2,062,500.
The highest priority target features a conductor associated with the Virgin River Shear Zone, extending from the unconformity at the sandstone contact into the basement rocks. The depth of sandstone cover above the unconformity is estimated at less than 200m. The project's location is significant, being approximately 18 km south of Cameco's Centennial deposit, where historic drilling intersected 8.78% U3O8 over 33.9 metres.
Under the option agreement, Refined can acquire up to 75% interest in the 10,140ha Dufferin Project through a two-phase process. The first phase allows acquisition of 60% interest for CA$275,000, 1,000,000 shares, and CA$2.6M in exploration by 2026. The second phase permits an additional 15% interest for CA$500,000, 500,000 shares, and CA$3M in exploration by 2028. Eagle Plains will retain a 2% smelter returns royalty, with 1% repurchasable for CA$2M.
Additionally, Eagle Plains reported that Annacotty Resources Corp. has terminated its option on the company's 100% owned Donna property in BC.
AI-generated analysis. Not financial advice.
Positive
- None.
Negative
- Significant capital expenditure required with $2,062,500 proposed drilling budget
- Loss of Donna property option partner Annacotty Resources
- Targets have never been drill tested, indicating exploration risk
- Extended timeline for option agreement completion (up to 2028)
News Market Reaction – EGPLF
On the day this news was published, EGPLF gained 7.18%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
CRANBROOK, BC / ACCESS Newswire / June 30, 2025 / Eagle Plains Resources Ltd. (TSXV:EPL)(OTCQB:EGPLF) ("EPL" or "Eagle Plains") is pleased to announce that partner Refined Energy Corp (CSE:RUU)(OTC:RFMCF)(FRA:CWA0) ("Refined") has filed a National Instrument 43-101, Standards of Disclosure for Mineral Projects, technical report for the Dufferin Project in the Athabasca Basin. A drill program consisting of a minimum of four holes and 1,250 metres is recommended for the Dufferin West targets at a budget of
The highest priority target area (see figure below) is represented by a conductor associated with the interpreted trace of the Virgin River Shear Zone. It is a strong conductor associated with a distinct magnetic transition. This conductor is interpreted to extend from the unconformity at the sandstone contact well into the underlying basement rocks. The second conductor is also interpreted to extend from the unconformity to a lesser distance into the underlying basement rocks. Neither target has ever been drill tested and the depth of sandstone cover above the unconformity is estimated to be relatively shallow at less than 200m. Uranium deposits in the Athabasca Basin are often located at or underneath the unconformity contact between the overlying sandstone and the basement rocks.
Mark Fields, Chief Executive Officer of the Company stated, "It is exciting to be planning an initial drill program for Refined Energy in the Athabasca Basin, renowned for its history of exploration, discovery, and development of high value uranium mines. The Dufferin Project is located in proximity to NE-SW trending faults which are known to host uranium mineralization. An example approximately 18 km north of Dufferin West on the same Virgin River Shear Zone is Cameco's Centennial deposit where historic drill hole VR-031W3 intersected 8.78 per cent U3O8 over 33.9 metres (SMAF 74G12-0061)1. Our work is focused on the discovery of potential high-grade deposits that characterize the Athabasca Basin."
See Dufferin West Uranium Target Compilation Map here
Refined holds the exclusive option to acquire up to a
See Dufferin West Property Information and Map here
See Dufferin North Property Information and Map here
The Dufferin Project is located on or in close proximity to the known trace of the Virgin River Shear Zone and related splays which are key structures for potential uranium mineralization.
The Project is prospective for unconformity- and basement-hosted uranium mineralization in proximity to the Virgin River Shear Zone. Faulted basement contacts and brittlely reactivated structures are the primary locations for mineralization in the area covered by the Dufferin Project. The relatively high concentration of secondary uranium-bearing minerals demonstrated by prior exploration work on the Dufferin Project indicates uranium mineralization remobilization may play an important role in this region of the Athabasca Basin. Geophysical EM and magnetic anomalies demonstrated by prior exploration work on the Dufferin Project are supported by previous uranium and boron soil and lake sediment anomalies along the inferred fault zones, which are expected to aid in focusing future exploration programs.
Some of the above results were taken directly from the SMDI descriptions and assessment reports (SMAF) filed with the Saskatchewan 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. Eagle Plains' 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.
References
1 Witt, Gary and Brown, A.G., (2010): Cameco Corporation Virgin River Project 2009 Annual Exploration Report; SMAF 74G12-0061
Dufferin Option Agreement Details
To exercise the Option, Refined 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
Qualified Person
Technical information in this News Release has been reviewed and approved by C.C. Downie, P.Geo., a director and officer of Eagle Plains, hereby identified as the "Qualified Person" under N.I. 43-101.
Update on Donna Property Option
Eagle Plains reports that is has received formal notice from option partner Annacotty Resources Corp., a private BC company, that it has terminated its option on EPL's
Since acquiring the property, Eagle Plains has carried out annual systematic exploration including airborne radiometric and magnetic surveys, prospecting, geological mapping, soil and silt geochemical sampling and 1152m (3779") of diamond drilling in 12 holes. The property boasts a robust GIS database consisting of rock, soil, silt, till, trench and drill-hole results within and adjacent the property area. In July, 2020, EPL completed the purchase of historical crown grants covering workings documented at the St. Paul and Morgan mines (BCMINFILE 082LSE010), which include shafts, tunnels, winzes and an unknown number of open cuts and trenches, as well as a tramline and stamp mill that operated in the early 1900's.
See Donna Property Information and Map here
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 2010-2023 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 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