Eagle Plains acquires Slocan graphite project
2018-04-19 12:15 ET - News Release
Mr. Tim Termuende reports
EAGLE PLAINS ACQUIRES HIGH-GRADE B.C. GRAPHITE PROPERTY
Eagle Plains Resources Ltd. has acquired by staking a high-quality graphite project. The 711-hectare, road-accessible Slocan graphite project is located 32 kilometres northeast of Nelson, B.C., and is owned 100 per cent by Eagle Plains with no underlying royalties or encumbrances. The property hosts several large-flake graphite-bearing outcrops and float occurrences known as the Tedesco zone, which is interpreted to extend over 2.0 kilometres.
Graphite is a naturally occurring form of carbon and is an excellent conductor of both electricity and heat. It is becoming increasingly important as a critical strategic component in advancing alternative energy solutions, including wind and solar power, hybrid vehicles, and other alternative energy uses. It is also a mainstay of the steel production industry. Canada is currently ranked as the fifth-largest supplier of graphite.
The Slocan graphite project benefits from excellent infrastructure, including a high-voltage transmission line within 1.2 kilometres of the property boundaries, an extensive network of forestry roads on and around the property, and an existing graphite processing plant and facilities located 1.5 kilometres west of the property, owned by Eagle Graphite Corp.
Graphite mineralization was initially discovered in logging road exposures in the late 1990s. Ground and airborne geophysical surveys were completed in the project area in 2000 and 2010, respectively. Both surveys indicated strong conductive anomalies that correlate well with surface mineralization and are interpreted to extend along strike and downdip of known occurrences. A limited number of documented samples have been taken across the Tedesco horizon and analyzed for carbon graphite ranging in grade from 1.2 to 3.5 per cent.
Graphite mineralization is hosted primarily in carbonate and calc-silicate lithologies within the Passmore dome of the Valhalla metamorphic complex, a geologic setting consistent with a crystalline flake graphite deposit model. Previous operators have estimated the mineralized horizon to be up to 50 metres thick, however, they cite that it is difficult to determine due to a lack of surface exposure. The horizon has never been tested by diamond drilling.
Past workers in the area concluded, "Although the graphite occurrences at Tedesco are in the early stages of exploration, geological, assay and geophysical data indicate significant potential to form an economic deposit" (B.C. assessment report No. 26537). Eagle Plains geologists are of the opinion that the high-quality, large-flake character of the graphite mineralization found to date, spatial extent of conductivity from the 2010 airborne EM (electromagnetic) survey, minimal historic exploration activity, excellent proximity to infrastructure and the favourable economic outlook for graphite as a strategic commodity make Slocan Graphite a compelling project for continued exploration and a potentially significant addition to Eagle Plain's broad and varied portfolio of exploration projects. The acquisition is consistent with Eagle Plain's policy of identifying and acquiring undervalued exploration projects during downturns within a particular commodity space.
Technical aspects of this news release have been reviewed and approved by C.C. Downie, PGeo.
About Eagle Plains Resources Ltd.
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout Western Canada. It is committed to steadily enhancing shareholder value by advancing its diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. The management's current focus is to preserve its treasury while advancing the company's most promising exploration projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions.
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