Eagle Plains Buys More Tenure and Begins Fieldwork on Slocan Graphite Property
2021-10-21 12:34 ET - News Release
Mr. Tim Termuende reports
EAGLE PLAINS ACQUIRES ADDITIONAL TENURE AND COMMENCES 2021 FIELDWORK AT THE SLOCAN GRAPHITE PROPERTY
Eagle Plains Resources Ltd. has mobilized crews to commence exploration fieldwork at the road-accessible Slocan graphite project located 34 kilometres northwest of Castlegar, B.C. The project 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 two kilometres. Prior to the commencement of fieldwork, Eagle Plains acquired by staking an additional 188 hectares of mineral tenure to increase the property size to 2,387 hectares. The 2021 program work will be managed by TerraLogic Exploration Services of Cranbrook, B.C. under the supervision of Jarrod A. Brown, PGeo.
The current program will focus on prospecting and geological mapping in underexplored areas of the property to locate extensions of the known graphite mineralized horizon and to better understand controls on mineralization.
About the Slocan graphite project
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 km 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 down-dip of known occurrences. A limited number of documented samples have been taken across the Tedesco horizon and analyzed for carbon graphite ranging from trace values to grades of up to 3.36 and 4.43 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 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." 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 a 2010 airborne electromagnetic (EM) 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 component of Eagle Plain's broad and varied portfolio of exploration projects. The project is consistent with the company's policy of identifying and acquiring undervalued exploration projects during cyclical downturns within a particular commodity space.
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 continuing work at the Slocan graphite property. While the company considers the historical information to be relevant to investors as it may indicate the presence of mineralization, the reader is cautioned that a Qualified person has not done sufficient work to evaluate the potential of the property to contain an economic deposit and that there is no certainty that the property contains a graphite deposit.
Charles C. Downie, PGeo, a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and a director of Eagle Plains Resources., has prepared, reviewed and approved the scientific and technical disclosure in this news release.
About Eagle Plains Resources Ltd.
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout Western Canada. The company 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. Eagle Plains also holds significant royalty interests in Western Canadian projects covering a broad spectrum of commodities. Management's focus is to advance its most promising exploration projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Throughout the exploration process, the company's mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
Expenditures from 2011 to 2020 on Eagle Plains-related projects exceed $22-million, most of which was financed by third party partners. This exploration work resulted in approximately 37,000 metres of diamond drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
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