Eagle Plains Sells Slocan Graphite Project to Ontario Private Co.
C.C. (Chuck) Downie reports
Cranbrook, B.C., December 10th, 2024: Eagle Plains Resources (TSX-V:EPL) (“Eagle Plains”, or “EPL” or the “Company”) is pleased to announce that it has it has entered into a mineral property purchase and sale agreement (the “Purchase Agreement”), dated effective December 06, 2024, with Weaver Energy Corp. (“Weaver”), a private company registered in Ontario, pursuant to which Weaver will acquire Eagle Plains’ 100% owned Slocan Graphite Project.
Summary of Purchase Agreement
The aggregate purchase price payable by Weaver to Eagle Plains consists of (a) $150,000 cash and (b) the granting of a net production royalty of 0.5% (the “NPR Royalty”) to Eagle Plains on the Slocan Graphite claims. The claims also have an underlying 2% NPR Royalty in favour of Eagle Royalties Ltd.
About the Slocan Graphite Project
The Slocan Graphite Project is located 28 km north of Castlegar, BC and consists of 14 mineral claims covering 2888 ha. The Project benefits from excellent infrastructure including a high-voltage transmission line within 1.2 km 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, which was recently purchased by Weaver Energy. This facility is one of only two natural flake graphite production facilities in North America.
The Slocan Graphite tenure covers the majority of the known graphite mineralization that defines the Tedesco Graphite Showing (MF 082FNW285). The showing is currently defined based on a cluster of more than 20 graphitic bearing grab samples, spatially associated with an arcuate 3 km x 1 km strongly conductive airborne EM anomaly. Grab samples by a previous operator (Anglo Swiss) returned total organic carbon contents up to 4.43 % carbon. Verification sampling by Terralogic Exploration personnel in 2017 and 2019 returned total carbon values ranging from trace to 3.36% total carbon.
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 50m 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.
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 favorable economic outlook for graphite as a strategic commodity make Slocan Graphite a compelling project for continued exploration.
The Property has a Multi-Year Area Based (MYAB) in place application for the Property issued by the BC Ministry of Energy, Mines and Low Carbon Innovation that includes provisions for geophysical work, mechanical trenching and diamond drilling.
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 at the Slocan Graphite property. While the company considers the above 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.
Qualified Person
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and a Director of Eagle Plains Resources Ltd., has prepared, reviewed, and approved the scientific and technical disclosure in this news release.
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.
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