Eagle Plains Identifies Prominent Off-Hole Geophysical Anomaly at Vulcan, Reports on Encouraging Petrographic Results

CRANBROOK, BC / ACCESSWIRE / January 18, 2023 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") reports that final results from Borehole Time-Domain Electromagnetic ("BHEM") surveying and thin-section petrography have been received from its 2022 three-hole, 1,700m (5,577') drilling program on Eagle Plains' Vulcan critical metals project. The Vulcan project is owned 100% by Eagle Plains and carries no underlying royalties or encumbrances.

Vulcan is located 30km west of the world-class Sullivan sedimentary exhalative ("sedex") critical metals deposit near Kimberley, BC and is accessible by an extensive network of well-maintained forest service roads. Analytical results from the 2022 drill program were announced previously by Eagle Plains (see news release December 7th, 2022). Initial observations of core lithologies, mineralogy, alteration and mineral tenor from VU22004 suggest proximity to a sedex-type vent source near the trace of the drill-hole. Recently-interpreted petrographic work and borehole geophysical results strongly support this interpretation.

Highlights:

• Thin section petrographic interpretation from drill-hole VU22004 identified primary bedded sulphides, as well as textures, mineral assemblages, garnets and alteration (tourmalinite, sericite) - all indicative of proximity to an exhalative (sedex) source.
• BHEM outlined a strong conductivity anomaly along strike to the south-southeast of VU22004 at depths consistent with the mineralized interval.
• Previously-reported analytical results for VU22004 include:
  • 11.55m @ 0.46% Zn, 0.02% Pb, 21.48 ppm Cd, 90.65 ppm Sn (545.50-557.05m), including
    • 1.50m @1.72% Zn, 68.83 ppm Cd, 32.09 ppm Sn (554.58-556.08m), including
      • 0.22m @ 6.46% Zn, 259.00 ppm Cd, 39.10 ppm Sn (554.58-554.80m), and
      • 0.18m @ 3.16% Zn, 126.50 ppm Cd, 26.80 ppm Sn (555.53-555.71m)

Drillhole VU22004 was completed in the West Basin Zone and was designed to target the Lower-Middle Aldridge Contact ("LMC") and test for sedex-style mineralization hosted at "Sullivan Time" (considered to be located directly beneath LMC). This hole indicates that limited historic drilling in the area stopped short of target stratigraphy. The LMC was intersected at 303.0m and is underlain by a broad mineralized fragmental unit (334.1-473.0m) with an abundance of pyrrhotite-sphalerite-galena (iron-zinc-lead) clasts and intact mineralized beds increasing down-hole. Two thin-sections of the mineralized fragmental show that mineralized clasts have a high abundance of tourmaline and garnet associated with primary bedded sulphides (pyrrhotite-sphalerite-galena). Underlying the fragmental unit is a zone of thin to medium bedded sediments (473.0-597.0m) hosting sphalerite-dominant stratabound mineralization. Thin section petrographic analysis from the Lower Aldridge mineralized sequence shows the same strong association between tourmalinite and primary bedded sulphides. Sulphide mineralization associated with significant tourmaline and the presence of garnets is indicative of an exhalative mineralizing event. The sulphide assemblage in the footwall mineralization shows increased concentrations of chalcopyrite and arsenopyrite, which suggests the drillhole is proximal to a mineralizing vent, a relationship also observed at the Sullivan deposit.