Eagle Plains/Amaroq Execute Option Agreement for Findlay Critical Metals Project

CRANBROOK, BC / ACCESSWIRE / May 8, 2023 / Eagle Plains Resources Ltd. (TSX-V:EPL, or "Eagle Plains") has executed an option agreement with Amaroq Gold Corp. ("Amaroq"), a BC corporation, whereby Amaroq may earn up to a 75% interest in the Findlay Project, located 35km NW of Kimberley, BC. The project is owned 100% by Eagle Plains, subject to underlying royalties.

Under the terms of the agreement, Amaroq may earn a 60% interest by completing $5,000,000 in exploration expenditures, issuing 1,800,000 voting class common shares and making $500,000 in cash payments over a 4 year period. Amaroq may increase its interest to 75% by delivering a feasibility study by 2030. A 2% NSR is reserved for Eagle Plains. Planning is underway to complete surface mapping, prospecting and geochemical surveys this upcoming season.

Findlay Project Summary

The Findlay Project overlies Aldridge Formation stratigraphy, considered prospective for sedimentary-exhalative ("sedex") deposits. Structurally, this area has been identified as an extension of the North Star-Sullivan corridor which hosts the world-class Sullivan critical metals deposit 35km to the southeast. Over its 100+ year lifetime, Sullivan contained a total of 160 million tonnes of ore averaging 6.5% lead, 5.6% zinc and 67 g/t silver, resulting in 298 million ounces of silver, 18.5 billion pounds of lead, 17.5 billion pounds of zinc and significant quantities of associated metals; collectively worth over $40B at current metal prices.. The Findlay property displays Sullivan-style exhalative tourmalinite (boron) horizons, massive fragmental sections, anomalous lead, zinc, and indicator geochemistry, and base-metal occurrences. This "Sullivan smoke" occurs throughout the Lower to Upper Aldridge formation and indicates the potential for Sullivan-style mineralization at multiple stratigraphic levels. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Findlay property.

Project History

The Findlay property has been explored sporadically since the 1930's. Government assessment reports show exploration programs by Cominco (1959-69, 1977, 1984-1988), Texas Gulf Sulphur (1971), Kerr-Addison Mines (1971-1975), Amax (1977-79), Four Tops Mining (1982-1985), Billiton Canada (1983-1984) and Teck Corp.(1990). Commodities sought were skarn-related tungsten from Cretaceous intrusions and base- and precious-metals from SEDEX style deposition. Eagle Plains Resources began acquiring claims in the Findlay/Doctor/Greenland Creek area in 1996.