CRANBROOK, BC / ACCESSWIRE / December 12, 2023 / Eagle Royalties Ltd. ("ER.CN":CSE, or "Eagle Royalties") has received formal notice from Eagle Plains Resources Ltd. ("EPL":TSX-V) that EPL has significantly expanded the land package comprising the 3871 ha Schotts Lake project located in east-central Saskatchewan approximately 40km northwest of Flin Flon Manitoba. The property has been expanded by 1069 ha through staking, which has added approximately 27% more area which contains important geological and structural trends defined by recent work on the property. Schotts Lake contains an historical copper-zinc resource (details below) and is considered a flagship royalty asset by Eagle Royalties. Eagle Royalties holds a 2% Net Smelter Royalty on 15 of the 18 dispositions that comprise the property.
See Schotts Lake Royalty Map here
Schotts Lake Geology and History
The Schotts Lake property hosts metamorphic and intrusive rocks which are dominantly volcanic in origin and associated with an island arc environment. The rocks are folded into an easterly-dipping synform. Mineralization was first discovered in 1953 by Kay Lake Mines. A total of 79 drill holes have been completed for a total of 9516m (31,200') and a historical resource of 1,983,850 tonnes grading 0.61% copper and 1.35% zinc (Aur Resources, 2003-SDMI 0320). Notably, the historical resource did not include precious metal enrichment and/or cobalt. Eagle Royalties' management considers these estimates to be historical in nature and cautions that a Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves in accordance with National Instrument 43-101. These estimates do not comply with current definitions prescribed by National Instrument 43-101 or the Canadian Institute of Mining and are disclosed only as indications of the presence of mineralization and are considered to be a guide for additional work. The historical models and data sets used to prepare these historical estimates are not available to Eagle Royalties, nor are any more recent resource estimates or drill information on the Property.
Mineralization at Schotts Lake consists of semi-massive to massive pyrrhotite and pyrite with associated chalcopyrite (copper) and sphalerite (zinc). The Schotts Lake deposit is interpreted to be a typical exhalative volcanogenic massive sulphide ("VMS") zone. The mineralized zone has an average thickness of 20.4m, is overturned and lies on the eastern limb of a major north-easterly plunging fold. The deepest mineralized intercept is at a vertical depth of 266 meters, with mineralization open to depth. Compilation work completed by Eagle Plains resulted in the recognition of gold-rich mineralization in certain areas of the property, with results of up to 18.66 g/t Au over 1.86m reported in drill hole SL1955-19 (Mineral Assessment Work 63M-001).
The following table outlines other significant historical drill intercepts:
Table 1- Significant Drill Intercepts-Schotts Lake Project*
Hole ID |
Width(m) |
From(m) |
To(m) |
Cu(%) |
Zn(%) |
1 |
16.7 |
unknown |
Unknown |
1.1 |
1.83 |
4 |
0.76 |
unknown |
Unknown |
4.3 |
3.3 |
13 |
5.8 |
30.4 |
36.2 |
2.5 |
0.17 |
35 |
1.7 |
256.8 |
258.5 |
2.07 |
0.01 |
65 |
15.8 |
82.3 |
98.1 |
0.38 |
1.84 |
66 |
7.6 |
71.6 |
79.2 |
0.96 |
5.48 |
67 |
3.0 |
49.1 |
52.1 |
1.71 |
3.48 |
68 |
17.9 |
133.8 |
151.7 |
0.85 |
1.53 |
69 |
18.3 |
128.2 |
146.5 |
0.53 |
1.09 |
70 |
22.7 |
149.7 |
172.4 |
0.54 |
1.96 |
75 |
27.4 |
183.5 |
210.9 |
0.35 |
2.25 |
* intercepts in the above table refer to actual drilled thickness in meters and may not represent the true thickness of the intercept
Recent exploration activity by Eagle Plains in 2021 consisted of a ground-based electromagnetic ("EM") survey over 6.5 line-kms, covering known mineralization and surveying of areas of high potential. This work was followed up in 2022 with soil sampling, lithogeochemical sampling and geological mapping on high-priority EM targets. Comprehensive geophysical modelling of all geophysical data including a high-resolution 2008 VTEM survey was subsequently completed, identifying additional drill targets with the objective of expanding the current resource.
The above results were taken directly from the SMDI descriptions and assessment reports filed with the Saskatchewan government. 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 on the subject properties. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties
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 both Eagle Plains and Eagle Royalties, has prepared, reviewed, and approved the scientific and technical disclosure in the news release.
About Eagle Royalties Ltd.
Eagle Royalties was previously a wholly-owned subsidiary of Eagle Plains Resources Ltd. ("EPL":TSX-V), incorporated in late 2022 to manage the diverse royalty holdings of EPL. In May 2023, ER was spun out to Eagle Plains' shareholders on a 1:3 basis by means of a plan of arrangement. Concurrent with the spin-out transaction, Eagle Royalties amalgamated with 1386884 B.C. Ltd., which effectively provided ER with CDN $2.7M in initial funding. Eagle Royalties was listed for trading on the Canadian Securities Exchange ("CSE") on May 19th, 2023.
Eagle Royalties benefits from having over 50 royalty interests in western Canada, covering a broad spectrum of commodities including critical metals, precious metals, uranium, industrial minerals and diamonds. Projects subject to royalties in favour of ER are controlled by companies including Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd. and Hecla Mining Co./Banyan Gold Corp., among many others.
On behalf of the Board of Directors
"Tim J. Termuende"
President and CEO
For further information on ER, please contact Mike Labach, Business Development Officer, at
1 866 HUNT ORE (486 8673)
Email: info@eagleroyalties.com or visit our website at https://www.eagleroyalties.com/
Cautionary Note Regarding Forward-Looking Statements
Neither the CSE nor any other regulatory body has reviewed or approved the contents of this news release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming financings, 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.
SOURCE: Eagle Royalties Ltd.
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