Norra Metals completes compilation of historical data from Bleikvassli and Meråker
CRANBROOK, BC/ACCESSWIRE/January 25, 2022/( ) received regulatory approval from the TSX Venture Exchange for the option agreement on the Slocan Graphite property (November 9and) between (ABN) and Eagle Plains. Aben may acquire a 100% interest less a 2% net production royalty (“NPR”) in the Slocan Graphite Project located 34 km northwest of Castlegar, British Columbia (the “Agreement”). Under the terms of the agreement, Aben is to make exploration expenditures of $1,000,000, issue 850,000 common shares and make cash payments of $150,000 to Eagle Plains over a three-year period. In addition, if at any time Aben or his successors declare a resource greater than 10 Mt for the tenures comprising the property, EPL will receive a one-time “success fee” of 500,000 Aben shares.
The Slocan Graphite Project consists of 2,387 ha 100% owned by Eagle Plains with no underlying royalties or encumbrances. The property hosts several large outcrops containing flake graphite and float occurrences known as the Tedesco Zone, which is interpreted to span 2.0 km. Eagle Plains has recently completed fieldwork on the property and is encouraged by the preliminary field observations, with the program focused on prospecting and geological mapping in under-explored areas of the property with the aim of locating extensions of the known graphite mineralized horizon and to better understand the controls on mineralization. .
See project location and summary map here
Graphite is a natural form of carbon and is an excellent conductor of electricity and heat. It is becoming increasingly important as a critical strategic element 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 5th among graphite suppliers.
View the forecasted global demand chart for raw battery minerals here
(Source – Mineral Intelligence Benchmark)
About the Slocan Graphite Project
The Slocan Graphite project benefits from excellent infrastructure, including a high-voltage transmission line within 1.2 km of the property boundary, an extensive network of logging roads on and around the property, and a mill graphite processing plant and existing facilities located 1.5 km west of the property. , owned by Eagle Graphite Corporation.
Graphite mineralization was initially discovered in logging road outcrops in the late 1990s. Ground and airborne geophysical surveys were conducted in the project area in 2000 and 2010 respectively. Both surveys have returned strong conductive anomalies which are consistent with surface mineralization and are interpreted to extend along strike and down dip from known occurrences. A limited number of documented samples have been taken from the Tedesco horizon and assayed for carbon graphite ranging from trace values to grades up to 3.36 and 4.43%.
Graphite mineralization is hosted primarily in carbonate and calcium silicate lithologies within the Passmore Dome of the Valhalla Metamorphic Complex, a geological setting consistent with a crystalline flake graphite deposit model. Previous operators have estimated the mineralized horizon to be up to 50m thick, but they cite that it is difficult to determine due to a lack of surface exposure. The horizon has never been tested by diamond drilling.
Former 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” (BC Assessment Report 26537).agrees with Eagle Plains geologists who are of the opinion that the high quality, large flake character of the graphite mineralization found to date, the spatial extent of the conductivity of an airborne electromagnetic survey ( “EM”) of 2010, minimal historic exploration activity, excellent proximity to infrastructure and favorable economic prospects for graphite as a strategic raw material make Slocan Graphite an attractive project for continued exploration.
Management cautions that historical results were collected and reported by past operators and have not been verified or confirmed by a qualified person, but form a basis for ongoing work on 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 assess the property’s potential. to contain an economic deposit and that it is not certain that the property contains a graphite deposit.
See the airborne magnetic image of the Slocan Graphite Zoff project here
“The Slocan Graphite project is a great addition to Aben’s project portfolio and will allow the company to enter the very exciting space of EV battery metals which is currently experiencing exponential growth due to the electrification of the industry. automobile..” Comments Jim Pettit, President and CEO of Aben.
Tim Termuende, P.Geo, President and CEO of Eagle Plains commented on the transaction: “we are happy to partner with Aben on this exciting project. Aben’s option is consistent with Eagle Plains’ strategy of seeking and identifying opportunities in the mineral exploration industry and we are pleased to have the technical, financial and marketing capabilities of the team of Aben aligned with ours. Our stake in Aben and production royalties ensure that EPL shareholders will benefit as exploration is successful on the project, while downside exploration and development risk to our shareholders is eliminated.“.
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 – Disclosure Standards for Mining Projects, and Director ofprepared, reviewed and approved the scientific and technical disclosure contained in this press release.
About Eagle Plains Resources
Based in Cranbrook, BC, Eagle Plains is a prolific, well-funded project generator that continues to research, acquire and explore mineral projects in Western Canada. The Company was established in 1992 and is the ninth oldest issuer listed on the TSX Venture Exchange (and one of only three that has not experienced a stock reduction or restructuring). Eagle Plains has continued to generate shareholder value over the years and, through numerous spin-offs, has transferred approximately $95,000,000 in value directly to its shareholders, along with Copper Canyon Resources andbeing notable examples.
The Company is committed to steadily improving shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and the development of a highly experienced technical team. Eagle Plains also holds significant royalty interests in projects in Western Canada, covering a wide range of commodities. Management’s objective is to advance its most promising exploration projects. Throughout the exploration process, our mission is to help sustain thriving communities by exploring and uncovering resource opportunities while building lasting relationships through honest and respectful business practices.
Spending from 2011 to 2021 for Eagle Plains-related projects exceeds $27 million, the majority of which was funded by third-party partners. This exploration work resulted in approximately 42,000 m of diamond drilling and significant ground exploration work facilitating the advancement of numerous projects at various stages of development.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
For more information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
E-mail: [email protected] or visit our website at http://www.eagleplains.com
Caution 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 press 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 title, potential mineral recovery, etc. Forward-looking statements relate to future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in these statements.
THE SOURCE: Eagle Plains Resources Ltd.
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