Unlock stock picks and a broker-level newsfeed that powers Wall Street. Upgrade Now
Eagle Plains Announces Letter of Intent with Sun Summit Minerals for the Theory Copper-Gold Project, British Columbia
ACCESS Newswire · Eagle Plains Resources Ltd.

In This Article:

Eagle Plains Resources Ltd. (TSXV:EPL) ("Eagle Plains") is pleased to announce it has entered into a non-binding letter of intent ("LOI") with Sun Summit Minerals Corp. (TSXV:SMN)(OTCQB:SMREF) ("Sun Summit") whereby Eagle Plains and Sun Summit will negotiate and settle the terms of a definitive option agreement (the "Option Agreement") for Sun Summit to acquire up to a 100% interest in Eagle Plains' wholly-owned Theory copper-gold project (the "Theory Project").

The 9676ha Theory Project is considered to be highly prospective for both epithermal gold and copper-gold porphyry deposits. The Project is located in north-central B.C. within the Toodoggone Mining District, and is in close proximity with Sun Summit's JD Project. The project area shares similar geology to the JD Project and Thesis Gold's Ranch-Lawyers Projects. The property is owned 100% by Eagle Plains, with 122 hectares of the property subject to an underlying 0.5% Net Smelter Royalty held by a third party.

Chuck Downie, President and CEO of Eagle Plains, commented: "We are excited by the proposed agreement with Sun Summit on the Theory Project. Their track record at the adjoining JD project, where they completed an extremely successful drilling program within 7 months of signing an option agreement, speaks to their ability to rapidly evaluate and advance projects. We look forward to working with the Sun Summit team to realize the geological potential of the Theory Project."

Sharyn Alexander, President of Sun Summit, commented: "This proposed acquisition of the Theory Project significantly enhances our strategic position in the Toodoggone Mining District. By combining the Theory and JD Projects, we create a district-scale opportunity with exceptional exploration potential and significant logistical synergies. The option terms are both manageable and structured, allowing us to maintain financial flexibility while advancing exploration efforts. This acquisition aligns with our goal of building a robust, diversified portfolio in this highly active mining district, and we look forward to unlocking the full potential of these assets."

Under the terms of the LOI, Sun Summit may acquire a 75% interest in the Theory Project (Option 1) by completing the following over a four-year period:

  • Total exploration of expenditures of CDN $3,000,000 including diamond drilling in years three and four

  • Total cash considerations of CDN $250,000

  • Issuing 750,000 common shares of Sun Summit

Following the completion and notice of Option 1, Sun Summit shall have the right to earn an additional 25% interest in the Theory Project (Option 2) by notifying Eagle Plains of its intent to increase its interest to 100% and making an additional one-time payment of CDN$ 1,000,000 cash, of which half may be paid in Sun Summit shares valued at the time of notification.