CRANBROOK, BC / ACCESSWIRE / June 25, 2024 / Eagle Royalties Ltd. ("ER":CSE, or "Eagle Royalties") has been notified by Eagle Plains Resources Ltd. ("EPL":TSXV) that crews have been mobilized to EPL's 100% owned Mount Polley West Project ("MPW") located in central British Columbia. Eagle Royalties holds a 2% net smelter royalty ("NSR") on certain claims totalling 5246 ha at MPW. EPL may buy back 1% of the NSR upon payment to ER of $1M.
The MPW project is located 52km northeast of Williams Lake, British Columbia and targets copper and gold porphyry-style mineralization within the prolific Central Quesnel Belt. The project area is adjacent to a number of current, past-producing and development stage mines including:
Imperial Metals' Mount Polley Cu-Au porphyry (8km east of MPW)- current producer
Taseko Mines' Gibralter Cu-Mo porphyry (30km west of MPW)- current producer
Osisko Development's QR Au porphyry/skarn (3.5km north of MPW)- past producer / milling facility
Osisko Development's Cariboo Gold Project (51 km north of MPW)- development
Due to the proximity to the Mount Polley Mine Complex and extensive forestry activity in the area, the project has excellent infrastructure including the paved Likely Road and a high voltage powerline 5 km south of the property boundary. There are also a number of active gold placer mining operations established on drainages in the MPW property area. Eagle Royalties' management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the MPW property.
Property Geology and History
The MPW property is underlain by Nicola Group sedimentary and volcanic rocks. The tenures cover ten BC Minfile occurrences consisting of copper bearing minerals hosted in basaltic and volcanic rocks.
In response to the discovery of the Mount Polley deposit in 1964, exploration work increased in the region as other copper porphyry deposits were sought out. In the mid-1960's, a host of companies conducted a series of geophysical surveys and soil sampling programs. After a period of relative quiescence, exploration work increased in intensity in the early 1980's. A number of operators completed soil sampling programs, rock sampling campaigns, and geophysical surveys into the 1990's. During this period, several copper occurrences were discovered on the MPW property. Exploration in the 2000's and 2010's has been comparatively more subdued with mainly smaller soil sampling and geological mapping programs. There has been limited shallow drill testing completed within the current MPW project area.
2024 Work Program
After acquiring the core MPW claims, Eagle Plains Resources completed comprehensive compilation work, geological mapping and soil and rock geochemical sampling on the property. 2022 work confirmed copper mineralization on the property, interpreted to be indicative of a deeper porphyry copper source.
Bedrock exposure is limited with varying depths of glacial till cover, however 10 BC MINFILE occurrences have been documented on the property. Interpretation of historical work and recent work by Eagle Plains has identified glacial till sampling as an effective tool in vectoring toward bedrock sources of mineralization. Analyses of gold grains present in widely spaced till samples collected by Eagle Plains in 2023 in the NW of the property indicate the potential for an up-ice mineralized source to the south. Tills down-ice from Mount Polley show similar gold grain counts and grain morphology.
2024 fieldwork will focus on increasing the density of till sampling in the central part of the property, up- ice from the anomalous 2023 till results and in the area of overlapping radiometric and magnetic geophysical anomalies which are consistent with the geophysical signature of Mount Polley. The 2024 work will be managed by TerraLogic Exploration of Cranbrook, BC. The results from the 2024 program will be integrated with historical data to aid in planning the next stage of work which may include deep-looking airborne MT geophysics, ground IP geophysical surveys and mechanical trenching to identify drill targets.
Qualified Person
Technical information in this news release has been reviewed and approved by C.C. Downie, P.Geo., a director and officer of Eagle Royalties, hereby identified as a "Qualified Person" under N.I. 43-101.
About Eagle Royalties Ltd.
Eagle Royalties was previously a wholly-owned subsidiary of Eagle Plains Resources Ltd. ("EPL":TSXV), 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 holding a diverse portfolio of royalty interests in western Canada covering a broad spectrum of commodities including critical metals, precious metals, industrial minerals and diamonds. Projects subject to royalties in favour of Eagle Royalties are controlled by companies including Banyan Gold Corp., Skeena Resources Ltd., Eagle Plains Resources among many others.
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.
