- Eagle Plains Resources (TSXV:EPL) have purchased a 1,105 hectares mineral tenure from a third party
- The land sits adjacent to the 6,997 hectares that Eagle Plains already own in the Pine Channel gold project area
- The land parcel sits 43 km west of Stoney Rapids, Saskatchewan
- The company believes the potential of the site to be excellent
- Eagle Plains Resources (EPL) is holding steady at C$0.08 per share, with a market cap of $7 million
Eagle Plains Resources (TSXV:EPL) have purchased a parcel of mineral tenures totalling 1,105 hectares that sit adjacent to their Pine Channel gold project.
The Pine Channel gold area is a historic gold mining region in northern Saskatchewan, that has been producing gold since at least the turn of the 20th century.
This brings the total property the company owns in the area to around 8,000 hectares, situated some 43 km west of Stoney Rapids in northern Saskatchewan.
The exploration company is interested in the site as it hasn’t been explored since 1988.
Eagle Plains plan an extensive, systematic drilling program on the property in 2020, with the hopes of identifying drill targets for further development on the property.
The recent acquisitions cover two historical occurrences which reportedly contain visible gold and were graded up to 255.7 grams per tonne and 870 grams per tonne over narrow intervals.
Previous owners of the properties have conducted limited drilling programs, returning successful intersections with mineralisation at shallow depths.
Eagle Plains own 100 per cent of the Pine Channel gold area, and believe the new parcels offer excellent potential for exposing mineralisation at further depths.
In total this takes Eagle Plains holdings in the region to 9,105 hectares, which includes some 17 documented mineral occurrences.
Last year, Eagle Plains completed a surface exploration program to evaluate and confirm the nature of mineralisation previously documented at historical showings.
Highlights from that surface program included returns of 407 grams per tonne at one site and a staggering 6849 grams per tonne at the Thompson Island site.
Eagle Plains Resources (EPL) is holding steady at C$0.08 per share, with a market cap of $7 million at 2:39 pm EST