Intelligence

Materials

Eagle Plains and Earthwise Report Gold Intercepts from 3-Hole Iron Range Programme

Author:
FAQSIR News Desk
Last Updated:
Reading Time
4 min

Eagle Plains Resources Ltd. and Earthwise Minerals Corp. have reported gold mineralization in all 3 holes from a 1182m drilling programme at the Iron Range Project in southeastern British Columbia. The work focused on the Talon Zone, where the companies were testing continuity between historical drill intersections.

#2026 drilling results

Hole IR26053 returned 15m at 0.53g/t Au and a separate 0.50m interval at 7.26 g/t Au. Hole IR26054 produced 24m at 0.73 g/t Au, along with 0.5m at 11.75 g/t Au.

Hole IR26055 returned 60.5m at 0.76 g/t Au, including 1.0m at 6.62 g/t Au. The release states that reported drill intercepts are measured along core length and that true thickness has yet to be determined.

#Talon Zone interpretation

The programme was intended to fill gaps between earlier mineralized intersections and examine the continuity of the Talon Zone structure along trend. The companies describe the structure as a NE-SW trending splay from the regional Iron Range Fault.

IR26055 tested an upper mineralized horizon in an area described as historically underexplored. Eagle Plains President and CEO Chuck Downie said the hole indicates potential for additional ore shoots within the broader Talon Zone. The release also states that similar structural splays elsewhere in the zone remain untested by drilling.

The Talon Zone is associated with a multi-element soil geochemical anomaly and coincident Induced Polarization chargeability and resistivity anomalies. The IP anomaly remains open to the southwest and north, while drilling has tested <10% of the broader multi-element soil geochemical anomaly.

#Project ownership and option structure

The Iron Range Project covers 20,021ha near Creston, BC. Eagle Plains owns 100% of the property. The source describes an underlying 1.0% Net Smelter Royalty held by a third party over part of the property; its project summary refers to a 1% NSR on a portion of the claim group.

Earthwise has an exclusive option to acquire up to an 80% interest in the project and fully funded the 2026 drilling. To obtain a 70% interest under the first phase, Earthwise must pay CA$250,000, issue an aggregate of 1,500,000 common shares to Eagle Plains and fund CA$4,000,000 in exploration expenditures over a four-year term.

For an additional 10% interest, taking its total interest to 80%, Earthwise must notify Eagle Plains of its intention, make an additional one-time payment of CDN$ 1,000,000 cash and complete a bankable feasibility study before the eighth anniversary of the Option. These are option conditions, and the ownership interests have not been presented as completed transfers.

If either option is exercised, Eagle Plains would receive a 2% smelter returns royalty over the entire property. The agreement provides that 1% of this royalty may be repurchased for CA$1,500,000. Following exercise of either option, the companies would form a 70/30 or 80/20 joint venture, depending on the option exercised. Eagle Plains would remain operator and retain the right to use TerraLogic Exploration Inc. as geoscience consultant.

#Geological setting and project background

Management of Eagle Plains and Earthwise considers the property prospective for structurally controlled gold-silver mineralization, iron-oxide copper-gold (IOCG) mineralization and Sullivan-style lead-zinc-silver sedimentary-exhalative (sedex) mineralization.

The 2010 drilling that identified the Talon Zone included two historical intervals in drill hole IR10010: 14.0m grading 5.1g/t gold, 1.86% lead, 2.1% Zinc and 75.3g/t silver, and 7.1m grading 8.13g/t gold, 2.84% lead, 3.07% zinc and 86.6g/t silver.

The reported mineralization is hosted in Middle Aldridge and Lower Aldridge Formation sediments. The release describes silica-feldspar alteration, quartz-feldspar-ankerite veining and polymetallic minerals including pyrrhotite, pyrite, sphalerite, galena, arsenopyrite and sulfosalts.

#Sampling, verification and risk disclosures

Drill core samples were analysed by ALS Canada Ltd. in North Vancouver, BC. The quality-control process included certified reference material, blanks and coarse reject duplicates. Core was cut in half, with one half sent for analysis and the other retained in permanent storage in Cranbrook, BC.

The release cautions that historical results were collected and reported by previous operators and have not been verified or confirmed by a Qualified Person. It also states that historical results or discoveries on nearby land are not necessarily indicative of results that may be achieved on the property. Rock grab samples cited in the project background are selective and may not represent mineralization across the property.

Charles C. Downie, P.Geo., an officer and director of Eagle Plains, reviewed and approved the scientific and technical disclosure. The release also identifies risks and uncertainties in forward-looking statements, including statements concerning future work programmes, geological interpretations, property titles and potential mineral recovery processes. It states that actual results may differ materially from those anticipated.

#Key Takeaways

  • All 3 holes in the 1182m 2026 Iron Range programme intersected gold mineralization.
  • IR26055 returned 60.5m at 0.76 g/t Au, including 1.0m at 6.62 g/t Au.
  • The drilling targeted continuity and additional mineralized horizons within the Talon Zone.
  • Earthwise holds an option for up to an 80% interest, subject to payments, share issuance, exploration spending and a bankable feasibility study.
  • Reported intercepts are measured along core length, and true thickness has yet to be determined.

Original source: Read original article

Frequently Asked Questions

Eagle Plains Resources Ltd. (TSX-V:EPL)(OTCQB:EGPLF) and Earthwise Minerals Corp. (CSE:WISE)(FSE:966)(OTCQB:EWISF) reported results from a 3-hole, 1182m programme at the Iron Range Project in SE British Columbia. The source states that all three holes intersected mineralisation: IR26053 returned 15m @ 0.53g/t Au and 0.50m @ 7.26 g/t Au; IR26054 returned 24m @ 0.73 g/t Au and 0.5m @ 11.75 g/t Au; and IR26055 returned 60.5m @ 0.76 g/t Au, including 1.0m @ 6.62 g/t Au.
The Iron Range Project covers 20,021ha near Creston, BC. The property is owned 100% by Eagle Plains, with part subject to an underlying 1.0% Net Smelter Royalty held by a third party. Earthwise holds the exclusive option to acquire up to an 80% interest and fully funded the 2026 drilling. Management of both companies considers the project to have potential for structurally controlled gold-silver mineralisation, iron-oxide copper-gold (IOCG) and Sullivan-style lead-zinc-silver sedimentary-exhalative (sedex) mineralisation; these are management views rather than stated resources or reserves.
Under the first phase, Earthwise may acquire a 70% interest by paying CA$250,000, issuing an aggregate of 1,500,000 common shares to EPL and funding CA$4,000,000 in exploration expenditures over a four-year term. Under the second phase, it may acquire an additional 10% interest, for an 80% total interest, by notifying Eagle Plains, making an additional one-time payment of CDN$ 1,000,000 cash and completing a bankable feasibility study before the eighth anniversary of the Option. The source describes these as option conditions, not as completed transfers of ownership.
If the First Option or the Second Option is exercised, a 2% smelter returns royalty would be granted to Eagle Plains over the entire property, with 1% of that royalty potentially repurchasable for CA$1,500,000. Following exercise of either option, Earthwise and Eagle Plains would form a 70/30 or 80/20 joint venture to further explore and develop the property. Eagle Plains would serve as operator and would reserve the right to use TerraLogic Exploration Inc. as geoscience consultant.
The source states that all drill-indicated intercepts are measured along core length and that true thickness has yet to be determined. Historical results were collected and reported by past operators and have not been verified or confirmed by a Qualified Person, although management says they form a basis for ongoing work. Management also cautions that past results or discoveries on proximate land are not necessarily indicative of results that may be achieved on the subject properties. Rock grab samples are selective by nature and are not necessarily representative of mineralisation across the property.
The source states that the 2026 programme was designed to infill historical mineralised intercepts and assess continuity along trend at the Talon Zone structure. It describes the zone as a NE-SW trending structural splay off the regional Iron Range Fault, marked by a multi-element soil geochemical anomaly and coincident Induced Polarisation chargeability and resistivity anomalies. The IP anomaly remains open to the southwest and north, while drilling has tested
Samples were analysed at ALS Canada Ltd. in North Vancouver, BC, using stated fire-assay and multi-element analytical procedures, with certified reference material, blanks and coarse reject duplicates included in the quality-control process. The source says that the news release may contain forward-looking statements concerning matters including upcoming work programmes, geological interpretations, property titles and potential mineral recovery processes. It states that such statements involve inherent risks and uncertainties and that actual results may differ materially from those anticipated. The source does not provide an economic assessment, mineral resource estimate or reserve estimate for the reported mineralisation.