Eagle Plains Resources (EPL.V) has announced it entered into an agreement with Weaver Energy Corp, a private company, whereby the latter will acquire full ownership of Eagle Plains’ Slocan graphite project. The project is located approximately 30 kilometers north of Castlegar and consists of 14 claims for a total of just under 3,000 hectares. This land package covers the majority of the Tedesco graphie showing which relates to a cluster of 20 graphitic bearing grab samples within a 3 by 1 kilometer conductive airborne electromagnetic anomaly.
Weaver is acquiring the asset for a cash payment to the tune of C$150,000 while Eagle Plains Resources will retain a 0.5% net production royalty. Related company Eagle Royalties (ER.C) will retain a 2% net production royalty. Eagle Plains won’t get rich off the cash payment but hopefully the project will be advanced by Weaver Energy and the NPR will be worth something someday.
Disclosure: The author has a small long position in Eagle Plains Resources. Eagle Plains is a sponsor of the website. Please read the disclaimer.