Eagle Plains Resources (EPL.V) has announced its partner Refined Energy (RUU.C) has completed its review and interpretation of historical geophysical survey data on Eagle Plains’ fully-owned Dufferin West project in the Athabasca Basin. Refined highlighted three priority target areas with signatures that are consistent with potential uranium deposits. The initial focus of the review was on the southeastern portion of the property and all three zones are adjacent to the Virgin River Shear Zone.
The highest priority target is represented by strong conductivity associated with a distinct magnetic transition, and that conductor is interpreted to be an extension from the unconformity at the sandstone contact. This high priority target has never been drill-tested although the target is believed to be relatively shallow.
As a reminder, Refined Energy can acquire an initial 60% interest in the project by paying C$275,0000 in cash and issue 1 million shares (on a post-consolidated basis) to Eagle Plains while also committing to spend C$2.6M on exploration by the end of next year. Once Refined has established a 60% stake in the project, it can acquire an additional 15% stake by making additional cash & stock payments of C$0.5M and 500,000 shares and complete an additional C$3M in exploration expenditures by the end of 2028. Eagle Plains will also retain a 2% NSR, of which half can be repurchased for C$2M.
Disclosure: The author has a small long position in Eagle Plains Resources. Eagle Plains is a sponsor of the website. Please read the disclaimer.
