Eagle Plains Resources (EPL.V) is starting its exploration activities on the Dictator gold project, located about 70 kilometer east of Vernon, BC. The summer field program will be following up on the airborne magnetometer survey conducted by Eagle Plains at the end of last year and earlier this year. That survey indicated the existence of two ‘prominent magnetic features’ which are of interest as those anomalies were encountered in an area where gold-bearing boulders were encountered last year.
The summer exploration program will mainly consist of a soil sampling program and some prospecting while the company is working through the permitting process to get a drill program permitted which could follow up on the results of this summer’s field exploration program. This year’s drill program will also go a long way for Eagle Plains to complete the C$150,000 exploration commitment required to earn full ownership of the project (along with a payment in stock, a C$70,000 cash payment and issuing a 1% NSR which could be repurchased for C$1M).
In other news, Eagle Plains has released initial assay results from a just completed drill program on the Knife Lake project where Rockridge Resources (ROCK.V) is earning in towards full ownership. To complete the earn-in, Rockridge will have to issue an additional 2.75 million shares, spend an additional C$2M in exploration and issue a 2% NSR to Eagle Plains.
The main result was an interval of just over 14 meters (starting just 24 meters down hole) containing 2.34% copper-equivalent, including 1.95% copper. This was an infill drill hole so good assay results were perhaps expected. The other, pure exploration drill holes weren’t even close to being as exciting as the infill drill hole.
Disclosure: The author has a long position in Eagle Plains Resources. Eagle Plains is not a sponsor of the website, but related company Taiga Gold is. Please read our disclaimer.
