Eagle Royalties (ER.C) has provided an update on the George Lake critical metals project owned by former parent company Eagle Plains Resources (EPL.V). The government of Saskatchewan recently released the data from a geophysical survey focusing on the electromagnetic and magnetic high anomalies. That government-flown survey covered the entire George Lake project, where Eagle Royalties owns a 2% NSR.
The results from that survey indicate the presence of a southwest-northeast trending electromagnetic conductor that crosses the entire 3,700 hectare property. That’s encouraging but perhaps also not a surprise as the George Lake property already hosts a historical resource of 2.6 million tonnes at an average grade of 3.67% zinc and 0.53% lead. The deposit also contains a higher grade zone with an average grade of in excess of 5% zinc. As previous operators have already completed in excess of 10,000 meters of drilling in 90 holes with the best hole returning almost 58 meters containing 3.42% zinc including a higher grade interval of 9.1 meters containing 7.1% zinc.
In other news, Eagle Royalties has received notice from Eagle Plains it expanded the Schotts Lake land package to almost 5,000 hectare as Eagle Plains added almost 1,100 hectares through staking. The Schotts Lake asset contains a historical copper-zinc resource of almost 2 million tonnes at an average grade of 0.61% copper and 1.35% zinc. That historical resource did not include any precious metals or cobalt values so there may be some hidden value there. Although this still is an early stage exploration asset, Eagle Royalties does consider its 2% NSR (on 15 of the 18 dispositions) a core asset.
Disclosure: The author has no position in Eagle Royalties. Eagle Royalties is a sponsor of the website. Please read the disclaimer.
