Eagle Plains Resources Ltd. [EPL-TSXV] and option partner Roughrider Exploration Ltd. [REL-TSXV] have completed 2018 exploration work on the Olson Project, located approximately 120 km east of La Ronge, Saskatchewan. Roughrider may earn up to an 80% interest in the property under the terms outlined below.
Work completed on the Olson during 2018 was carried out in two phases by TerraLogic Exploration, with a second-follow-up program conducted following receipt of encouraging results from Phase 1. Exploration work consisted of geological mapping and prospecting and the collection of a total of 862 soil samples and 131 rock samples. Results from Phase 1 work are reported below, with Phase 2 results pending.
A strong, continuous multi-element soil geochemical anomaly was outlined during 2018 over a distance exceeding 1.0 km, with numerous samples returning values of over 1.0 g/t gold. This newly-discovered anomalous zone is coincident with historical airborne geophysical (EM and magnetic) features reported by past operators.
Numerous high-grade gold values were returned from rock samples collected from both documented occurrences and newly discovered showings outlined during 2018. Representative rock samples ranged from trace values to highs of 45.1 g/t gold; with notable samples returning 8.2 g/t, 9.8, 13.0 and 16.9 g/t gold from various occurrences reported over a 3 km2 area.
The Olson project is host to regionally-sheared, highly-strained meta-volcanic rocks which are considered to be prospective for orogenic gold mineralization. The project area is host to 29 mineral occurrences defined by historical geological mapping, prospecting, trenching, and 4,700 metres of diamond drilling. Historical drilling was primarily focused on two showing areas: Emco and Olson, and intersected 7.5 metres of 2.07 g/t gold, including 13.00 g/t gold over 0.65 metres. Historical grab samples returned results of up to 105.52 g/t gold. The project is considered to be underexplored, with known gold occurrences open at depth and along strike. Results are historical in nature and have not been confirmed by Eagle Plains/Roughrider, but are considered to be reliable and will form a basis for ongoing work.
Eagle Plains also announced that it has entered into an agreement with Taiga Gold Corp. [TGC-CSE], a company related through certain common directors, whereby Taiga agreed to purchase the conditional right to be granted in the future, a variable 0.5% to 2.5% net smelter returns royalty relating to any future production at the Fisher gold property in Saskatchewan which rights are currently held by Eagle Plains.