Drilling Commences on Albert Lake Nickel/PGE Project
Cranbrook, B.C., February 6th, 2024: Eagle Royalties Ltd. (“ER.CN”:CSE, or “Eagle Royalties”) has been informed that Fathom Nickel Inc. has recently commenced diamond drilling activity on their 100% owned Albert Lake property. According to a news release issued by Fathom on January 16th, 2024, Fathom intends to complete ~2,000m of drilling in 6-7 holes, with the majority of the target area located on mineral dispositions subject to a 2% net smelter royalty (the “Royalty”) held by Eagle Royalties (see location map, following). The Royalty may be reduced to 1% upon payment to Eagle Royalties of CDN $1,000,000. The current drill program will focus on the Tremblay-Olson Claims area, approximately two km southwest of the historic Rottenstone Mine, where Fathom has identified a very robust time domain electromagnetic (TDEM) conductor occurring on the eastern flank of a multi-element-in-soil anomaly.
Tremblay Olson Claims area highlights*:
- The Tremblay-Olson Showing, located 2.5km southwest of the historic Rottenstone Mine, is defined by a lens-shaped ultramafic body exposed on surface through trenching. Recorded trench values range from 0.16% Ni – 3.11% Ni; 0.06% Cu – 0.91% Cu; and 0.30 g/t – 1.01 g/t Pd+Pt1.
- Drilling completed in 1987 in an area northeast of the Tremblay-Olson showing returned multiple intervals of anomalous Ni-Cu and Pd-Pt hosted in metasedimentary rock.
- A soil geochemistry program covering the Tremblay-Olson Claims area was completed in Q4-2022. This program identified a very robust multi-element-in-soil anomaly measuring approximately four-square kilometers. The anomaly is centred 2.0 kilometers southwest of the historic Rottenstone Mine.
*source: fathom Nickel Inc. news release January 16th, 2024
See target area location and summary map here
Technical information in this News Release has been reviewed and approved by C.C. Downie, P.Geo., a director and officer of Eagle Royalties, hereby identified as the “Qualified Person” under N.I. 43-101.
About Eagle Royalties Ltd.
Eagle Royalties was previously a wholly-owned subsidiary of Eagle Plains Resources Ltd. (“EPL”:TSX-V), incorporated in late 2022 to manage the diverse royalty holdings of EPL. In May 2023, ER was spun out to Eagle Plains’ shareholders on a 1:3 basis by means of a plan of arrangement. Eagle Royalties was listed for trading on the Canadian Securities Exchange (“CSE”) on May 19th, 2023.
Eagle Royalties benefits from having over 50 royalty interests in western Canada covering a broad spectrum of commodities including critical metals, precious metals, uranium, industrial minerals and diamonds. Projects subject to royalties in favour of ER are controlled by companies including Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd. and Banyan Gold Corp., among many others.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.