Eagle Royalties Announces Significant Increase in Land Position at Mount Polley West Copper – Gold Project
Cranbrook, B.C., November 28th, 2023: Eagle Royalties Ltd. (“ER”:CSE, or “Eagle Royalties”) has been notified by Eagle Plains Resources Ltd. (“EPL”:TSX-V) of additional tenure acquisition at EPL’s 100% owned Mount Polley West Project (MPW) located in central British Columbia. Eagle Royalties holds a 2% Net Smelter royalty on certain claims at MPW and the new claims have added approximately 75% (3870 ha) of additional area which are subject to the ER royalty.
See Mount Polley West Tenure Map here
About Mount Polley West
The MPW project is located 52km northeast of Williams Lake, British Columbia within the prolific Central Quesnel Belt adjacent to/nearby a number of current, past producing, and development stage mines including:
- Imperial Metals Mount Polley Cu-Au porphyry (8km east of MPW) - current producer
- Taseko Mines Cu-Mo porphyry (30km west of MPW)- current producer
- Osisko Development QR Au porphyry/skarn (3.5km north of MPW)- past producer / milling facility
- Osisko Development Cariboo Gold Project (51 km north of MPW)- development
There are also a number of active gold placer mining operations established on drainages in the MPW property area.
Eagle Royalties’ management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the MPW property.
Property Geology and History
The property is underlain by Nicola Group sedimentary and volcanic rocks. The MPW tenures cover ten BC Minfile occurrences consisting of copper bearing minerals hosted in basaltic and volcanic rocks.
In response to the discovery of the Mount Polley deposit in 1964, exploration work increased in the region as other copper porphyry deposits were sought out. In the mid-1960’s, a host of companies conducted a series of geophysical surveys and soil sampling programs. After a period of relative quiescence, exploration work increased in intensity in the early 1980’s. A number of operators completing soil sampling programs, rock sampling campaigns, and geophysical surveying into the 1990’s. During this period, several copper occurrences were discovered on the MPW property. Exploration in the 2000’s and 2010’s has been comparatively more subdued with mainly smaller soil sampling and geological mapping programs. There has been limited shallow drill testing completed within the current MPW project area.
Work by Eagle Plains
After acquiring the core MPW claims, Eagle Plains Resources completed geological mapping and soil and
rock geochemical sampling on the property. 2022 work confirmed copper mineralization, interpreted to be indicative of a deeper porphyry copper source. 2023 work consisted of wide spaced till sampling, with results pending.
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. Concurrent with the spin-out transaction, Eagle Royalties amalgamated with 1386884 B.C. Ltd., which effectively provided ER with CDN $2.7M in initial funding. 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 Hecla Mining Co./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.