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Slocan Graphite Project Sold to Weaver Energy

CRANBROOK, BC / ACCESSWIRE / December 11, 2024 / Eagle Royalties (CSE:ER) has been advised that Eagle Plains Resources (TSX-V:EPL) has entered into a mineral property purchase and sale agreement with Weaver Energy Corp. ("Weaver"), a private company registered in Ontario, pursuant to which Weaver has acquired mineral titles comprising the Slocan Graphite Project (the "Project"), located in southern British Columbia. Eagle Royalties holds a 2% net production royalty on the property, 1% of which may be purchased by Eagle Plains for CDN$1,000,000. Weaver has agreed to assume royalty obligations relating to the Project.

About the Slocan Graphite Project

The Slocan Graphite Project is located 28 km north of Castlegar, BC and consists of 14 mineral claims covering 2888 ha. The Project benefits from excellent infrastructure including a high-voltage transmission line within 1.2 km of the property boundaries, an extensive network of forestry roads on and around the property, and an existing graphite processing plant and facilities located 1.5 km west of the property which was recently purchased by Weaver.

The Slocan Graphite tenure covers the majority of the known graphite mineralization that defines the Tedesco Graphite Showing (MF 082FNW285). The showing is currently defined based on a cluster of more than 20 graphitic bearing grab samples, spatially associated with an arcuate 3 km x 1 km strongly conductive airborne EM anomaly. Grab samples by a previous operator (Anglo Swiss) returned total organic carbon contents up to 4.43 % carbon. Verification sampling by TerraLogic Exploration personnel in 2017 and 2019 returned total carbon values ranging from trace to 3.36% total carbon.

Graphite mineralization is hosted primarily in carbonate and calc-silicate lithologies within the Passmore Dome of the Valhalla Metamorphic Complex, a geologic setting consistent with a crystalline flake graphite deposit model. Previous operators have estimated the mineralized horizon to be up to 50m thick, however they cite that it is difficult to determine due to a lack of surface exposure. The horizon has never been tested by diamond drilling.

The high-quality, large flake character of the graphite mineralization found to date, spatial extent of conductivity from a 2010 airborne electromagnetic ("EM") survey, minimal historic exploration activity, excellent proximity to infrastructure and the favorable economic outlook for graphite as a strategic commodity makes Slocan Graphite a compelling project for continued exploration.

The Property has a Multi-Year Area Based (MYAB) in place application for the Property issued by the BC Ministry of Energy, Mines and Low Carbon Innovation that includes provisions for geophysical work, mechanical trenching and diamond drilling.

Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person but form a basis for ongoing work at the Slocan Graphite property. While the company considers the above historical information to be relevant to investors as it may indicate the presence of mineralization, the reader is cautioned that a Qualified Person has not done sufficient work to evaluate the potential of the property to contain an economic deposit and that there is no certainty that the property contains a graphite deposit.

Qualified Person

Charles C. Downie, P.Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and a Director of Eagle Plains Resources Ltd., and Eagle Royalties Ltd. has prepared, reviewed, and approved the scientific and technical disclosure in this news release.

About Eagle Royalties Ltd.

Eagle Royalties benefits from maintaining a strong treasury and holds a diverse portfolio of 38 royalty interests in western Canada. Target commodities subject to royalties include a broad spectrum including critical metals, precious metals and industrial minerals. Its flagship royalty is associated with the AurMac Project located in Yukon, operated by Banyan Gold Corp. ER holds royalty interests ranging from 0.5% to 2% on claims that contain a significant portion of AurMac's inferred gold resource located at the Powerline and Airstrip deposit areas. Eagle Royalties also holds royalty interests on a number of historical base metal deposits located in Western Canada.

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 listed on the CSE after being spun out to Eagle Plains' shareholders on a 1:3 basis by means of a plan of arrangement.

On behalf of the Board of Directors

"Tim J. Termuende"
President and CEO

For further information regarding ER, please contact Mike Labach,
Business Development Officer, at 1 866 HUNT ORE (486 8673)
Email: info@eagleroyalties.com or visit our website at https://www.eagleroyalties.com/

Cautionary Note Regarding Forward-Looking Statements

Neither the CSE nor any other regulatory body has reviewed or approved the contents of this news release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming financings, 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.

SOURCE: Eagle Royalties Ltd.



View the original press release on accesswire.com

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