Eagle Royalties Ltd. has been advised by Eagle Plains Resources Ltd. that crews have been mobilized to the 100% EPL-owned Mount Polley West Project located in central British Columbia. Eagle Royalties holds a 2% net smelter royalty (“NSR”) on certain claims totaling 5246 hectares in MPW. EPL may repurchase 1% of the NSR upon payment to ER of $1 million.
About Mount Polley West The MPW project is located 52 km northeast of Williams Lake, British Columbia, and targets porphyry-type copper and gold mineralization within the prolific Central Quesnel Belt. The project area is adjacent to a number of current, former and in-development mines, including: Imperial Metals’ Mount Polley Cu-Au porphyry (8 km east of MPW) – Imperial Metals’ Gibralter Cu-Mo porphyry current producer Taseko Mines (30 km west of MPW) – current producer Osisko Development’s porphyry/skarn QR Au (3.5 km north of MPW) – the project area is adjacent to several mines currently in production and under development.5 km north of MPW)- past producer/milling plant Osisko Development’s Cariboo Gold Project (51 km north of MPW)- development Due to proximity to the Mount Polley mining complex and extensive activity forestry in the area, the project has excellent infrastructure, including the paved Likely Road and a high-voltage power line 5 km south of the property line. There are also several active placental gold mining operations established in drainages of the MPW-owned area.
Eagle Royalties management cautions that past results or discoveries on nearby land are not necessarily indicative of results that may be achieved on the MPW property. Geology and History of the Property: The MPW Property is underlain by sedimentary and volcanic rocks of the Nicola Group. The holdings span ten BC Minfile occurrences that consist of copper ores 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 additional porphyritic copper deposits were sought. In the mid-1960s, a number 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 1980s. Several operators carried out soil sampling programs, rock sampling campaigns and geophysical investigations until the 1990s. During this period, several copper occurrences were discovered on MPW property. Exploration in the 2000s and 2010s was relatively more subdued, with mostly small-scale soil sampling and geological mapping programs. Few shallow depth drilling tests have been completed within the current MPW project area.
2024 Work Program: Following acquisition of MPW’s prime claims, Eagle Plains Resources completed comprehensive compilation, geological mapping and geochemical soil and rock sampling work on the property. Work in 2022 confirmed copper mineralization on the property, interpreted as indicative of a deeper porphyritic copper source. Bedrock exposure is limited, with varying depths of glacial cover, however 10 BC MINFILE occurrences have been documented on the property.
Interpretation of historical work and recent work at Eagle Plains has identified glacial terrain sampling as an effective tool for targeting sources of mineralization in the subsurface. Analysis of gold grains present in widely spaced mud samples collected from Eagle Plains in 2023 in the northwestern area of the property indicates the potential for a mineralized source high to the south. Deposits downstream of Mount Polley show similar numbers of gold grains and grain morphology.
The 2024 field work will focus on increasing soil sampling density in the central portion of the property, upstream of the 2023 anomalous soil results, and in the area of overlap of magnetic radiometric and geophysical anomalies that are consistent with the signature geophysics of Mount Polley. The 2024 work will be managed by TerraLogic Exploration of Cranbrook, BC. Results from the 2024 program will be integrated with historical data to help plan the next phase of work, which could include deep MT airborne geophysics, ground IP geophysical surveys and mechanical excavation to identify drilling targets.
