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Eagle Plains Resources Executes LOI with Minerals and Metals for Findlay Property

By Joel ScanlonMar 9 2011

Eagle Plains Resources executes letter of intent (LOI) with Minerals and Metals Group (“MMG”) through which MMG has the option to buy 60% interest in Eagle Plains' Findlay, Greenland Creek properties (the “Project”) in south-eastern B.C.

Under the agreement, MMG will earn a 60% interest from the property by making phased cash payments to EPL adding up to $500,000 and concluding $5,000,000 in exploration overheads over 5 years, MMG may purchase 15% interest in addition by carrying out a bankable feasibility study. The Findlay property has Sullivan-style exhalative tourmalinite, anomalous lead, zinc and base metal occurrences. It lies on Aldridge Formation.

Eagle Plains has found number of targets in North Findlay, Greenland Creek and Mid-Fork. The property also has the historic Silver Key Mine that intercepts 3431 g/t silver in average at the structurally controlled narrow quartz veins in the Lower Aldridge Formation. Eagle Plains and Cominco develop many Sullivan type drill targets considered to be shallow in the Purcell Basin.

Source:

http://www.eagleplains.com/

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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Eagle Plains Resources Ltd.. (2019, February 18). Eagle Plains Resources Executes LOI with Minerals and Metals for Findlay Property. AZoMining. Retrieved on November 21, 2024 from https://www.azomining.com/News.aspx?newsID=3665.
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