Eagle Plains Resources Ltd. reported that final results from Borehole Time-Domain Electromagnetic surveying and thin-section petrography have been received from its 2022 three-hole, 1,700m (5,577') drilling program on Eagle Plains' Vulcancritical metals project. The Vulcan project is owned 100% by Eagle Plains and carries no underlying royalties or encumbrances. Vulcan is located 30km west of the world-class Sullivan sedimentary exhalative critical metals deposit near Kimberley, BC and is accessible by an extensive network of well-maintained forest service roads.

Analytical results from the 2022 drill program were announced previously by Eagle Plains. Initial observations of core lithologies, mineralogy, alteration and mineral tenor from VU22004 suggest proximity to a sedex-type vent source near the trace of the drill-hole. Recently-interpreted petrographic work and borehole geophysical results strongly support this interpretation.

Drillhole VU22004 was completed in the West Basin Zone and was designed to target the Lower-Middle Aldridge Contact ("LMC") and test for sedex-style mineralization hosted at "Sullivan Time" (considered to be located directly beneath LMC). This hole indicates that limited historic drilling in the area stopped short of target stratigraphy. The LMC was intersected at 303.0m and is underlain by a broad mineralized fragmental unit (334.1-473.0m) with an abundance of pyrrhotite-sphalerite-galena (iron-zinc-lead) clasts and intact mineralized beds increasing down-hole.

Two thin-sections of the mineralized fragmental show that mineralized clasts have a high abundance of tourmaline and garnet associated with primary bedded sulphides (pyrrhotite-sphalerite-galena). Underlying the fragmental unit is a zone of thin to medium bedded sediments (473.0-597.0m) hosting sphalerite-dominant stratabound mineralization. Thin section petrographic analysis from the Lower Aldridge mineralized sequence shows the same strong association between tourmalinite and primary bedded sulphides.

Sulphide mineralization associated with significant tourmaline and the presence of garnets is indicative of an exhalative mineralizing event. The sulphide assemblage in the footwall mineralization shows increased concentrations of chalcopyrite and arsenopyrite, which suggests the drillhole is proximal to a mineralizing vent, a relationship also observed at the Sullivan deposit. The BHEM survey of drillhole VU22004 identified a series of conductors underlying the Lower-Middle Contact between 315.0-520.0 m which correlate to mineralization observed in VU22004.

The survey also outlined a very strong off-hole conductive anomaly along strike to the southeast. The modelled conductor dips moderately to the northwest, with a geophysical signature consistent with stratabound mineralization. VU22004 did not adequately test the core of the geophysical anomaly and further drilling through a series of strike-length step-outs is strongly recommended.

Given the recognition of persistent mineralization at depths well below LMC (interpreted Sullivan Time), management intends to review all available historical drill core relating to the Vulcan property, as most historical holes were apparently stopped stratigraphically above the mineralized intervals intersected in VU22004. Future exploration at the Vulcan will be guided by this re-interpretation of the geology. Permits are in place for continued drilling in 2023, with detailed planning underway.

The 2022 Vulcan program was carried out by TerraLogic Exploration Services of Cranbrook, BC under the supervision of Kerry Bates, P.Geo. Drilling services were contracted to Proterra Drilling Solutions of Quesnel, BC. SJ Geophysics of Delta, BC was retained to carry out down-hole electromagnetic surveying.Bighorn Helicopters of Cranbrook, BC provided helicopter support and thin section petrography was completed by Vancouver Petrographics Ltd. of Langley, BC.

Sullivan-style mineralization was first reported in the mid-1950s at Vulcan. During the 1970s and 1980s, Texas Gulf Sulphur and later Cominco completed extensive geophysical work and drilled shallow holes to test for continuous mineralization in areas of the property. The most comprehensive testing occurred in the Hilo area during the early 1990s by Ascot Resources.

In 1991 a five-hole, 1003m drill program was completed, with three holes totaling 1535m completed in 1992. Since acquiring the initial claims on the property in 2002, Eagle Plains has completed an extensive compilation of all existing data, followed in 2006 by a 125 line-km helicopter-borne time-domain geophysical survey flown at 200m spacing. Additional claims were added to the property position as they became available through staking.

Systematic geochemical, geological and geophysical programs were conducted by Eagle Plains and its partners from 2011-2019. In June 2020, Eagle Plains completed a two-hole, 977m drill program to test the LMC along an existing road cut in an area of elevated soil geochemistry and anomalous geophysical features (magnetometer, induced polarization and magnetotellurics). The LMC contact was successfully intercepted in Hole VU20002 with significant alteration suggesting proximity to a hydrothermal source, though no economic mineralization was encountered.

Management of Eagle Plains considers the Vulcan project to hold excellent potential for the presence of sedex mineralization. Rocks underlying Vulcan are within the same sedimentary sequence and host occurrences with mineralization and alteration styles similar to those observed at and adjacent to the now-depleted Sullivan deposit. The Main (Hilo) mineral occurrence at Vulcan returned up to 1.6 % combined lead-zinc over 1.5 metres from rocks near the LMC; the same time-stratigraphic horizon which hosts the Sullivan deposit.

The Sullivan mine was discovered in 1892 and is one of the largest sedex deposits in the world. Over its 100+ year lifetime, Sullivan contained a total of 160 million tonnes of ore averaging 6.5% lead, 5.6% zinc and 67 g/t silver, resulting in 298 million ounces of silver, 18.5 billion pounds of lead, 17.5 billion pounds of zinc, and significant quantities of associated metals; collectively worth over $40B at current metal prices. Eagle Plains management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Vulcan property.Eagle Plains' 100% owned Findlay project, located directly north of the Vulcan, shares the same prospective geology and will also be re-examined in light of the Vulcan results.