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SV Rating: Bottom-Fish Spec Value - as of October 30, 2024
What's Next?
Updated August 11, 2020: Eagle Plains Resources Ltd listed on the ASE by IPO on July 11, 1995 and merged with a related company called Miner River Resources Ltd on May 12, 1999 to create a vehicle for the father and son team of Bob and Tim Termuende to pursue the prospect-generator-farmout model. Eagle Plains, now headed by CEO Tim Termuende and Exploration VP Chuck Downie, specializes in western Canada where it stakes claims with known mineralization when they come open, dresses the projects up to develop targets for futher work, and either farms them out to third parties, or spins them out as independent companies. On June 15, 2006 Eagle Plains spun out the Copper Canyon deposit near Galore Creek in BC as Copper Canyon Resources Ltd on a 1:1 basis, which Novagold acquired on May 20, 2011 on a 1 for 0.735 Novagold share basis that valued Copper Canyon at $0.87 per share. Numerous projects have been used by capital pools to complete their qualifying transactions, with many eventually returning into the Eagle Plains fold. The flagship project in 2017 is the high grade gold vein Fisher project in Saskatchewan southeast of the Seabee Mine in which Silver Standard can earn up to 80% by spending $4 million and paying $3 million over 4 years. In the same area the Chico project is farmed out 80% to Aben Resources Inc while Eagle Plains holds 100% of Orchid. In southeast BC the 70,000 ha Iron Range Sedex style zinc-lead-silver project held since 1999 is being dressed up with an IP survey during 2017. Vulcan is another 100% owned Sedex play in southeastern BC. Another priority project is the VMS Acacia project adjacent to the former Samatosum Mine in central BC. Eagle Plains has prospects in the Yukon as well as a portfolio of Sedex zinc-lead prospects in the Northwest Territories. Eagle Plains has a portfolio of royalties retained through the outright sale of projects to other juniors.
Recommendation History
Edition
Date
Price
Recommendation
Gain
BF2000
5/22/2002
$0.14
New BF MP Buy $0.10-$0.19
0%
BF2000
1/17/2003
$0.15
Confirm BF TP Buy $0.10-$0.19
-21%
BF2000
12/23/2003
$0.45
New Spec Cycle Hold 100%
137%
BF2000
3/22/2006
$0.89
Confirm Spec Cycle Hold 100%
368%
BF2000
6/21/2006
$1.75
BF Cycle Closeout Sell 100%
821%
BF2009
12/24/2008
$0.10
New BF XP Buy below $0.10
0%
BF2009
12/30/2011
$0.23
BF Technical Closeout Hold 0%
125%
BF2012
7/13/2012
$0.19
New BF LP Buy $0.10-$0.19
0%
BF2012
12/31/2013
$0.07
BF Technical Closeout 100%
-63%
BF2014
1/3/2014
$0.08
New BF Buy below $0.10
-25%
BF2014
12/31/2015
$0.05
BF Technical Closeout 100%
-50%
BF2016
12/31/2015
$0.05
New BF Buy below $0.10
-50%
SV2017
1/15/2018
$0.25
Good Relative Spec Value Buy @ $0.245
0%
BF2016
12/11/2018
$0.08
BF Technical Closeout Hold 0%
-20%
SV2017
12/11/2018
$0.08
SV Technical Closeout Hold 0%
-67%
SVF2019
12/31/2018
$0.09
Bottom-Fish Spec Value Favorite
0%
SVF2019
12/31/2019
$0.11
Bottom-Fish Spec Value Favorite
17%
SVF2020
12/31/2019
$0.11
Bottom-Fish Spec Value Favorite
0%
SVF2020
12/31/2020
$0.15
Bottom-Fish Spec Value Favorite
176%
SVF2021
12/31/2020
$0.15
Bottom-Fish Spec Value Favorite
0%
SVF2021
12/31/2021
$0.17
SV Technical Closeout 100%
17%
SVF2023
1/2/2023
$0.19
Fair Spec Value Favorite
0%
SVF2023
12/29/2023
$0.13
SV Technical Closeout 100%
-34%
Charts & Financing Activity
Most recent 43-101 resource estimate Prior resource estimate PEA PFS FS/BFS/DFS
Private Placement Key
less than $500,000
$1,000,000 - $2,000,000
$5,000,000 - $10,000,000
$20,000,000 - $50,000,000
$500,000 - $1,000,000
$2,000,000 - $5,000,000
$10,000,000 - $20,000,000
over $50,000,000
Private placement financing dates and value ranges are based on transactions reported by the TSXV Monthly Review.
Past Insiders and Reported Shareholders - Current Ownership Status unknown - positions may be pre-rollback
Related Party
Occupation
Related Since
Insider Ended
Director Ended
Capacity
Ownership
David L. Johnston
Engineer
12/21/2005
2/3/2012
2/3/2012
Advisory Board
215,000
Ryan Kalt
Lawyer
4/19/2012
10/8/2013
10/8/2013
Director
0
David Matousek
Insider
0
Ronald K. Netolitzky
Geologist
5/18/2004
12/1/2017
12/1/2017
Consultant
1,190,000
Renee Patterson
Broker
9/21/2009
Placee
50,000
Dane Sinclair
Broker
1/11/2010
Placee
25,000
David Stelpstra
Broker
1/22/2008
Placee
40,000
Monty Sutton
Broker
9/21/2009
Placee
50,000
Bill Whitehead
Broker
9/21/2009
Placee
600,000
Chris Wong
Broker
1/22/2008
Placee
40,000
Share positions of current insiders based on last AGM circular, ownership % based on current Issued. Share positions of past insiders and shareholders have not been adjusted for rollbacks or splits.
A Spec Value Hunter table allows speculators to identify which projects offer poor, fair or good speculative value according to the rational speculation model. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted, stock price and net project interest, and the dream target deemed appropriate for the project. A dream target is what a project would be worth in discounted cash flow terms once in production.
Poor Speculative Value -
Fair Speculative Value -
Good Speculative Value -
Note: narrow arrows indicate IPV is outside the fair value channel but within 25% of the fair value limits
Color Key for Target Outcome Achievability Ranges in millions ranked from most to least achievable
below $25
Should be Private: Artisanal, Placer, Mom & Pop Shop
$25-$50
Tiny Scale: underground mine or quarry - not worth the bother
$50-$100
Small Scale: junior needs to self-develop
$100-$250
Buyout Target: by Lower Tier Producers
$250-$500
Buyout Target: by Mid-Tier Producers
$500-$1,000
Ideal Target for Junior: Buckhorn, Sleeper
$1,000-$2,000
Almost World Class: Ekati, Red Chris, Brucejack, Juanicipio, Stibnite
$2,000-$5,000
World Class: Eskay Creek, Hemlo, Hermosa-Taylor, Oyu Tolgoi, LaRonde, McArthur
$5,000-$10,000
Giants: Escondida, Sullivan, Carlin Trend, Kidd Creek, Orapa, Kamoa-Kakula
above $10,000
Off the Scale District: Wits 1.0, Araxa, Sudbury Basin, Bayan Obo
The target outcome range required for the current implied project value to represent fair speculative value is based on the upper and lower certainty limits associated with the project stage. The color coding is based on the target outcome using the mid-point of the certainty range.
Active Company Projects
Project
Location
Net Interest
Stage
IPV $ MM
Fair Spec Value Required Target Outcome Range
$100
UPV $500
$2000
Target Metals
Deposit Style
Vulcan
Canada - British Columbia - Southeast BC
100% WI
2-Target Drilling
$13
$538 - $1,346
Zinc Lead Silver
Sedex
Adamant
Canada - British Columbia - Southeast BC
100% WI
2-Target Drilling
$13
$538 - $1,346
Rare-Earth-Metals Niobium
Peralkaline Intrusive
Dictator
Canada - British Columbia - Southern BC
100% WI
1-Grassroots
$13
$1,346 - $2,692
Gold Lead Zinc
Intrusion Related Gold System
Donna
Canada - British Columbia
100% WI
2-Target Drilling
$13
$538 - $1,346
Gold
Intrusion Related Gold System
Findlay
Canada - British Columbia - Southeast BC
25% TC
2-Target Drilling
$54
$2,153 - $5,383
Lead Zinc
Sedex
Iron Range
Canada - British Columbia - Southeast BC
20% TC
2-Target Drilling
$67
$2,692 - $6,729
Copper Gold Zinc Lead Silver
IOCG / Sedex
Olson Lake
Canada - Saskatchewan - La Ronge Belt
25% TC
2-Target Drilling
$54
$2,153 - $5,383
Gold
Orogenic Vein
Pine Channel
Canada - Saskatchewan - Northern Saskatchewan
20% TC
2-Target Drilling
$67
$2,692 - $6,729
Gold
Mesothermal
Acacia
Canada - British Columbia - Central BC
100% WI
2-Target Drilling
$13
$538 - $1,346
Copper Zinc Lead Gold Silver
VMS
Black Diamond
Canada - British Columbia - Southeast BC
100% WI
2-Target Drilling
$13
$538 - $1,346
Silver Lead Zinc
Vein
Brook
Canada - Saskatchewan
100% WI
1-Grassroots
$13
$1,346 - $2,692
Lithium
Pegmatite
Brownell Lake
Canada - Saskatchewan - La Ronge Belt
100% WI
4-Infill & Metallurgy
$13
$135 - $269
Copper Zinc
VMS
Coyote Creek
Canada - British Columbia - Southern BC
1.00% GOR
2-Target Drilling
$0
$0 - $0
Potash Gypsum
Sediment Hosted
Crooked Lake
Canada - Saskatchewan
100% WI
1-Grassroots
$13
$1,346 - $2,692
Lithium
Pegmatite
Dragon Lake
Canada - Yukon Territory - Ross River
100% WI
2-Target Drilling
$13
$538 - $1,346
Gold
Sediment Hosted
Elsiar (LCR)
Canada - British Columbia - Golden Triangle
100% WI
2-Target Drilling
$13
$538 - $1,346
Copper Molybdenum Gold
Porphyry
Gladman
Canada - Saskatchewan
100% WI
1-Grassroots
$13
$1,346 - $2,692
Lithium
Pegmatite
Hanson Lake
Canada - Saskatchewan
1.00% NSR
1-Grassroots
$0
$0 - $0
Lithium
Pegmatite
Ice River
Canada - British Columbia - Southern BC
100% WI
2-Target Drilling
$13
$538 - $1,346
Rare-Earth-Metals Niobium
Intrusive Complex
Justice
Canada - Northwest Territories
100% WI
2-Target Drilling
$13
$538 - $1,346
Zinc Lead
Mississippi Valley
K9
Canada - British Columbia - Southeast BC
100% WI
2-Target Drilling
$13
$538 - $1,346
Copper Gold
Sedex
Kalum
Canada - British Columbia - Golden Triangle
100% WI
2-Target Drilling
$13
$538 - $1,346
Gold
Intrusion Related Gold System
Keg
Canada - Northwest Territories
100% WI
2-Target Drilling
$13
$538 - $1,346
Zinc Lead
Mississippi Valley
MM
Canada - Yukon Territory
100% WI
2-Target Drilling
$13
$538 - $1,346
Zinc Lead Copper Silver Rare-Earth-Metals
VMS
Old Road
Canada - Saskatchewan
100% WI
1-Grassroots
$13
$1,346 - $2,692
Lithium
Pegmatite
Pelly Mountain
Canada - Yukon Territory - Ross River
100% Wi
1-Grassroots
$13
$1,346 - $2,692
Zinc Lead Silver Gold
VMS
Rusty Springs
Canada - Yukon Territory
100% WI
2-Target Drilling
$13
$538 - $1,346
Zinc Copper
Stratabound
Schotts Lake
Canada - Saskatchewan
100% WI
3-Discovery Delineation
$13
$269 - $538
Copper Zinc
VMS
Slocan
Canada - British Columbia - Southeast BC
1.00% GOR
2-Target Drilling
$0
$781 - $1,953
Graphite
Wildhorse
Canada - British Columbia - Southeast BC
100% WI
2-Target Drilling
$13
$538 - $1,346
Gold
Vein
Wollaston
Canada - Saskatchewan - Athabasca Basin
100% WI
1-Grassroots
$13
$1,346 - $2,692
Uranium
Unconformity style
Project Stage
Flagship
Secondary
Active
Grassroots (1) & Target Testing (2)
Discovery Delineation (3)
Infill Drilling & Metallurgy (4)
PEA (5) or PFS (6)
Feasibility & Permitting (7)
Construction (8) or Production (9)
Clicking on the project icon will display a popup identifying the company project, its stage and target metals, basic facts, a chart, a link to that project within that company's KRO Profile, a link to the most recent news release, and a link to the most recent KRO comment if one exists.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: December 2011 agreement for Navy ResourcesCorp. (a private B.C. company) to acquire 60% of the Hilo portion. Under terms of the agreement, Navy will complete exploration expenditures of $3,000,000, make cash payments of $250,000 and issue 1,000,000 common shares to Eagle Plains over a fifty-four month period. Dropped 2015. Agreement Sept 28, 2020 whereby Brascan Gold Corp (private) can earn 60% by spending $4 million, issuing 1,000,000 shares and paying $500,000 over 3 years. Eagle Plains reserves a 2% NSR for itself. Option dropped Dec 2021.
Target Metals: Zinc Lead Silver
Model: Sedex
Stage: 2-Target Drilling
Notes on Vulcan Project
The road-accessible property overlies rocks of the Purcell Supergroup, including Aldridge Formation sediments. The principle exploration target on the property is a Sullivan-type stratiform sediment-hosted massive sulfide deposit. The nearby Sullivan Mine produced 144 million tons of ore averaging 6.5% lead, 5.6% zinc and 2.3 opt silver to 1988, representing 300,000,000 ounces of silver, 8,000,000 tonnes of zinc and 8,000,000 tonnes of lead. At Vulcan the styles of mineralization, host rocks and alteration all show strong similarities to the Sullivan Deposit. The best sulfide mineralization at Vulcan is exposed in a surface showing. Strata-controlled pyrrhotite-galena-sphalerite is interpreted to occur at the Sullivan time horizon in a 7.5 m thick zone which includes 1.5 m averaging 1.6% combined lead-zinc. Grab samples of this zone assay up to 5.5% lead-zinc and 22 opt silver. The Vulcan property has been tested by historic drilling on separate occasions. The most comprehensive testing occurred in the early 1990's by Ascot Resources. In 1991 a five-hole 1,003m drill program was completed. In 1992 three holes were drilled totaling 1535m and explored the Lower-Middle Aldridge contact (LMC) to depths of 300m, roughly 600-800m down-dip of 1991 intersections. Though 1992 drilling indicated the presence of Sullivan-type stratigraphy and alteration in all holes, significant base-metal mineralization was not encountered. The down-dip extension of the 1991 holes on the Vulcan property remain untested and provide targets for future work.
Visualized Outcome: Eagle Plains - Vulcan 9,000 tpd UG Scenario
Eagle Plains Resources Ltd specializes in the prospect-generator-farmout model with a focus on British Columbia and Saskatchewan. Once in a while the junior develops a target so good it cannot resist drilling it on a 100% basis. As described in Tracker April 23, 2020 the 100% owned Vulcan project in southeastern British Columbia is such a situation where in mid 2020 Eagle Plains will drill a deep hole to test an MT anomaly at 300-700 m depth which may be a smaller version of the Sedex zinc-lead-silver Sullivan deposit discovered in 1892 and mined until 2001, yielding 160 million tonnes of 5.86% zinc, 6.08% lead and 67 g/t silver. But more importantly, the hole will test a geological hypothesis that the historic work within this 10 km corridor of Lower-Middle Aldridge stratigraphy tilted on its side may have misplaced the Sullivan Time Horizon several hundred metres east of its actual location. If correct, the earlier drilling of the Vulcan corridor by past operators may have overshot the horizon most likely to host Sullivan-style mineralization. The main purpose of the drill hole, which will allow downhole geophysical surveys that would illuminate an even bigger MT target at 1,000 m depth, is to restore the prospectivity of the Vulcan corridor as a prime, effectively untested location to pursue the hunt for Sullivan Two. The search for Sullivan Two has been an ongoing obsession among juniors for a century and is of no small interest to Teck which owns the Trail smelter whose shutdown due to lack of concentrate feed would trigger a huge reclamation liability. Currently Trail gets concentrates from Red Dog and other producers, but having a reliable long term local source would enable Teck to push the reclamation liability far into the future. So while the Vulcan drill hole could get lucky, its main purpose is enable Eagle Plains to attract a strong farmout deal from a major. The Vulcan OV imagines a discovery about a third the size of Sullivan with similar grades, and developed as a 9,000 tpd underground mine similar to that proposed by a PEA for Arizona Mining Inc's Hermosa-Taylor zinc-lead-silver deposit in Arizona which South32 bought for CAD $2.1 billion in 2018. Hermosa-Taylor is a carbonate replacement deposit which is capable of higher grades than a Sedex deposit, but which by nature has greater complexity. Unlike most Sedex deposits such as Red Dog Sullivan also contained silver and other "critical" by-product metals recoverable at the smelter level. The OV only assumes zinc, lead and silver as payable metals. The OV is intended to demonstrate the valuation upside for Eagle Plains such a discovery would have even at current Covid-19 depressed zinc and lead prices.
Source Note: The Vulcan OV is based on the PEA Arizona Mining Inc published on Apr 6, 2017 for a 10,000 short ton per day underground mine at Hermosa-Taylor that relies on a shaft.
LOM Payable: 6.2 billion lb zinc, 7.2 billion lb lead, 102.0 million oz silver
Economic Outcome (USD): Revenue Model at OV designated Metal Prices
Annual Average
Life of Mine (LOM)
LOM Stats
Recoverable Revenue:
$1,144,029,927
$20,895,523,773
$348/t ore Recoverable Value:
Smelter/Transport Costs:
($275,689,201)
($5,035,419,204)
24.1% of Recoverable Revenue
Gross Payable Revenue:
$868,340,725
$15,860,104,569
75.9% of Recoverable Revenue
Royalties:
$0
$0
0.0% of Gross Payable Revenue
Net Payable Revenue:
$868,340,725
$15,860,104,569
75.9% of Recoverable Revenue
Mining Cost:
($131,400,000)
($2,400,000,000)
63% of OpEx - $40.00/t ore
Processing Cost:
($39,420,000)
($720,000,000)
19% of OpEx - $12.00/t ore
Other Cost:
($9,855,000)
($180,000,000)
5% of OpEx - $3.00/t ore
Sustaining Cost:
($26,315,789)
($500,000,000)
13% of OpEx - $8.33/t ore
Total Operating Cost:
($206,990,789)
($3,800,000,000)
24% of Net Payable Revenue - OpEx - $63.33/t ore
Pre-Tax Cash Flow:
$661,349,936
$12,060,104,569
76% of Net Payable Revenue - $201.00/t ore
Taxes:
($222,715,215)
($4,061,086,599)
34% of Pre-Tax Cash Flow - $67.68/t ore
After-Tax Cash Flow:
$438,634,721
$7,999,017,970
50% of Net Payable Revenue - $133.32/t ore
Note: Concentrate transport costs, smelter treatment costs and retention are subtracted from recoverable revenue to get gross payable revenue to which the uncapped royalty rate for the project is applied. The annual average of LOM sustaining cost is expensed as an annual operating cost. Annual average figures reflect full production years.
Economic Outcome (USD): Royalty Model for 1% NSR at OV designated Metal Prices
Mine Life:
19 years
Startup
NPV 5%
NPV 10%
NPV 15%
Annual Avg NSR:
$8,683,407
Now
$97,538,590
$65,083,839
$46,411,490
LOM NSR:
$158,601,046
2022
$107,536,295
$78,751,445
$61,379,196
Economic Outcome - Discount Rate: 8.0% - CAD AT NPV: $4.8 billion - Good Speculative Value
Gross Rock Value (USD/t):
$374
Recoverable Rock Value:
$348
Payable Rock Value:
$264
LOM Net Payable Revenue (USD):
$15,860,104,569
LOM PT Cash Flow (USD):
$12,060,104,569
LOM AT Cash Flow (USD):
$7,999,017,970
USD Pre-Tax NPV:
$5,349,258,353
Pre-Tax IRR:
144.7%
Pre-Tax Payback:
0.7
USD After-Tax NPV:
$3,405,406,337
After-Tax IRR:
96.0%
After-Tax Payback:
1.0
CAD Fair Spec Value Low:
$47,866,391
CAD Fair Spec Value High:
$119,665,979
CAD Implied Project Value:
$13,458,151
Price Target if Visualized Outcome delivered by Expl-Dev Cycle without dilution: CAD $35.57
Fair Speculative Value Stock Price Range: CAD $0.36 - $0.89
MSV (Market Cycle S Curve): Market Speculative Value represents the typical market pricing pattern of a new discovery as it moves through its exploration-development cycle. The irrational pricing behavior of the yellow channel contrasts with the fair speculative value of the blue channel as defined by the rational speculation model because during the pre-economic study stages there is great uncertainty about how big the discovery will turn out.
Fair Speculative Value Ladder
USD OV NPV
CAD OV NPV
Exch Rate
Diluted
Net Interest
$3,405,406,337
$4,786,639,147
1.4056
134,581,506
100.00%
Project Stage
Uncertainty Range
CAD FSV Range
CAD FSV per Share Range
CAD MSV per Share Range
Grassroots
0.5% - 1.0%
$23,933,196 - $47,866,391
$0.18 - $0.36
$0.36 - $0.89
Target Drilling
1.0% - 2.5%
$47,866,391 - $119,665,979
$0.36 - $0.89
$0.89 - $1.78
Discovery Delineation
2.5% - 5.0%
$119,665,979 - $239,331,957
$0.89 - $1.78
$1.78 - $26.68
Infill & Metallurgy
5% - 10%
$239,331,957 - $478,663,915
$1.78 - $3.56
$17.78 - $35.57
PEA
10% - 25%
$478,663,915 - $1,196,659,787
$3.56 - $8.89
$8.89 - $26.68
Prefeasibility
25% - 50%
$1,196,659,787 - $2,393,319,573
$8.89 - $17.78
$8.89 - $17.78
Permitting & Feasibility
50% - 75%
$2,393,319,573 - $3,589,979,360
$17.78 - $26.68
$8.89 - $17.78
Construction
75% - 100%
$3,589,979,360 - $4,786,639,147
$26.68 - $35.57
$17.78 - $26.68
Production
100%
$4,786,639,147
$35.57
$35.57 - $44.46
Market Speculative Value Stock Price Range: CAD $0.89 - $1.78
Warning: while the market spec value (S-Curve) and fair spec value channels presented in project value terms track the evolving expected ultimate outcome value, when presented in stock price terms the expected stock prices are subject to dilution through future equity financings or project interest farmouts.
Alternative Metal Price Scenarios
Metal 1
Metal 2
Metal 3
Metal 4
Zinc
Lead
Silver
Spot:
$1.40 /lb
$0.93 /lb
$30.46 /oz
OV Assigned:
$1.40 /lb
$0.93 /lb
$30.46 /oz
Pessimistic:
$0.90 /lb
$0.93 /lb
$30.46 /oz
Optimistic:
$1.50 /lb
$0.93 /lb
$30.46 /oz
Fantasy:
$2.00 /lb
$0.93 /lb
$30.46 /oz
Note: for Metal 1 pessimistic, optimistic and fantasy price scenarios, OV assigned prices are used for Metals 2-4
Economic Outcomes with Alternative Metal Price Scenarios
USD PT NPV
USD PT IRR
USD AT NPV
USD AT IRR
AT Payback yrs
Spot:
$5,349,258,353
144.7%
$3,405,406,337
96.0%
1.0
OV Assigned:
$5,349,258,353
144.7%
$3,405,406,337
96.0%
1.0
Pessimistic:
$3,865,268,441
107.5%
$2,440,812,894
71.8%
1.4
Optimistic:
$5,646,056,335
152.2%
$3,598,325,025
100.8%
1.0
Fantasy:
$7,130,046,247
189.3%
$4,562,918,468
125.0%
0.8
Fair Speculative Value for Alternative Metal Price Scenarios
Stage: Target Drilling - 1.0% - 2.5%
CAD AT NPV
CAD Target Price
CAD FSV Range
CAD FSV per Share Range
CAD MSV per Share Range
Spot:
$4,786,639,147
$35.57
$47,866,391 - $119,665,979
$0.36 - $0.89
$0.89 - $1.78
OV Assigned:
$4,786,639,147
$35.57
$47,866,391 - $119,665,979
$0.36 - $0.89
$0.89 - $1.78
Pessimistic:
$3,430,806,604
$25.49
$34,308,066 - $85,770,165
$0.25 - $0.64
$0.64 - $1.27
Optimistic:
$5,057,805,655
$37.58
$50,578,057 - $126,445,141
$0.38 - $0.94
$0.94 - $1.88
Fantasy:
$6,413,638,198
$47.66
$64,136,382 - $160,340,955
$0.48 - $1.19
$1.19 - $2.38
Disclaimer: A visualized outcome is one of many possible outcomes for an exploration project as it moves through the 9 stages of the exploration-development cycle from grassroots to a producing mine with failure as an outcome at any point along the way. The range of possible outcomes for the physical nature of a deposit shrinks after delivery of an initial 43-101 resource estimate. While the nature of the deposit constrains the range of mining scenarios, the cost assumptions will vary as the project moves through the feasibility demonstration stages of the cycle, which affects the economic value of the final outcome. This economic value will also vary according to the prices of the metals targeted for extraction which may change during the years it takes for a project to become a mine. An outcome visualization is thus a compilation of best guess assumptions for the key variables that drive the discounted cash flow model, the basis for assigning an economic value to a mine. An OV is not intended as a prediction, but rather as a framework that allows the incorporation of new information generated by the exploration-development cycle for the project into a valuation model on an ongoing, dynamic basis.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 1.00%
Ownership Terms: Acquired by staking December 2021. A 2% NSR was created with a 1% buyback by Eagle Plains for $1 million anytime that was spun out to Eagle Royalties Inc.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Agreement Oct 5, 2020 to acquire 100% from Aurum Vena Mineral Resources Corp (milo Mielniczuk) for $70,000, 250,000 shares and $150,000 exploration over 4 years. Vendor retains a 1% NSR that can be bought for $1 million.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 2.00%
Ownership Terms: Acquired from ALX Uranium Corp in 2016. Underlying 2% NSR. Agreement Jan 24, 2018 where Pinnacle North Gold Group can earn 60% by spending CAD $3 million, paying $250,000 and issuing 1,000,000 shares over 5 years. Option dropped July 2, 2020. On July 14, 2020 Eagle Plains acquired 4 crown grants that covered the St Paul and Morgan Mines on undisclosed terms.
Net Interest: 25% TC Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: August 2011 option for Minerals and Metals Group to earn 60% by making cash payments to Eagle Plains of $500,000 and completing $5-million in exploration expenditures over five years. MMG may earn an additional 15-per-cent interest (for a total of 75 per cent) by delivering a bankable feasibility study by 2018. MMG withdrew in August 2014. Agreement May 8, 2023 to option 75% to Amaroq Gold Corp which can earn 60% by issuing 1,800,000 shares, paying $500,000 and spending $5 million over 4 years. Amaroq can increase to 75% by delivering a feasibility study by 2030. Eagle Plains retains a 2% NSR.
Target Metals: Lead Zinc
Model: Sedex
Stage: 2-Target Drilling
Notes on Findlay Project
The Findlay project overlies Aldridge formation stratigraphy, considered prospective for sedimentary exhalative (sedex) deposits. Structurally, this area has been identified as an extension of the North Star-Sullivan corridor which hosts the world-class Sullivan deposit 30 kilometres to the south. The Findlay property displays Sullivan-style exhalative tourmalinite (boron) horizons, massive fragmental sections, anomalous lead, zinc and indicator geochemistry, and base metal occurrences. This Sullivan smoke occurs throughout the lower to upper Aldridge formation and indicates the potential for Sullivan-style mineralization at multiple stratigraphic levels.
Net Interest: 20% TC Vested: Yes Uncapped NSR/GOR: 1.00%
Ownership Terms: Acquired in 1999 by staking when crown grants expired. March 2014 binding letter of intent for Santa Fe Metals to acquire a 60-per-cent interest over 5 years for 6 million shares, $10 million in exploration expenditures. Option drropped on Feb 11, 2016. Agreement May 5, 2020 to option up to 80% to a private Alberta company which can earn 60% by spending CAD $3.5 million and paying $250,000 over 5 years, after which it increase to 80% by paying $1 million to Eagle Plains.
Target Metals: Copper Gold Zinc Lead Silver
Model: IOCG / Sedex
Stage: 2-Target Drilling
Notes on Iron Range Project
The Iron Range property consists of 56,200 hectares. The claims are well situated with respect to infrastructure with a high-pressure gas pipeline, high-voltage hydroelectric line, railway and major highway all located within property boundaries.
The Iron Mountain structure has been mapped with widths of up to 150 m and a strike length of over 50 km. Claims held by Eagle Plains cover over 30 km of the structure, with significant iron-oxide mineralization occurring over 15 km. Copper and gold mineralization have been discovered along the structure, highlighting the potential for iron-oxide copper-gold (IOCG) mineralized systems associated with the structure. The claims also overlie rocks of the Aldridge formation, including the same stratigraphic time horizon which hosts the world-class Sullivan deposit located 70 km to the northeast. Over its 100-year lifetime, Sullivan produced approximately 150 million tonnes of ore including 300 million ounces of silver, eight million tonnes of zinc and eight million tonnes of lead, collectively worth over $25-billion at current metal prices. The Iron Range deposits were originally staked in 1897 and were covered by Crown grants held by Cominco Ltd. and the Canadian Pacific Railway. Past work on the Iron Range deposits by Cominco focused on the considerable iron oxide resource with trenching and very shallow (20 m depth) diamond drilling along the Iron Range Mountain ridge. Eagle Plains staked the current claims immediately after the Crown grants reverted in 2000 and have been exploring the property since then. Exploration work to date includes geological mapping, geochemical surveys, diamond drilling and a 690 line km airborne geophysical survey.
Drill programs were carried out by Eagle Plains in 2005 and 2008. Swift Resources optioned the property in late 2009 and completed a total of 580 m of drilling in seven holes.
5,000m phase 2 drill program begins, to consist of 12 to 16 holes designed to test structural features and the stratigraphic interval known to host the Sullivan deposit, located 70 kilometres to the north.
Net Interest: 25% TC Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Eagle Plains acquired by staking in 2017. Agreement Oct 24, 2019 where Canex Energy Corp (now SKRR Expl Inc) can earn up 75% by spending CAD $1.5 million, paying $250,000 and issuing 800,000 shares by Dec 31, 2020 to earn 51%, at which point Canex can increase to 75% by spending another $1.5 million and issuing 200,000 shares by Dec 31, 2023.
Net Interest: 20% TC Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired early 2019 by staking. An additional 1,105 ha was purchased on Mar 17, 2020 for an undisclosed amount and a 2% NSR. Agreement to option 80% to Apogee Minerals for 2 million shares, $150,000, and $3 million exploration by June 30, 2025. A 2% NSR was created with a 1% buyback by Eagle Plains for $1 million anytime that was spun out to Eagle Royalties Inc.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 1.00%
Ownership Terms: Acquired by staking in 2001. Agreement Sept 30, 2019 where 37 Capital Corp can earn 60% by spending $2.5 million and issuing 300,000 shares over 4 years. Option dropped. A 2% NSR with a 1% buyback at $1 million was created and spun out to Eagle Royalties. Agreement May 31, 2023 to option 100% of Acaca and 4 other projects (Lost Horse, FinLith, Surprise and Toodoggone) to Nevgold for 10 million shares.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired by staking in 1993. A 2% NSR was created with a 1% buyback by Eagle Plains for $1 million anytime that was spun out to Eagle Royalties Inc.
Target Metals: Silver Lead Zinc
Model: Vein
Stage: 2-Target Drilling
Notes on Black Diamond Project
The property contains a prominent structure which hosts quartz vein material up to eight metres in width, and locally contains high-grade silver, lead and zinc mineralization. Located within the Toby Creek area, the steeply dipping north-to-south-oriented structure is exposed for approximately 760 metres vertically and is interpreted to have at least 3.5 kilometres of strike length within property boundaries. Historical pits, trenches and tunnels are located along irregular, exposed intervals over three km.
Black Diamond saw limited production in 1906 to 1907. Tunnels up to 65 m in length were driven into mineralization in three separate areas over 790 m (2,600 feet) on the north side of Toby Creek. Historical production of 47 tonnes of ore was reported, containing 1,929 ounces of silver (40 ounces per ton), and 15,801 pounds of lead (63 per cent). Zinc-rich material was probably left as waste, as evidenced by inspection of waste dumps.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 2.00%
Ownership Terms: Eagle Plains acquired by staking in 2017. Agreement Mar 28, 2023 whereby Pacific Imerial can earn 60% by issuing 1 million shares, paying $500,000 and spending $5 million over 4 years. Dropped. A 2% NSR was created with a 1% buyback by Eagle Plains for $1 million anytime that was spun out to Eagle Royalties Inc.
Net Interest: 1.00% GOR Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Agreement July 1, 2014 to sell 100% to Secure Energy Drilling Services for $250,000 over years plus an unspecified production royalty that is likely on a tonnage unit extracted basis. $1.50/t royalty of which half can be bought for $1 million.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: June 2011 agreement for Olympic Resources Ltd to earn 60% from Eagle Plains for $3-million in exploration expenditures, one million common shares and cash payments of $500,000 to Eagle Plains over four years.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: A 2% NSR was created with a 1% buyback by Eagle Plains for $1 million anytime that was spun out to Eagle Royalties Inc.
Target Metals: Copper Molybdenum Gold
Model: Porphyry
Stage: 2-Target Drilling
Notes on Elsiar (LCR) Project
The project area has seen little historical activity and was acquired by Eagle Plains due to the presence of a strong multi-element geochemical signature in stream sediments. It benefits from excellent infrastructure including logging roads, hydroelectric power lines and close proximity to rail and deep-water international ports in Kitimat and Prince Rupert.The property was acquired by Eagle Plains in 2003 and was subsequently optioned to Northern Continental Resources which carried out approximately $1,000,000 in exploration work during 2004 and 2005, including an airborne geophysical survey and 20-hole, 7900' (2,400m) drilling program. The property hosts widespread mineralization in surface occurrences over a 3.5 sq. km. area. Both surface and drillhole data suggest the presence of a well-developed copper-molybdenum porphyry system with high-grade Au mineralization present in shears and veins.
Net Interest: 1.00% NSR Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired by staking Mar 2, 2023. Agreement Mar 20, 2023 for Brunswick to acquire 100% from Eagle Plains Resources Ltd for $70,000 and $100,000 exploration by Dec 31, 2024, with $250,000 in cash or stock (BRW's choice) on resouirce estimate and again on PEA. Eagle Plains retains2% NSR of which half can be bought for $1 million.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: May 2011 agreement where Bluefire Mining Corp., a private B.C. company, can earn 60% by completing $5-million in exploration expenditures, making $500,000 in cash payments, and issuing one million common shares to Eagle Plains over five years. Eagle Plains will maintain a 4-per-cent gross metal royalty on the claims, which may be reduced to 2 per cent upon payment of $2-million. Dropped. A 2% NSR was created with a 1% buyback by Eagle Plains for $1 million anytime that was spun out to Eagle Royalties Inc.
Target Metals: Copper Gold
Model: Sedex
Stage: 2-Target Drilling
Notes on K9 Project
The K-9 property is located 30 kilometres west of Kimberley and covers the projected northern extension of the Iron Range structure, currently the focus of ongoing exploration by Eagle Plains and its partner Providence Resources Ltd. The property surrounds the historic Great Dane Crown grants. The target mineralization on the K-9 property is stratabound massive sulphides within Creston Formation rocks possibly related to the same regional structure as the Iron Range deposits. In the early 1900s, miners drove a 300-foot tunnel at the Great Dane to exploit a 1.8-metre-wide stratabound lens of silver-bearing lead-zinc-copper sulphides. Channel sampling of this mineralization in the mid 1980s returned values including 20.29 ounces per ton silver, 2 per cent copper, and 61.5 per cent lead across a width of 0.6 meters, 18.2 ounces per ton silver and 45.4 per cent lead across 0.6 meters and 10.12 ounces per ton silver and 32.60 per cent lead across 0.5 meters.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: January 2012 agreement for Clemson Resources to acquire 60% from Eagle Plains for an aggregate of $250,000 and issuing to Eagle Plains an aggregate of 1.1 million common shares of the company, such payments to be made and common shares to be issued in stages over a period ending four years from the date that the exchange issues its approval of the acquisition. Further, the company must incur aggregate expenditures of $3-million on the Kalum property in stages over a period ending on Dec. 31, 2015. Dropped. A 2% NSR was created with a 1% buyback by Eagle Plains for $1 million anytime that was spun out to Eagle Royalties Inc.
Net Interest: 1.00% GOR Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquried by staking April 19, 2018. Agreement Nov 9, 2021 to option 100% to Aben Resources Ltd for $150,000, 850,000 shares and $1 million exploration by Dec 31, 2024. Aben must issue 500,000 shares if it achieves a resource ine xcess of 10 million tonnes. Eagle Plains retains a 2% royalty of which half can be bought for $1 million.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: September 2011 option for Turnberry Resources Ltd to acquire up to a 75-per-cent interest. Under the terms of the option agreement, Turnberry will acquire a 60-per-cent interest in the Wildhorse property in exchange for total payments and share issuances to Eagle Plains of $495,000 and 950,000 postsubdivision common shares (please see below under proposed share subdivision) over a period of five years, and by incurring expenditures of $4.9-million on the Wildhorse property over the same time period. Turnberry is entitled to earn a further 15-per-cent interest in the Wildhorse property, for a total 75-per-cent interest, by making all expenditures required to deliver a bankable feasibility study on the Wildhorse property by no later than the eighth anniversary of the date of regulatory approval of the qualifying transaction. Dropped. A 2% NSR was created with a 1% buyback by Eagle Plains for $1 million anytime that was spun out to Eagle Royalties Inc.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired by staking in 2011.
Target Metals: Uranium
Model: Unconformity style
Stage: 1-Grassroots
Notes on Wollaston Project
The Wollaston claims are located along Highway 905, an all-season road with access to the nearby Rabbit Lake and Cigar Lake uranium mines. The 5,000-hectare, road-accessible property was originally staked by Eagle Plains in early 2011, based on prospective airborne radiometric anomalies and coincident lake-sediment uranium and rare-earth-element anomalies proximal to a published Saskatchewan Mineral Index showing.