Eagle Plains Resources (EPL.V) has started a ground-based geophysical survey on its Schott’s Lake zinc-copper project in Saskatchewan. Mineralization at Schott’s Lake was first discovered in the 1950s by Kay Lake Mines and since then, about 9,500 meters of drilling in 79 drill holes has been completed. As you notice the average depth of the holes was just around 120 meters, so the previous operators were just scratching the surface. Eagle Plains acquired the project in 2018 by staking, and is now gearing up for its first exploration program.
Despite the relatively low amount of drilling, the previous operator was able to put a historical resource together totalling almost 2 million tonnes containing 0.61% copper and 1.35% zinc. Back in the day, there was no real interest in precious metals and cobalt but in today’s commodity price climate, those elements could add some meaningful value to the project.
Eagle Plains will apply its methodological strategy to unlock value and this year’s efforts will consist of a ground-based EM survey over 6.5 line kilometers and the designed program will also cover known mineralization and this should provide a more extensive overview of the mineralized zones. Additionally, the company will work on a 3D model of the existing drill hole data, and the combination of all activities will help Eagle Plains to identify possible down-plunge extensions of the known 2 million tonnes historical resource.
Disclosure: The author has a long position in Eagle Plains Resources. EPL is not a sponsor of the website, but related company Taiga Gold is. Please read our disclaimer.
