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.