Historical Drilling up to 7.0m Grading 51.52g/t (1.50 oz/ton) Gold
VANCOUVER, BC / ACCESS Newswire / March 3, 2025 / Earthwise Minerals Corp. (CSE:WISE) & (FSE:966) ("Earthwise" or the "Company") and Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") are pleased to announce that further to their respective news releases dated February 10, 2025, the parties have entered into an option agreement (the "Option") dated February 26, 2025, pursuant to which Earthwise has been granted the exclusive right to acquire up to an 80% interest in Eagle Plains' wholly-owned Iron Range Gold Project ("the Project").
Drilling at Iron Range in 2010 resulted in the discovery of the Talon Zone, where drill-hole IR10-010 intersected 2 intervals of strong and continuous mineralization including 14.0m grading 5.1g/t gold, 1.86% lead, 2.1% Zinc, 75.3g/t silver and 7.1m grading 8.13g/t gold, 2.84% lead, 3.07% zinc, 86.6g/t silver (Eagle Plains news release December 21st, 2010). Previous drilling 10km north of the Talon Zone in 2008 by Eagle Plains intersected gold mineralization in drill-hole IR08006 which assayed 7.0m grading 51.52g/t (1.50 oz/ton) gold (Eagle Plains news release dated April 20th, 2009).
The 21,437ha Iron Range Project is considered by management of both Eagle Plains and Earthwise to hold excellent potential for the presence of structurally controlled gold-silver mineralization, iron-oxide copper-gold ("IOCG") and Sullivan-style lead-zinc-silver sedimentary-exhalative ("sedex") mineralization. The property is owned 100% by Eagle Plains, with a portion of the property subject to an underlying 1.0% Net Smelter Royalty held by a third party.
To exercise the Option, Earthwise must make a series of cash payments and share issuances to Eagle Plains and fund exploration expenditures on the Project. These payments, share issuance and expenditures are separated into two phases, with the First Option entitling the Company to acquire a 70% interest in the Project by paying CA$250,000, issuing an aggregate of 1,500,000 common shares to EPL and funding CA$4,000,000 in exploration expenditures on the Project by over a four-year term, including $200,000 in expenditures in 2025. Pursuant to the Second Option (if elected by Earthwise), the Company may acquire an additional 10% interest in the Project (for an 80% total interest) by notifying Eagle Plains of its intent to increase its interest to 80%, making an additional one-time payment of CDN$ 1,000,000 cash and completing a bankable feasibility study on the Property prior to the eight anniversary of the Option.
If either the First Option or the Second Option is exercised, a 2% smelter returns royalty will be granted to the Eagle Plains over the entire property, 1% of which may be repurchased for CA$1,500,000.
Eagle Plains will serve as Operator under the terms of Option and will reserve the right to use TerraLogic Exploration Inc. as geoscience consultant. Following the exercise of either the First Option or the Second Option, Earthwise and Eagle Plains shall then form a 70/30 or 80/20 joint venture ("JV") to further explore and develop the Property.
About the Iron Range Project https://earthwiseminerals.com/iron-range-project/
Iron Range Project Summary
The 21,437ha Iron Range Project located near Creston, BC, is owned 100% by Eagle Plains, subject to a 1% NSR on a portion of the claim group. A well-developed transportation and power corridor transects the southern part of the property, including a high-pressure gas pipeline and a high-voltage hydro-electric line, both of which follow the CPR mainline and Highway 3. The rail line provides efficient access to the Teck smelter in Trail, B.C. The project is fully permitted with a Multi-Year Area Based (MYAB) permit in place issued by the BC Ministry of Mining and Critical Minerals that includes provisions for geophysical work, mechanical trenching, access trail construction and diamond drilling.
The Iron Range property covers an extensive area approximately 10km x 32km which overlies the regional Iron Range Fault System ("IRFS"). Prior to the acquisition by Eagle Plains in 2001, the property had seen little systematic exploration for other than iron resources known to exist on the property since the late 1800s. Since 2001, Eagle Plains and its partners have completed 21,593m of diamond-drilling in 87 holes, collected 2482 line-km of airborne and surface geophysical data and analysed 10,053 soil geochemical samples, 495 rock samples and 6955 drill core samples.
Earthwise to Extend Warrants
Earthwise announces that, effective March 3, 2025, has amended the terms of the 1,627,500 warrants (the "Warrants") issued in connection with the Company's private placement completed in March of 2023. The expiry date of the Warrants will be extended from March 20, 2025 to March 20, 2027.
Two of the directors of the Company beneficially own an aggregate of 375,000 Warrants and, accordingly, the extension of their Warrants is considered to be a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, the amendment will be exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on specified markets and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101, in that the fair market value of the consideration for the amendment to the Warrants held by directors of the Company does not exceed 25% of the Company's market capitalization.
Qualified Person
Technical information in this News Release has been reviewed and approved by C.C. Downie, P.Geo., a director and officer of Eagle Plains, hereby identified as the "Qualified Person" under N.I. 43-101.
About Earthwise Minerals
Based in Vancouver, B.C., Earthwise is a junior stage exploration company with a focus across North America. Earthwise has an Option Agreement to earn up to 80% in the fully permitted Iron Range Gold Project located near Creston, B.C.
For more information, review the Company's filings available at www.sedarplus.ca.
EARTHWISE MINERALS CORP.,
ON BEHALF OF THE BOARD
"Mark Luchinski"
Contact Information:
Mark Luchinski
Chief Executive Officer, Director
Telephone: (604) 506-6201
Email: luch@luchccorp.com
Forward-Looking Statements
This news release includes statements that constitute "forward-looking information" as defined under Canadian securities laws ("forward-looking statements") including, without limitation, statements respecting the Offering and the intended use of proceeds therefrom. Statements regarding future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in its forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and actual outcomes may differ materially from those in forward-looking statements. Additional information regarding the various risks and uncertainties facing the Company are described in greater detail in the "Risk Factors" section of the Company's annual management's discussion and analysis and other continuous disclosure documents filed with the Canadian securities regulatory authorities which are available at www.sedarplus.ca. The Company undertakes no obligation to update forward-looking information except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements.
For more information, please contact Mark Luchinski, Chief Executive Officer and Director, at luch@luchcorp.com or (604) 506-6201.
SOURCE: Earthwise Minerals Corp.
View the original press release on ACCESS Newswire
