Eagle Plains Acquires B.C. Rare Earth Element ("REE") Project

CRANBROOK, December 22, 2021 - Eagle Plains Resources (TSXV:EPL) has acquired by staking 8,903ha overlying areas considered by management to have significant potential to host critical metals. The project has been named "Adamant" and is located 45 km southeast of the community of Mica Creek, British Columbia, Canada. The property is owned 100% by Eagle Plains with no underlying royalties or encumbrances.

Adamant Project Summary

A summary map outlining pertinent features of the property may be found here

Claims comprising the Adamant Project overlie high-grade metamorphic rocks of the Upper Proterozic Horsethief Creek Group which have been intruded by a series of syenite sills. Work carried out most recently in 2011 by Critical Elements Corporation increased the known extent of the Trident Mountain syenite from 15 km to approximately 25 km. Grab samples collected in the Trident area saw results grading from trace quantities to up to 31,337 ppm (3.13%) Total Rare Earth Elements (TREE), 481.2 ppm Nb and 50,655 ppm (5.06%) (TREE), 1721 ppm Nb and >2000 ppm Mo. In this target area, 21 samples collected returned average values of 6829 ppm TREE, 265 ppm Nb and 195 ppm Mo.

2011 fieldwork in the Kin area saw the discovery of new mineralization named the "Amy-Carmen Trend" where 43 rock samples collected returned results ranging from between 38 ppm and 74,061 ppm (7.41%) TREE, 22 ppm to 21,126 ppm (2.12%) Nb and 0.7 ppm to 62,900 ppm (6.29%) Mo, with respective averages of 10,074 ppm TREE, 2684 ppm Nb and 2832 ppm Mo. Other elements of interest from the Amy-Carmen trend include values ranging from trace quantities to up to 1000 ppm Heavy Rare Earth Elements (HREE), 166 g/t Ag and 181 ppm Ta.

Also discovered in 2011 was the "Carmen Trend", which is located 500m south of the Amy-Carmen Trend. This parallel trend comprises a broad zone (~250m wide) containing many narrow, mineralized structures. The results from 9 samples collected over a 1 km strike in this zone returned values ranging from trace quantities to up to 107,989 ppm (10.79%) TREE, 34731 ppm (3.47%) Nb, 16.4 ppm Mo and 4089 ppm HREE. (Source: BCGS Assessment Report 32655)

Many of the new hard rock discoveries in 2011 were made following up targets derived from combined 2010-2011 airborne radiometric surveys and a detailed heli-assisted silt-stream geochemical program. Only a small percentage of the resulting targets were prospected diligently in 2011 leaving unrealized potential for additional discoveries to be made.

Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property

Tim Termuende, P.Geo., President and CEO commented on the acquisition recently: "we are excited to have acquired Adamant, a high quality REE project with no underlying royalties or encumbrances in a geologically prospective area within a stable political jurisdiction. The new project compliments Eagle Plain's Ice River Project and positions the company well in this rapidly-evolving space. Recent announcements by the Canadian government signal that Canada is serious about securing a steady and stable supply of critical elements within its borders and the Adamant acquisition is particularly well-timed*"

*read Prime Minister Trudeau's recent announcement: here

Adamant Project History

Critical metals in the area were first reported in 1956 with the identification of niobium in placer samples from Trident Creek. The Geological Survey of Canada identified a large REE bearing nepheline syenite gneiss unit northwest of the Adamant property at Trident Mountain (BC MINFILE 082M 126) in 1965. A 1987 Gov. of B.C. study focusing on the economic viability of feldspar and nepheline syenite occurrences in the area concluded that it is capable of producing feldspathic products meeting commercial specifications for use in glass/ceramic manufacturing. Industry work in 2006-7 included a structural analysis of the nepheline syenite body which identified potential controlling features of the nepheline syenite phase.

Qualified Person

Charles C. Downie, P.Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and a Director of Eagle Plains Resources Ltd., has prepared, reviewed, and approved the scientific and technical disclosure in this news release.

Vulcan Project Update

Brascan Gold has recently notified Eagle Plains that it has terminated the option on the Vulcan property located 30km west of Kimberley, BC. The claims are held 100% by Eagle Plains, with no underlying royalties.

About Eagle Plains Resources

Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. Eagle Plains also holds significant royalty interests in western Canadian projects covering a broad spectrum of commodities. Management's focus is to advance its most promising exploration projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

Expenditures from 2011-2020 on Eagle Plains-related projects exceed $22M, most of which was funded by third-party partners. This exploration work resulted in approximately 37,000 m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

On behalf of the Board of Directors

"Tim J. Termuende"
President and CEO

For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at http://www.eagleplains.com

Cautionary Note Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

SOURCE: Eagle Plains Resources