Eagle Plains / SKRR Announce 2022 Winter Drilling Program at Olson Gold Project, Saskatchewan

CRANBROOK, January 27, 2022 - Eagle Plains Resources Ltd. (TSXV:EPL)("EPL", "Eagle Plains") and SKRR Exploration ("SKRR": CSE) are pleased to announced that crews and equipment have been mobilized to EPL's 100%-owned Olson property (the "Property") to commence a 10-hole, 1850m (6000') diamond drilling program. SKRR may earn up to a 75% interest in the property over three years (option agreement details below). The Olson property area covers 5,712 ha located within the Trans Hudson Corridor 100 km east of La Ronge, Saskatchewan and 80km south of SSR Mining's Seabee Gold Operation. The 2022 diamond drill program is fully funded by SKRR.

2022 Drill Program

The current program will follow up on results from the EPL/SKRR 18-hole, 2981 m (9778') drill program completed in Fall 2020 and the 12-hole, 1674m (5492') drill program completed in Winter 2021. The 2020/21 programs were successful in defining significant gold mineralization at known but underexplored target areas as well as identifying new mineralized zones at the previously undrilled Michael's Lake and Ackbar Target Areas (see EPL News Releases May 6, 2021, February 4th, 2021 and March 25th, 2021). The current 10-hole, 1850m (6000') 2022 drill program is designed to further test gold mineralization at the Olson, Ackbar Lake, Carina and Michael's Lake zones.

See Olson regional map here

2022 Target Areas

Olson:

Drilling at the Olson Target Area is designed to complete a series of step-out drill holes along strike and along dip from previous mineralized intersections at the Olson Zone.

Previous highlights include:

• OL20017: 19.94m @1.19 g/t Au (130.46m - 150.40m), including
  • 1.23m @ 9.64 g/t Au (140.65m - 141.88m)
• OL21025: 13.1m @ 0.89 g/t Au (32.22m - 45.32m),
• OL21026: 29.44m @ 1.30 g/t Au (105.04m - 134.48m), including
  • 0.78m @ 14.55 g/t Au (126.45m - 127.23m)

Ackbar Lake:

Drilling at the Ackbar Lake area is designed to test a broad magnetic anomaly positioned perpendicular to known shears. Soil geochemistry surveys from the area returned highly anomalous Au-in-soil results that correlate well with mapped geology.

Previous highlights include:

• OL21029: 8.12m @ 0.75 g/t Au (98.00m - 106.12m), including:
  • 1.40m @ 2.39 g/t Au (101.75m - 103.20m)

Michael's Lake:

The Michael's Lake Target has been tested by two drill holes completed in 2020 and 2021. The holes were unsuccessful in intersecting the contact between Brownell Lake Group metasediments and the Brownell Lake Pluton. This favourable contact is known to host broad zones of anomalous gold mineralization at the Point showing to the south. The 2022 program is designed to adequately test the stratigraphic contact and correlating geophysical IP conductivity anomaly.

Previous highlights from Michael's Lake include:

• OL20018: 6.46m @ 0.77g/t Au (158.00m - 164.46m), including
  • 1.12m @ 2.85 g/t Au (161.97m - 163.09m).

Carina:

The Carina target was last drilled in 1987. Historic drill results show significant gold concentrations at the contact between and overlying metasedimentary and underlying metabasalt packages. The 2022 program is designed to test strike-length continuity of historic intersections.

Historic highlights from the Carina target area include:

• DDH 87-3: 5.77m @ 1.52 g/t Au (38.41m - 44.18m)
• DDH 87-10: 6.64m @ 1.92 g/t Au (46.65m - 53.29m), including
  • 3.51m @ 3.04 g/t Au (47.56m - 51.07m)

Some of the above results and information were taken directly from historic assessment reports filed with the Saskatchewan Government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work in the Olson Property area.

See Olson drill collar locations here

Tim Termuende, P.Geo., President and CEO of Eagle Plains commented recently on the results: "We are extremely encouraged by results obtained from SKRR's most aggressive exploration to date. The presence of significant gold mineralization in numerous areas of the Olson property speaks to the high overall exploration potential of the property and its rich mineral endowment. We look optimistically forward to results from this latest round of drilling activity."

Sherman Dahl, CEO, SKRR Exploration stated: "As we begin our 2022 drill program at Olson, it is clear that the well-known Trans Hudson Corridor mining district still contains zones of substantial high-grade mineralization. Based on the drilling we completed in 2021 and subsequent surface exploration which is now ongoing, it is our belief that we are only just beginning to scratch the surface here and extensive further work will be required before we can begin to understand the scale of the mineralized zones at The Olson Gold Project."

Olson Project Summary

The Olson project area overlies regionally sheared, highly strained meta-volcanic and intrusive rocks which are considered to be prospective for orogenic gold mineralization. The property is host to 29 mineral occurrences defined by historical geological mapping, prospecting, trenching and 4700 m of diamond drilling, with the last drilling reported in 2008. Historical drilling at Olson Lake has intersected 7.5 m grading 2.07 g/t Au including 13.00 g/t Au over 0.65 m, and grab samples of up to 105.52 g/t Au have been collected at the Kalix occurrence. 2018-2019 fieldwork completed by Eagle Plains and a previous partner consisted of a detailed compilation of historical data, geological mapping, soil geochemical work and prospecting. The fall 2020 drill program at the Olson intersected significant gold mineralization including new discoveries at the previously undrilled Point, Jena and Michael's Lake zones, high grade mineralization in a step out hole at the historic Olson showing and wide intercepts of near surface mineralization at the Siskin Zone. The project is considered to be significantly underexplored, with known gold occurrences open at depth and along strike.

Some results are historical in nature and have not been confirmed by Eagle Plains/SKRR but are considered to be reliable and will form a basis for ongoing work.

Olson Option Agreement Details

Under the Agreement, SKRR may earn-in up to a 51% interest in the Property by making certain staged cash payments, share payments of common shares in the capital of SKRR to Eagle Plains and exploration expenditures over a period as follows: (i) $10,000 in cash upon execution of a letter of intent in respect of the Transaction (received); (ii) $20,000 in cash and 200,000 common shares upon TSXV approval of the Transaction (received); (iii) $40,000 in cash, 200,000 common shares and $200,000 in exploration expenditures on or before December 31, 2020 (received); (iv) $80,000 in cash, 200,000 common shares and $500,000 in exploration expenditures on or before December 31, 2021; and (v) $100,000 in cash, 200,000 common shares and $800,000 in exploration expenditures on or before December 31, 2022.

SKRR may earn-in up to a an additional 24% (75% total) interest in the Property by making additional exploration expenditures of $1,500,000 on the Property and issuing 200,000 common shares of SKRR to Eagle Plains on or before December 31, 2023.

Qualified Persons

The 2022 drill program is expected to take four-weeks to complete and is supervised by Jarrod Brown, P.Geo. of Terralogic Exploration Services of Cranbrook, B.C. The program will rely extensively on support services and personnel from the town of Deschambault Lake, SK for which we express our gratitude. 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.

About Eagle Plains Resources

Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (and one of only three that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin-outs, has transferred approximately $95,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold being notable examples.

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. 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 2011-2021 on Eagle Plains-related projects exceed $27M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 42,000m 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

SOURCE: Eagle Plains Resources Ltd.