Eagle Plains Announces Sale Agreement for Rusty Springs Property, YT
Executive Summary
- Eagle Plains Resources Ltd. entered into a Purchase and Sale Agreement to transfer its 100% interest in the Rusty Springs silver‑lead‑zinc‑copper project to Blackcomb Silver Corp. in exchange for 5 million Blackcomb common shares.
- Eagle Plains will retain a 0.5% NSR on its existing claims and an additional 1.5% NSR on 343 new claims (with the option to sell 0.5% for $1 M), plus a contingent issuance of another 5 million Blackcomb shares upon delivery of an inferred resource estimate of at least 80 Moz Ag‑eq.
- The transaction includes a potential $1 M buy‑back of a 1% NSR held by Eagle Royalties, and the combined land package totals approximately 7,540 ha.
Key Details
- Transaction Structure:
- 100% interest in Rusty Springs Property → Blackcomb Silver Corp.
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Consideration: 5 M Blackcomb common shares (immediate) + optional additional 5 M shares upon resource trigger.
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Net Smelter Royalties (NSR):
- Eagle Plains retains 0.5% NSR on its current claims.
- Additional 1.5% NSR on 343 new Blackcomb‑staked claims; Blackcomb may purchase 0.5% for $1 M.
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Existing 2% NSR held by Eagle Royalties, with a buy‑back option for Eagle Plains to acquire 1% for $1 M.
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Contingent Share Issuance:
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Additional 5 M Blackcomb shares payable when Blackcomb delivers an inferred resource estimate ≥ 80 Moz Ag‑equivalent.
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Land Package: Approximately 7,540 ha (combined Eagle Plains and Blackcomb claims).
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Project Highlights (historical drilling):
- Hole 77‑08: 945 g/t Ag (30.38 oz/t), 4.72% Pb, 2.30% Cu over 37.5 m from surface.
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Hole 95‑07: 517 g/t Ag (15.1 oz/t), 3.0% Cu, 1.3% Zn over 15.3 m (28.6–43.9 m depth).
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Historical Investment: Nearly $5 M spent on exploration; >10,000 m of drilling in 123 holes across two major phases (1975‑83, 1994‑96).
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Qualified Person: Charles C. Downie, P.Geo., reviewed and approved the technical disclosure per NI 43‑101.
Notable Quotes
“We are very excited to return to our Company roots and embark on another chapter of exploration at our original listing property… we believe that discovery potential exists both in the areas of historic work and within the broader claim area.” – Chuck Downie, President & CEO, Eagle Plains
“Rusty Springs holds a special place in my heart… We wish Blackcomb the very best in their exploration efforts and remain enthusiastic shareholders and supporters.” – Tim J. Termuende, Executive Chairman, Eagle Plains