- Refined Energy Corp files NI 43-101 report for the Eagle Plains Resources' Dufferin Project recommending a drilling program.
- Drill program proposes a minimum of 4 holes and 1,250 meters with a budget of $2,062,500.
- Refined Energy can acquire up to 75% interest in the Dufferin Project under a two-phase option agreement.
Eagle Plains Resources (OTCQB: EGPLF) has announced that its partner, Refined Energy Corp, has submitted a NI 43-101 technical report for the Dufferin Project in the Athabasca Basin. The report advocates a drill program consisting of at least four holes totaling 1,250 meters at a projected budget of $2,062,500. The primary target is a conductor connected with the Virgin River Shear Zone, extending from the sandstone unconformity into the basement rocks.
The strategic importance of the Dufferin Project is underscored by its location, approximately 18 kilometers south of Cameco's Centennial deposit, wherein historical drilling yielded 8.78% U3O8 over a span of 33.9 meters. The region covered by the Dufferin Project is notable for its potential uranium mineralization due to proximity to key fault zones.
Per the option agreement, Refined Energy may acquire up to a 75% stake in the 10,140 hectares Dufferin Project via a two-phase process. The initial phase authorizes the acquisition of a 60% stake by 2026 for CA$275,000, 1 million shares, and CA$2.6 million in exploration expenditure. The subsequent phase allows for an additional 15% through an outlay of CA$500,000, 500,000 shares, and CA$3 million in exploration by 2028. Eagle Plains will retain a 2% smelter returns royalty, with the possibility of Refined Energy repurchasing 1% for CA$2 million.
Additionally, Eagle Plains has disclosed that Annacotty Resources Corp. has ended its option on the company's wholly-owned Donna property in British Columbia.
