Mineral Explorer Signs LOI, Sending Shares Higher

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Monday, February 10, 2025

This company, whose core business is acquiring grassroots critical and precious-metal exploration properties, is the ninth oldest issuer on the Toronto Exchange and a continuous deliverer of shareholder value. 

Eagle Plains Resources Ltd. (TSX-V:EPL) announced in a press release today that it has entered into a non-binding letter of intent with Earthwise Minerals Corp. (CSE:WISE). In the LOI, Eagle Plains and Earthwise will negotiate and settle the terms of a definitive option agreement for Earthwise to acquire up to an 80% interest in Eagle Plains' wholly-owned Iron Range Gold project.

Both companies' management considers the Iron Range project to have excellent potential for the presence of structurally controlled gold-silver mineralization, iron-oxide copper-gold and Sullivan-style lead-zinc-silver sedimentary-exhalative mineralization.

The Iron Range property covers an extensive area that overlies the regional Iron Range Fault System. Under the terms of the LOI, Earthwise may acquire a 70% interest in the Iron Range Project by completing the following over a four-year period: total exploration of expenditures of CDN $4,000,000, including $200,000 in 2025; total cash considerations of CDN $250,000 and issuing 1,500,000 common shares of Earthwise.

Following the completion and notice, Earthwise shall have the right to earn an additional 10% interest in the Iron Range Project 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.

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