The Eagle Lake Property located 45km southeast of Cameco’s Key Lake mining operation in north-central Saskatchewan consists of six mineral dispositions covering about 14,295ha.
TerraLogic Exploration, a subsidiary of Eagle Plains, through prospecting has discovered the uranium mineralization which is the 2012 drilling target.
The area called ‘Red October’ has grab samples of U3O8 which returned up to 1.02%.
Subsequent soil sampling and a magnetic geophysical survey indicate that mineralization is coincident with a pronounced linear magnetic high feature which is continues for at least 1.5km and is coincident with several radioactive features.
TerraLogic is also conducting diamond drilling for about 450m under the exploration program.
Bulldog has carried out a property option agreement with EPL to acquire 60% interest in the Eagle Lake Property for a cash remuneration of $300,000.
The company will also pay $3,000,000 for aggregate exploration expenditures, and issue to Eagle Plains an aggregate of 1,000,000 its common shares over a period of four years.
Eagle Plains conducts research, acquires and explores mineral projects in Canada.
