The project spans 7,407ha and is adjacent to Imperial Metals’ Mount Polley property.
The partnership aims to explore the site’s potential for copper-gold porphyry and epithermal gold mineralisation. Previous trenching at the project area returned promising results, including 1.12% copper over 35 metres, with a high-grade section yielding 7.12% copper over 5 metres. Earlier exploration also identified multiple mineralised intrusions, along with geophysical and geochemical anomalies. Additionally, gold grain counts found in basal till suggest potential nearby sources of mineralisation.
Under the agreement terms, Tana Resources can earn a 60% interest in the project by fulfilling a first option that includes cash payments of C$250,000, issuing 2.75 million common shares to Eagle Plains, and committing C$3 million towards exploration activities over a four-year period. If this first phase is successfully completed, Tana can pursue a second option to earn an additional 15% interest by completing a bankable feasibility study before December 31, 2031.
Tana’s CEO Vic Koraijan commented: “We are excited to add the Mount Polley West project to the Tana portfolio and work with Eagle Plains, one of the top project generators.”
Should either option be exercised, Eagle Plains will retain a 2% smelter return royalty (NSR) on a portion of the property. Tana will have the option to buy back 1% of the NSR royalty. Eagle Plains will act as the operator of the project during the option period and may appoint TerraLogic Exploration as a geoscience consultant.
Following the exercise of the option(s), a joint venture will be formed between Eagle Plains and Tana Resources to further explore and develop the Mount Polley West property.
Chuck Downie, President and CEO of Eagle Plains, stated: “Grass roots fieldwork by Eagle Plains and past operators at MPW has identified many of the geological indicators associated with porphyry and epithermal mineralising systems and we look forward to working with the Tana team to advance the project.”
The agreement marks a new phase of cooperation between the two companies, with a focus on unlocking the mineral potential of a region known for its existing mining operations.
