Golden Triangle ProjectsHas anyone by any chance evaluated the potential of EPL's two projects in the Golden Traingle? I am less than a layman in that regard, but with what has been going on at Tudor Gold's/Teuton Resources/American Creek Resources project at Treaty Creek as well as Dolly Varden's Kitsault Valley project, it actually gives me as much of an eyebrow raise for EPL as their Vulcan property and the 1 for 3 royalty shares deal.
Their two projects in the Golden Traingle consist of Kalum and Elsiar. According to EPL's website, their option partner, Rex Resources, can earn into a 60% interest in EPLs Kalum property by the end of 2023. So far, it looks like Rex Resources hasn't even done any diamond drilling at Kalum yet, but they had completed field work last year in April 2022.
On August 13, 2020, the Company executed an option agreement with Rex Resources Corp. (a private B.C. company) (“Rex”), whereby Rex may earn up to a 60% interest in the Kalum property located in northwestern British Columbia. Under the terms of the agreement, Rex may earn a 60% interest by completing $3,000,000 in exploration expenditures, making cash payments totalling $250,000 and issue 1,000,000 common shares to EPL over a three-year period. The agreement was amended December 21, 2022 whereby in consideration for an additional 100,000 shares, the December 31, 2022 payment date was extended to June 30, 2023. Upon completion of the terms of the option agreement a joint venture will be formed as defined in the agreement. Eagle Plains will retain a 2.0% NSR Royalty with Rex having the option to repurchase 1.0% of the NSR Royalty for $1.0 million. Payments are due as follows: