Eagle Royalties Ltd. has been notified by Eagle Plains Resources Ltd. of the results from an airborne geophysical survey at Eagle Plains' 100% owned George Lake critical metals project. Recently released from the eastern Wollaston Domain electromagnetic and magnetic high resolution geophysical survey, flown by the Government of Saskatchewan, covered the entirety of the George Lake project on which Eagle Royalties holds an underlying 2% Net Smelter royalty. The 200m line spaced survey was carried out by Geotech Canada Inc. utilizing Geotech's VTEM Max Time-Domain Electromagnetic (TDEM) system.

Results from the survey indicate a strong southwest northeast trending EM conductor that crosses the entire property. The conductor is coincident with the George Lake deposit mineralization and has been only partially drill tested. The survey also located weaker parallel conductor trends north and south of the main conductor, with the northern conductor coincident with the Spence Lake mineralized zone.

The fully permitted George Lake project is located 280km north of La Ronge, Saskatchewan. The project has excellent access and is located on an all-weather spur road along Saskatchewan Highway 905. The property overlies 8 Saskatchewan Mineral Deposit Index ("SMDI") occurrences including the George Lake Zn Deposit which is reported to contain a historical resource grading 2.63MT grading 3.67% Zn and 0.53% Pb (SMDI 0663).

Zinc and lead mineralized boulders were discovered in the George Lake area in 1965 which led Falconbridge Nickel Mines to acquire a large land position in the area, resulting in a 34-hole diamond drill program in 1969-70 which defined the George Lake deposit. The deposit contains sedimentary-exhalative ("sedex") style mineralization, with a higher-grade core of >5% Zn. The George Lake property is underlain by metasedimentary sequences of the Wollaston Supergroup.

Bedding is very steeply dipping to vertical and locally overturned on the northwest limb of the Spence Lake Synform. Rapid thickening and facies changes in sedimentary units suggests syndepositional faulting on north-south trending structures which are interpreted as providing conduits for mineralizing fluids. Mineral occurrences on the George Lake Property include stratabound, disseminated and vein-hosted sphalerite, galena and arsenopyrite interpreted as sedex-type mineralization.

Stratabound Pb-Zn-Ag-mineralization is predominantly found disseminated in quartzite of the upper Souter Lake group near the contact with the overlying meta-argillite. The Spence Lake formation also hosts stratabound Pb-Zn-Ag mineralization. Vein-hosted arsenopyrite, galena, and sphalerite are predominantly found as blebs in quartz-veins hosted in meta-argillite of the Spence Lake formation, as well as disseminated grains in the host rock.

Silver is associated with both mineralization types in the George Lake property. Zinc-lead mineralization was first noted in the George Lake area in 1965 by prospectors who identified mineralized boulders while following up on an airborne geophysical magnetic survey. This led to the discovery of sphalerite-bearing outcrops which attracted Falconbridge Nickel Mines Ltd. to acquire a large land position in the area.

Falconbridge conducted ground geophysics, soil geochemical surveys, mapping and prospecting to help define the mineralized trends which were tested by a 34-hole, 5127m drill program in 1969-70 which delineated the George Lake deposit.