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US Critical Metals (USCMF) announces Eagle Plains Resources Ltd.’s acquisition of a 100% interest in the Sphinx molybdenum-tungsten deposit.
The deposit, defined by 38 holes and 10,686m of drilling, consists of a tabular, steeply-west dipping intrusive body. It has a true thickness of 85m and a strike length of 230m. The alteration system, 700m by 350m in size, is developed in the host sedimentary and intrusive rocks.
Eagle Plains’ Previous Ownership
Eagle Plains previously owned a 100% interest in the Sphinx deposit in the early 2000s and sold its interest in 2009. At the time, molybdenum prices were approximately $US 23/kg. Currently, molybdenum prices exceed $US 50/kg, with prices in March 2023 reaching a high of $US 96/kg. Both molybdenum and tungsten are considered “Critical Metals” by the Canadian government.
With the recent successful acquisition, Eagle Plains now owns an unencumbered 100% interest in the Sphinx deposit, in a robust critical metals commodities cycle.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada. The company focuses on critical metals integral to an increasingly electrified, decarbonized economy.
Eagle Plains’ core business is acquiring grassroots critical- and precious-metal exploration properties. The company is committed to enhancing shareholder value by advancing its diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.
Company Website: https://uscmcorp.com
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