Eagle Plains Resources Ltd. acquired by staking, a block of claims that cover the historic Elizabeth Lake Cu-Ag VMS deposit. The claims cover an area of 1266 ha and are located 21 km north of La Ronge, Saskatchewan. The claims are 100% owned by Eagle Plains and carry no underlying royalties or encumbrances.

The Elizabeth Lake property hosts metamorphic and intrusive rocks which are dominantly volcanic in origin and thought to be formed as an island arc complex. The geology is structurally complex with polyphase deformation and metamorphism. The deposit is made up of numerous lenticular mineralized zones hosted in shear zones within sericite schists.

Mineralization consists of lenses, pods, veins and disseminations of pyrite, pyrrhotite and chalcopyrite. Sphalerite is found in small zones of calc-silicate gneiss that are separated from the main zones. Galena is reported locally.

Chalcopyrite occurs in the more quartz-rich zones. The deposit area has been tested by 36 diamond drill holes for total of 10,147m (33,291 feet) of core. Select historical drill core is stored at the Saskatchewan Precambrian Geological Laboratory in La Ronge.

The mineralization, which lies in a northeast-trending fault zone that has been affected by dextral crossfaulting, has been grouped into two main lenses - the North Zone and the South Zone. The mineralized zone has a strike length of about 625 m (2050.5 ft). The two lenses, which are approximately 365 m apart, parallel minor fold hinges in the vicinity.

The lenses have a moderate to steep plunge. The North Zone is 330 m (1082.7 ft) long, 2 to 22 m (6.6 to 72.2 ft) wide and extends to a vertical depth of over 250 m (820.2 ft). The South Zone is 240 m (787.4 ft) long, 2 to 22 m (6.6 to 72.2 ft) wide and extends vertically approximately 150 m (492.1 ft).

Both Zones are thought to be open to depth.