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Eagle Plains reports anomalous radioactivity in first Don Lake drillholes

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FAQSIR News Desk
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Eagle Plains Resources Ltd. and partner Xcite Uranium Inc. have reported multiple zones of anomalous radioactivity in the first three drillholes completed at the Don Lake Project near Uranium City, Saskatchewan. The results come from the A Zone, where earlier exploration identified anomalous uranium mineralisation across approximately 213m of strike length.

#Results from the first three holes

The highlighted intervals were recorded in holes DN26001, DN26002 and DN26003. DN26001 returned 1.9m averaging 11571 cps, while DN26002 returned 1.1m averaging 23923 cps. DN26003 returned 1.2m averaging 10320 cps.

The company said the anomalous radioactivity was generally linked to gabbroic gneiss showing silica-feldspar, hematite and chlorite alteration. The drillholes also encountered quartz veining, silicification, possible potassic alteration and hematite, with semi-pelite gneiss and rare mafic dykes among the other rock types recorded.

#Scope of the 2026 drilling programme

The 2026 programme comprises 1500m of diamond drilling in 14 holes from 6 pad locations. It is testing shallow, structurally controlled uranium mineralisation identified through historical exploration and the 2025-2026 field programmes.

The work is focused west of the Black Bay Fault and north of the Townsend Fault, within the Don and Midas Targets. The holes are intended to examine the intersection of NE-trending and NW-trending structures. In the Don Target, drilling is testing for extensions beneath the A, B and C Zone trenches and the Hawker trenches. At the Midas zone, the programme is targeting the source of 2026 uranium geochemical anomalies and a strong anomaly identified by a 2026 radiometric survey. Four additional targets are also to be tested at Don Lake.

#Historical context at Don Lake

The A Zone has been explored through fourteen trenches and 20 shallow drill holes. Historical drilling reported 10.7% U3O8 over 0.3m and 2.14% U3O8 over 0.67m. The Don Lake property also includes the past-producing Beta Gamma Mine and the Don Lake Uranium Deposit among its listed Saskatchewan Mineral Deposit Index occurrences.

Eagle Plains cautions that historical results were collected and reported by previous operators and have not been verified or confirmed by a Qualified Person. It also states that results from nearby properties are not necessarily indicative of results that may be achieved on the Don Lake claims.

#Results remain subject to further analysis

All reported depths and intervals are measured downhole, and true thicknesses cannot yet be determined. Geochemical assays from drill core samples are pending.

The radioactivity readings are total gamma measurements reported in counts per second. The company cautions that these measurements indicate uranium content but may not correlate with chemical assays. It defines radioactive anomaly intervals using counts-per-second thresholds, geological features associated with certain uranium deposit types and spectrometric indications that uranium is the dominant source.

The release also notes that rock grab samples are selective by nature and may not represent mineralisation across the property. Forward-looking statements in the release cover matters including upcoming work programmes, geological interpretations, property titles and potential mineral recovery processes. Eagle Plains states that these statements involve risks and uncertainties and that actual results may differ materially from those currently anticipated.

#Xcite option agreement

Under the option agreements, Xcite may earn an 80% interest in each of the Beaver River, Black Bay, Don Lake, Gulch, Lorado and Smitty projects by completing CDN$3,200,000 in exploration expenditures, issuing 750,000 common shares of Xcite and making cash payments to Eagle Plains of CDN$55,000 over four years.

In aggregate, the agreements require CDN$19,200,000 in exploration expenditures, 4,500,000 shares and $330,000 in cash to Eagle Plains. If Xcite fulfils the terms of any or all of the earn-in agreements, an 80/20 joint venture will be formed. Eagle Plains would retain a carried interest in all expenditures until delivery by Xcite or its assigns of a bankable feasibility study, as well as an underlying 2% NSR royalty on each property. Further transaction terms apply.

#Key Takeaways

  • The first three Don Lake drillholes intersected multiple zones of anomalous radioactivity.
  • Highlighted intervals included 1.9m averaging 11571 cps, 1.1m averaging 23923 cps and 1.2m averaging 10320 cps.
  • The 2026 programme covers 1500m of diamond drilling in 14 holes from 6 pad locations.
  • Geochemical assays are pending, and true thicknesses cannot yet be determined.
  • Xcite’s proposed 80% earn-in remains dependent on completing the stated exploration, share issuance and cash payment obligations.

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Frequently Asked Questions

Eagle Plains Resources Ltd. (TSX-V:EPL)(OTCQB:EGPLF), together with partner Xcite Uranium Inc. (TSX-V:XRI), reported that the first three completed drill holes at the Don Lake Project intersected multiple zones of anomalous radioactivity. The project is near Uranium City, Saskatchewan, and the release states that it hosts near surface uranium mineralisation and a past producing uranium mine.
The release reported the following highlighted intervals: DN26001, 1.9m averaging 11571 cps; DN26002, 1.1m averaging 23923 cps; and DN26003, 1.2m averaging 10320 cps. Anomalous radioactivity was generally associated with strongly silica-feldspar, hematite and chlorite altered gabbroic gneiss.
The reported depths and intervals are metres downhole, and true thicknesses cannot yet be determined. Geochemical assays of drill core samples are pending. The release cautions that total gamma measurements on drill core indicate uranium content but may not correlate with chemical assays. It also states that radioactive anomaly intervals are defined using specified counts-per-second thresholds, geological characteristics and spectrometric indications that uranium is the dominant source.
The 2026 programme comprises 1500m of diamond drilling in 14 holes from 6 different pad locations. It is testing for shallow, structurally controlled uranium mineralisation west of the Black Bay Fault and north of the Townsend Fault, within the Don and Midas Targets. The release states that 4 additional targets are to be tested at Don Lake.
Historical work at the A Zone included fourteen trenches and 20 shallow drill holes, outlining anomalous uranium mineralisation over approximately 213m of strike length. The release reports historical drilling values of 10.7% U3O8 over 0.3m and 2.14% U3O8 over 0.67m, and states that historical results were collected and reported by past operators and have not been verified or confirmed by a Qualified Person. It also cautions that past results or discoveries on proximate land are not necessarily indicative of results that may be achieved on the subject properties.
Under the agreements, Xcite may earn an 80% interest in each of the Beaver River, Black Bay, Don Lake, Gulch, Lorado and Smitty projects by completing CDN$3,200,000 in exploration expenditures, issuing 750,000 common shares of Xcite and making cash payments to Eagle Plains of CDN$55,000 over four years. The release states that, in aggregate, the agreements require CDN$19,200,000 in exploration expenditures, 4,500,000 shares and $330,000 in cash to Eagle Plains. If Xcite fulfils the terms of any or all of the earn-in agreements, an 80/20 joint venture will be formed, with Eagle Plains retaining a carried interest in all expenditures until delivery by Xcite or its assigns of a bankable feasibility study. Eagle Plains will retain an underlying 2% NSR royalty on each property.
The release says that forward-looking statements include comments on the timing and content of upcoming work programmes, geological interpretations, receipt of property titles and potential mineral recovery processes. It states that these statements involve inherent risks and uncertainties and that actual results may differ materially from those currently anticipated. The release also notes that rock grab samples are selective and not necessarily representative of mineralisation across the property, while some historical results were taken directly from Saskatchewan government SMDI descriptions and assessment reports.