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Xcite Uranium Starts 1200m Drill Program at Eagle Plains’ Lorado Project

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FAQSIR News Desk
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Eagle Plains Resources Ltd. said its partner, Xcite Uranium Inc., has started a diamond drilling program at the Lorado Project in Saskatchewan. The planned campaign covers 1200m across 3 holes from 3 different pad locations and is intended to examine uranium targets identified through historical exploration and the 2025-2026 field programs.

#Drilling Plans at Lorado

The Lorado Project is located 20km south of Uranium City and is 100% owned by Eagle Plains. The property includes near-surface uranium mineralization and the past-producing Lorado uranium mine.

Xcite’s drilling will assess both structurally controlled Beaverlodge-type mineralization and basement-hosted unconformity-style mineralization. Target areas contain electromagnetic conductor and magnetic breaks associated with radon anomalies and anomalous soil geochemistry.

The drilling has been contracted to Apex Drilling, with crews based in Uranium City. TerraLogic Exploration Inc. is managing the broader exploration work.

#2026 Fieldwork and Targets

Work completed before drilling included prospecting, structural mapping, rock and soil sampling, radon sampling and scintillometer surveying. RadonEx collected 403 samples, while the program also produced 25 rock samples and 215 soil samples.

Geophysical work included 194 line-km of airborne radiometric and magnetic surveying and 1.4 km 2 of drone lidar surveying. Condor Consulting interpreted and modelled 954 line-km of VTEM data collected in 2025, together with historical information.

The interpretation identified approximately 8.2km of northeast-trending electromagnetic conductor anomalies linked to magnetic transition corridors and regional fault structures. The RadonEx work identified high-value radon clusters over some disrupted conductors, with partial overlap with anomalous soil geochemistry.

#Project Budget and Property Context

The approved 2026 Lorado budget is approximately $1.1 million. It includes $225,000 for fieldwork, which the company said was completed, and $875,000 allocated to drilling.

The 643ha property covers 4 Saskatchewan Mineral Deposit Index occurrences. The most significant occurrence is the Lorado deposit, also known as the Lorado Uranium Mine or the Pyrite Zone. The historical mine produced 95,000 tonnes of 0.19% U3O8 between 1957 and 1960.

The wider project area has potential for Beaverlodge-type and basement-hosted unconformity-style uranium mineralization. The property also includes numerous untested targets and geological structures associated with the ABC and Black Bay fault zones.

#Xcite Uranium Option Agreement

In December 2023, Eagle Plains granted Xcite the exclusive right to earn up to an 80% interest in the Beaver River, Black Bay, Don Lake, Gulch, Lorado and Smitty projects. The six projects are 100% owned by Eagle Plains and cover 54 Saskatchewan Mineral Deposit Index occurrences and five past-producing uranium mines.

Under the agreements, Xcite may earn an 80% interest in each project by completing CDN$3,200,000 in exploration expenditures, issuing 750,000 common shares of Xcite and making cash payments of CDN$55,000 to Eagle Plains over four years. The stated aggregate terms are CDN$19,200,000 in exploration expenditures, 4,500,000 shares and $330,000 in cash to Eagle Plains.

Upon Xcite fulfilling 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 also retain an underlying 2% NSR royalty on each property. Further terms apply to the transaction and exploration arrangements.

#Technical and Historical Data Cautions

Technical information in the announcement was reviewed and approved by C.C. Downie, P.Geo., a director and officer of Eagle Plains identified as the Qualified Person under N.I. 43-101.

The company cautioned that rock grab samples are selective and may not represent mineralization across the property. It also said some information was taken from Saskatchewan Mineral Deposit Index descriptions and assessment reports, while historical results reported by past operators have not been verified or confirmed by a Qualified Person.

Eagle Plains further stated that past results or discoveries on nearby land are not necessarily indicative of results that may be achieved on the Lorado Project. The announcement contains forward-looking statements that involve risks and uncertainties, and actual results may differ materially from those anticipated.

#Key Takeaways

  • Xcite Uranium has started a 1200m, 3-hole diamond drilling program at Eagle Plains’ Lorado Project.
  • Lorado is located 20km south of Uranium City and includes the past-producing Lorado uranium mine.
  • The 2026 program is targeting Beaverlodge-type and basement-hosted unconformity-style uranium mineralization.
  • The approved 2026 budget is approximately $1.1 million, including $875,000 allocated to drilling.
  • Xcite may earn up to an 80% interest in six Eagle Plains projects under the option agreements, subject to stated expenditure, share issuance and cash payment terms.

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Frequently Asked Questions

Eagle Plains Resources Ltd. has announced that partner Xcite Uranium Inc. has commenced a diamond drilling programme at the 100% owned Lorado Project in Saskatchewan. The programme consists of 1200m of diamond drilling across 3 holes from 3 different pad locations. The drilling will test for structurally controlled Beaverlodge-type mineralisation and basement-hosted unconformity-style mineralisation. The release does not report drilling results.
The issuer is Eagle Plains Resources Ltd., identified as TSX-V:EPL and OTCQB:EGPLF. Its partner is Xcite Uranium Inc., identified as TSX-V:XRI.
The Lorado Project is located 20km south of Uranium City, Saskatchewan, and covers 643ha and 4 Saskatchewan Mineral Deposit Index occurrences. The drilling will target areas with coincident electromagnetic conductor and magnetic breaks associated with radon anomaly clusters and anomalous soil geochemistry. The release states that the programme will test mineralisation defined by historical work and results from the 2025-2026 field programmes.
The 2026 fieldwork included prospecting, rock and soil geochemical sampling, structural mapping, radon sampling and scintillometer surveying. RadonEx collected 403 samples, while 25 rock samples and 215 soil samples were collected. Geophysical work included 194 line-km of airborne radiometric and magnetic surveying and 1.4 km 2 of drone lidar surveying. Condor Consulting was contracted to interpret and model 954 line-km of VTEM data collected in 2025, plus historical data. The release says that approximately 8.2km of northeast-trending linear electromagnetic conductor anomalies were defined, but it does not report an economic mineral resource or drilling result.
The approved 2026 budget for Lorado is approximately $1.1 million, consisting of $225,000 in fieldwork, described as completed, and $875,000 allocated for drilling. All work is managed by TerraLogic Exploration Inc. The 2026 drilling was contracted to Apex Drilling, with crews based out of Uranium City.
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 of CDN$55,000 to Eagle Plains over four years. The release states aggregate terms of 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.
Technical information was reviewed and approved by C.C. Downie, P.Geo., identified as the Qualified Person under N.I. 43-101. The release states that rock grab samples are selective by nature and are not necessarily representative of mineralisation across the property. It also says that some results were taken directly from Saskatchewan Mineral Deposit Index descriptions and assessment reports, and that historical results were collected and reported by past operators and have not been verified or confirmed by a Qualified Person. Management cautions that past results or discoveries on proximate land are not necessarily indicative of results that may be achieved on the subject properties. The release further states that forward-looking statements involve inherent risks and uncertainties and that actual results may differ materially from those currently anticipated.