Eagle Plains and Xcite Define Prospective Geophysical Trends at Black Bay, Lorado and Gulch Uranium Projects, SK.
Eagle Plains and Xcite Define Prospective Geophysical Trends at Black
Bay, Lorado and Gulch Uranium Projects, SK.
Cranbrook, B.C., June 11, 2026: Eagle Plains Resources Ltd. (TSX -V:EPL) (OTCQB: EGPLF)
(“EPL” or “Eagle Plains”) with partner, Xcite Uranium Inc. (TSX-V:XRI) (“XRI or Xcite”), is pleased
to announce initial geophysical results from a 2025 VTEM Plus airborne geophysical survey carried out
by Geotech Airborne Geophysical Surveys that covered the Black Bay (1114ha), Lorado ( 643ha) and
Gulch ( 1996ha) uranium projects . Advanced geophysical interpretation and modeling by Condor
Consulting Inc. is nearing completion and will aid in prioritizing areas for summer fieldwork and targeting
drill holes in Q3/Q4 2026.
At the Gulch P roject, the regional Black Bay Fault, one of the main controlling structures for uranium
mineralization in the Beaverlodge camp, is clearly defined along a break between anomalous high
conductivity to the east and low conductivity to the west (Figure 1). The Calculated Vertical Gradient
(CVG) of the magnetic data defines the Black Fault as an area with a high magnetic trend with offsets and
splays possibly indicative of a favorable structural environment (Figure 2). A similar correlation is shown
at the Lorado Project, with the Lorado Mine - Pitchie trend occurring along a coincident conductivity and
magnetic high. Uranium mineralization at the Black Bay project occurs along the flanks of a pronounced
magnetic high.
The 2025 VTEM Plus airborne geophysical survey covered the six uranium projects and the survey data
was merged with publicly available geophysical data collected by previous operators.
The Black Bay, Lorado and Gulch uranium project s are located near Uranium City, Saskatchewan , and
host near surface uranium mineralization as well as past producing uranium mines. In December 2023
Eagle Plains granted Xcite the exclusive right to earn up to an 80% interest in the Gulch, Lorado, Beaver
River, Black Bay, Don Lake, and Smitty projects (see Dec 14 news release). The six projects comprising
the Xcite option agreements cover 54 Saskatchewan Mineral Deposit Index (SMDI) occurrences and five
past-producing uranium mines, and are 100% owned by Eagle Plains. The projects are prospective for
Beaverlodge style, basement hosted and unconformity hosted uranium mineralization.
Figure 1. Conductivity – Gulch, Lorado, Black Bay Geophysics Map
Figure 2. Magnetics – Gulch, Lorado, Black Bay Geophysics Map
Project Highlights
Black Bay
• Seven SMDI mineral occurrences
• Host to the past producing Black Bay Uranium Mine
• Grab samples from historical drill core at 12.8m depth returned 16.74% and 9.64% U3O8
Lorado
• Three SMDI uranium occurrences
• Host to the past producing Lorado Uranium Mine
• Drilling at Pitche Zone returned 0.79% U3O8 over 1.88m
• Structurally controlled uranium mineralization associated with graphite and pyrite
Gulch
• Four SMDI uranium occurrences
• Host to the past producing Gulch Uranium Mine
• Uranium mineralization is associated with regional Black Bay structure
• Trenching returned up to 0.37% U3O8 over 3m
• Prospective for both polymetallic Beaverlodge -type and unconformity- related uranium
mineralization
See Uranium City Projects map here
The Uranium City projects are included in a formal Exploration Agreement between Eagle Plains and the
Ya’thi Néné Lands and Resource Office (“YNLR”), representing the Athabasca Denesułiné First Nations
of Hatchet Lake, Black Lake, and Fond du Lac, the Northern Hamlet of Stony Rapids, and the Northern
Settlements of Uranium City, Wollaston Lake and Camsell Portage.
Rock grab samples are selective samples by nature and as such are not necessarily representative of the
mineralization hosted across the property. The above results were taken directly from the SMDI
descriptions and assessment reports) filed with the Saskatchewan government. Management cautions that
historical results were collected and reported by past operators and have not been verified nor confirmed
by a Qualified Person, but form a basis for ongoing work on the subject properties. Management cautions
that past results or discoveries on proximate land are not necessarily indicative of the results that may be
achieved on the subject properties.
About the Beaverlodge Uranium District
The Beaver River, Black Bay, Don Lake , Gulch, Lorado, and Smitty projects are located in t he
Beaverlodge District near Uranium City in the Lake Athabasca region of Saskatchewan. Occurrences of
uranium mineralization are abundant in the Uranium City area and have been explored and documented
since the 1940s. The Beaverlodge camp was the first uranium producer in Canada, with historic production
of approximately 70.25 million pounds of U3O8 between 1950- 1982, from ore grades averaging 0.23%
U3O8. The two largest producers were the Eldorado Beaverlodge (Ace-Fay-Verna) mine and the Gunnar
uranium mine. The Beaverlodge area has seen limited uranium focused exploration since the early 1990’s.
The Uranium City area projects have potential for both Beaverlodge -style and basement-hosted uranium
mineralization. Key features about the projects include:
• Outcropping, largely northeast-southwest-trending tectonic fabric;
• Electromagnetic conductors that have been confirmed as graphite-rich pelites within or near major
faults;
• Anomalous uranium geochemistry and radioactivity associated with graphitic faults;
• Compelling property-wide evidence for hydrothermal alteration;
• Uranium mineralization with corresponding elevations in pathfinder elements.
These factors, along with the presence of a substantial uranium endowment in both basement rocks and
Athabasca basin cover rocks, indicate excellent potential for economic uranium mineralization within the
project. The mineralization, structures and alteration identified on the claims to date are strong indicators
of the possibility of a nearby source for the uranium mineralization.
Uranium City Option Agreement
Under the terms of 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, for an aggregate of 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. During the option
earn in period, XRI will be appointed as operator, and EPL will manage the exploration programs under
the direction of a joint technical committee. The projects are owned 100% by EPL, who will retain an
underlying 2% NSR royalty on the each of the properties.
Qualified Persons
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrum ent 43- 101 -
Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has reviewed and approved
the scientific and technical disclosure in this news release.
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, with a focus on
critical metals integral to an increasingly electrified, decarbonized economy.
The Company was formed in 1992 and is the fourth- oldest listed issuer on the TSX -V (and the only
one of these four that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued
to deliver shareholder value over the years and thr ough numerous spin outs has transferred over
$115,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold
Corp. being notable examples. Eagle Plains latest spinout, Eagle Royalties Ltd. (CSE:“ER”) was
listed on May 24, 2023, and on October 30, 2025, ER shareholders overwhelmingly approved a three-
cornered amalgamation that resulted in a reverse takeover of Eagle Royalties by Summit Royalty Corp.
The resulting issuer is named Summit Royalties Ltd. and trades under the symbol SUM on the TSX
Venture Exchange with a market capitalization of over $100M.
On October 2, 2024, Eagle Plains announced the formation of a separate division within the Company
that will give Eagle Plains’ shareholders direct exposure to strategic opportunities in Canadian green
energy transition. As a wholly owned subsidiary of Eagle Plains, Osprey Power Inc. (“OP”) will
focus on identifying and advancing innovative and diverse clean energy project portfolios in target
markets throughout Canada, with an initial focus on Western Canada.
Eagle Plains’ core business is acquiring grassroots critical- and precious-metal exploration properties.
The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio
of projects toward discovery through collaborative partnerships and development of a highly
experienced technical team.
Expenditures from 2010- 2025 on Eagle Plains -related projects exceed $ 41M, the majority of which
was funded by third -party partners. This exploration work resulted in approximately 50,000m of
diamond-drilling and extensive ground- based exploration work facilitating the advancement of
numerous projects at various stages of development.
Throughout the exploration process, our mission is to help maintain prosperous communities by
exploring for and discovering resource opportunities while building lasting relationships through
honest and respectful business practices.
On behalf of the Board of Directors of Eagle Plains
“C.C. (Chuck) Downie, P.Geo”
President and CEO
For further information on EPL, please contact Andrew Wilson at 1 866 HUNT ORE (486 8673)
Email: [email protected] or visit our website at https://www.eagleplains.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc. Forward-looking statements address future
events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.