Eagle Plains and Xcite Expand Uranium City Uranium Projects
Eagle Plains and Xcite Expand Uranium City Uranium Projects
Cranbrook, B.C ., February 15th, 202 4: Eagle Plains Resources Ltd. (TSX -V:EPL)
(“EPL” or “Eagle Plains”) has offered to Xcite Resources Inc. (TSX-V:XRI) (“XRI or
Xcite”), and Xcite has accepted, two dispositions recently acquired by staking in the Uranium
City area, northern Saskatchewan. The two dispositions fall within an Area of Mutual Interest
(“AMI”) and as such, will become included in the Gulch and Larado projects respectively.
The Larado project has been increased by 398 ha (643 ha total) and Gulch has increased by
311 ha (1996 ha total). 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 26 Saskatchewan Mineral Deposit Index (SMDI) occurrences and four past-
producing uranium mines.
See Uranium City project map here
Under the terms of the option agreements, Xcite may earn an 80% interest in each individual
property 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 P lains 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, which will retain an underlying 2% NSR royalty on the
each of the properties.
Eagle Plains currently holds a 100% interest in 18 individual projects comprising a total of
40,050 ha of mineral dispositions in Saskatchewan covering both basement and unconformity
hosted uranium targets. Eagle Plains has been active in the uranium exploration space since
2006, but as reported on November 08, 2023 and February 12 th, 2024 EPL has acquired
significant additional uranium -focused tenure s. The projects range from early-stage
grassroots to drill -ready and are distributed throughout the prospective Athabasca Basin
including the Patterson Lake South (PLS), Beaverlodge, and Dufferin-Centennial camps. EPL
is seeking to advance its uranium portfolio through collaborative partnerships.
See Athabasca Basin U project map here
Athabasca Basin History and Mineralization
The Beaver River, Black Bay, Don Lake, Gulch, Larado, and Smitty projects are located
in the 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.
Eagle Plains’ 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.
Beaverlodge-style uranium deposits host structurally controlled, high grade mineralization in
veins and breccia -fills within basement rocks. Mineralization often occurs at geological
contacts and consists of structures filled with hematite, chlorite and graphite associated with
pitchblende (an ore mineral of uranium).
Qualified Persons
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instru ment 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 ninth-oldest listed issuer on the TSX-V (and one
of only three that has not seen a roll -back or restructuring of its shares). Eagle Plains has
continued to deliver shareholder value over the years and through numer ous spin outs has
transferred over $ 100,000,000 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 ho lds a diverse portfolio of
royalty assets throughout 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 2010-2023 on Eagle Plains-related projects exceed $38M, 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
“C.C. (Chuck) Downie” P.Geo
President and CEO
For further information on EPL, please contact Mike Labach 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.