Eagle Plains Partner Xcite Resources Reports Results From Fieldwork at the Uranium City Area Projects, Saskatchewan
Eagle Plains Partner Xcite Resources Reports Results From Fieldwork
at the Uranium City Area Projects, Saskatchewan
Cranbrook, B.C., February 5th, 2025: Eagle Plains Resources Ltd. (“EPL”:TSX-V, or
“Eagle Plains”) is pleased to announce that partner Xcite Resources Inc. (TSX-V:XRI)
(“Xcite”), has received the results from fieldwork conducted on the Beaver River, Black
Bay, Don Lake, Lorado and Smitty projects. Thirty-six field stations were recorded, six of
which were sampled for geochemical characterization at ALS Laboratories in North
Vancouver, using the ME-MS61U and U-XRF15b analytical packages.
Sample ID Ag (g/t) Co (ppm) Cr (ppm) Cu (ppm) U3O8 (%)
Lab method ME-MS61U ME-MS61U ME-MS61U ME-MS61U U-XRF15b
LO-QP-01 0.3 1 106 15 0.004
SM-QP-01 0.29 14 11 3 0.116
DN-QP-01 8.08 282 35 53 0.004
DN-QP-02 0.51 17 78 20 0.003
BB-QP-01 6.72 168 40 183 1.792
BU-QP-01 0.33 55 89 789 0.131
The site visit, in parallel with the assaying, validated the historically established potential
for Beaverlodge-style and basement-hosted uranium mineralization within the project. This
conclusion is based on the presence of:
• Outcropping, largely northeast-southwest-trending tectonic fabric;
• Electromagnetic conductors that have been confirmed as graphite -rich pelites within
or near major 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.
About the Beaverlodge Uranium District
See EPL / Xcite Athabasca Basin area map here
The Don Lake, Black Bay, Lorado, Gulch, Beaver River, 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 completed between 1950-1982, with 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.
Uranium City Option Agreements
Under the terms of the agreements, Xcite may earn an 80% interest in each of the Don
Lake, Black Bay, Lorado, Gulch, Beaver River, 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, which will retain an underlying 2% NSR royalty on the
each of the properties.
Iron Range Project Update
Eagle Plains has formally notified an arm’s length private Alberta company that it has
defaulted on the performance requirements of the Option Agreement between the private
Alberta company and Eagle Plains on the Iron Range project and that the Option
Agreement is terminated.
Qualified Person
Technical information in this News Release has been reviewed and approved by C.C.
Downie, P.Geo., a director and officer of Eagle Plains, hereby identified as the “Qualified
Person” under N.I. 43-101.
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.
On October 2, 2024, Eagle Plains announced announce 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 2010-2024 on Eagle Plains-related projects exceed $39M, 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 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.