Eagle Plains and Xcite Amend Uranium City Option Agreements
CRANBROOK, BC / ACCESS Newswire / July 3, 2025 / Eagle Plains Resources Ltd. (TSXV:EPL)(OTCQB:EGPLF) ("EPL" or "Eagle Plains") and Xcite Resources Inc. (CSE:XRI) ("XRI", or "Xcite") have entered into six amending agreements dated as of June 30, 2025 relating to XRI's Athabasca uranium property portfolio. The amending agreements have the effect of postponing the December 31, 2024 cash payments ($60,000 in aggregate) and work commitments ($300,000 in aggregate) under the agreements to September 30, 2025 (see EPL news release dated December 14, 2023).
As consideration for entering into the amending agreements, Xcite will issue an aggregate of 150,000 XRI common shares to Eagle Plains. When issued, in accordance with applicable securities laws, the shares will be subject to a four month hold period.
The six projects are included in an Exploration Agreement between EPL and the Ya'thi Néné Lands and Resource Office ("YNLR"), representing the Athabasca Denesuliné 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 (see EPL NR November 26, 2024). The Agreement supports mineral exploration in Nuhenéné, the traditional territory of the Athabasca First Nations in Treaty 8 and Treaty 10 Territories, and recognizes Eagle Plains' commitment to building a mutually beneficial relationship with the Athabasca communities.
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).
Uranium City Area Project Summaries
Beaver River (1455 ha)
four SMDI occurrences
grab samples from VIC U-Cu-Ni occurrence (SMDI 1553) returned from trace values up to 27.62% U3O8, 36.30% U3O8 and 29.70% U3O8 (AF 74O05-0051);mineralized zone approximately 1097m in length (AF 74O05-0066)
Rock chip samples at SMDI 1994, 800m southeast of VIC occurrence, returned U3O8 values of 29.89% over 29.2cm, 18.09% over 15.2 cm and 3.09% over 60.9 cm (AF 74O05-0077)
Black Bay (1114 ha)
six SMDI occurrences
Black Bay Uranium Mine (SMDI 1296) discovered in 1953; mineralization developed in three main shoots discovered along a strike length of approximately 152.4m (500') and a down-dip distance of 731.5m (2400'); 1355 tons produced at 0.17% U3O8
Grab samples from drill core at Bluegrass U Zone (SMDI 1295), located 600m northwest of Black Bay Mine, returned 16.74% U3O8and 9.64% U3O8 at a depth of 12.8m
Don Lake (524 ha)
six Saskatchewan Mineral Deposit Index ("SMDI") occurrences
discovered in 1950 by Eldorado Mining and Refining
drilling at Don Lake A, B, and C Zones (SMDI 1393) returned values of 10.7% U3O8 over 0.3m in DDH No. 23 and 2.14% U3O8 over 0.67m in DDH No.6 from a sheared and brecciated granite (AF 74N10-0422)
A Zone mineralization continuous over approximately 213m
Gulch (1996 ha)
20 km SW of Uranium City
four SMDI occurrences
uranium mineralization associated with regional Black Bay structure
1953-57 underground development at Gulch Uranium Mine (SMDI 1221) outlined 11 mineralized shoots
1954 trenching at Lucy (SMDI 1223) returned values from below detection to up to 0.37% U3O8 over 3m
Duvex Oils and Mines Radioactive Zones (SMDI 1224) grab samples returned values from trace up to 2.23% U3O8
Last documented work in 2015 concluded that anomalous U mineralization was structurally controlled similar to the past-producing Gulch uranium mine and further work, including deeper drilling, was recommended for the property
Larado (643 ha)
10km S of Uranium City along Saskatchewan Provincial Highway 962,
3 SMDI occurrences
Larado Uranium Mine (SMDI 1228) saw extensive underground development and production from 1953-1960; structurally controlled uranium mineralization associated with graphite and pyrite
Pitchie Uranium Zone (SMDI 1229) is located 850m southwest of the Larado Mine; main zone uranium mineralization exposed on surface for 91m; historical work includes approximately 50 diamond drill holes, the majority of which were less than 100m in length
Smitty (849 ha)
2 SMDI occurrences
uranium mineralization first discovered in 1950
underground development started in 1952 with a shaft and a number of sublevels
in 1954 the Smitty became the first privately owned uranium producer in Canada with mineralized material shipped to the nearby Eldorado mill
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 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 through numerous 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 holds a diverse portfolio of royalty assets throughout western Canada. On July 02, 2025, ER announced that it had entered into a definitive amalgamation agreement with Summit Royalty Corp. pursuant to which Summit will "go-public" by way of a reverse takeover (RTO) of ER. Eagle Royalties shareholders will receive a consideration of $0.18 per ER share, representing a premium of 47% based on ER's closing price on June 30, 2025 on the Canadian Securities Exchange. Completion of the RTO is subject to a number of conditions, including, but not limited to, Exchange acceptance and required shareholder approvals of ER and Summit. There can be no assurance that the RTO will be completed as proposed or at all.
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 2010-2023 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.
SOURCE: Eagle Plains Resources Ltd.
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