The Albany Gazette - Eagle Plains' Partner Xcite Uranium Commences Drill Program at the Lorado Uranium Project, Saskatchewan

The Lorado uranium project is located 20km south of Uranium City, Saskatchewan, and hosts near surface uranium mineralization as well as the past producing Lorado uranium mine. 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 (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.

Lorado Project Highlights

• Four SMDI uranium occurrences

• Host to the past producing Lorado Uranium Mine

• Fault, breccia and vein hosted uranium mineralization associated with regional ABC and Black Bay Fault and basal Martin Group unconformity

• Last work in 2015 concluded that anomalous U mineralization was structurally controlled similar to the past-producing Lorado uranium mine and further work, including deeper drilling, was recommended for the property

• Numerous untested targets

The approved 2026 budget for Lorado is approximately $1.1 million, consisting of $225,000 in fieldwork (completed) and $875,000 allocated for drilling. All work is managed by TerraLogic Exploration Inc.

See Lorado Compilation Map

2026 Lorado Field Program

2026 fieldwork included prospecting, rock and soil geochemical sampling, structural mapping, radon sampling, and scintillometer surveying. The radon sampling was contracted to RadonEx who collected 403 samples. A total of 25 rock samples and 215 soil samples were collected. Geophysical work included 194 line-km of airborne radiometric and magnetic completed by Precision GeoSurveys, and 1.4 km² of drone lidar surveying. In addition, Condor Consulting was contracted to complete interpretation and modelling of 954 line-km of VTEM data collected in 2025, plus historical data.

Compilation and interpretation of current and historical geophysics have defined approximately 8.2km of northeast trending linear ElectroMagnetic (EM) conductor anomalies associated with magnetic high-low transition corridors, aligned with the regional ABC and Black Bay Fault structures. Coincident EM & magnetic breaks along the corridor are indicative of conductivity disruption and structural cross faulting. The RadonEx survey defined high value radon clusters over some of the disrupted conductors, coincident in part to anomalous soil geochemical results.

Lorado Drill Program

The 2026 drilling will test for both structurally-controlled Beaverlodge-type mineralization and basement-hosted unconformity style mineralization. The program will consist of 1200m of diamond drilling, with 3 holes from 3 different pad locations. The 2026 drilling was contracted to Apex Drilling with crews based out of Uranium City.

The drilling will target areas with coincident EM conductor and magnetic breaks associated with radon anomaly clusters and anomalous soil geochemistry.

See Lorado Project Information and Map here

About the Lorado Project

The 643ha project overlies 4 Saskatchewan Mineral Deposit Index ("SMDI") occurrences, 3 of which are associated with Beaverlodge-type basement hosted uranium mineralization. The project area contains both Beaverlodge-type and basement-hosted unconformity style uranium mineralization potential, with three Beaverlodge-type historical mines within 3 to 8 km of the proposed drill targets.

Geological mapping reveals complex interbanded sequences of metasediments (including quartzite and graphitic pelite), minor metavolcanics, and several generations of gneissic granitic rocks, with subordinate crosscutting pegmatites and mafic dykes.

The dominant structure on the property is the ABC fault, which transects the western part of the tenure; the Black Bay Fault strikes just outside of the Lorado (west) tenure. Both the Black Bay Fault and the ABC Fault are recognized as the major fault zones that led to the preservation the Martin group basin within the Lorado (west) tenure. Both the ABC Fault and the Black Bay Fault are NE-trending structures.

The most significant occurrence is the Lorado deposit, also known as the Lorado Uranium Mine or the Pyrite Zone (SMDI 1228), led to the development of the Lorado Mine. The Lorado mine produced 95,000 tonnes of 0.19% U3O8 between 1957 and 1960. The mineralization is hosted by moderately southeast dipping graphitic and chlorite schists that are structurally overlain to the east by quartzite and underlain to the west by sheared pyrite-graphite schists. The main structural control is fracturing along the base of the limbs of a gently to moderately northeast-plunging fold. In contrast to uranium deposits and showings north and northeast of Beaverlodge Lake, hematite is conspicuously missing from the wall rocks in the immediate Lorado Mine area.

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. Some of the above results were taken directly from the SMDI descriptions and assessment reports (AF) 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 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.

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 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 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 $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.

SOURCE: Eagle Plains Resources Ltd.

View the original press release on ACCESS Newswire

(T.Brown--TAG)