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.

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

Eagle Plains Exploration

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.  

2026 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.  

Uranium City Option Agreement

Under the terms of the agreements, Xcite Uranium Inc. 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.