Eagle Plains and Xcite Provide Update on Lorado Uranium Project

CRANBROOK, BC / ACCESSWIRE / May 27, 2024 / Eagle Plains Resources Ltd. (TSXV:EPL) or ("Eagle Plains") and Xcite Resources Inc. (TSX-V:XRI) ("XRI or Xcite"), have received the results from a data compilation on the Lorado uranium project, located 9.5 km SW of Uranium City, Saskatchewan. The road-accessible Lorado tenures cover the past producing Lorado mine, as well as three additional uranium occurrences, and is one of six 100%-owned Eagle Plains uranium properties currently under option to Xcite (see EPL/XRI news release Dec 14, 2023). The compilation and interpretation of available data will lead to recommendations for 2024 fieldwork.

Lorado Data Compilation Highlights

• Excellent infrastructure - road-accessible from Uranium City
• Three uranium mineral showings on property
• Historical Lorado Mine reportedly produced 95,000 tonnes of 0.19% U3O8 from 1957-1960
• Chip samples up to 0.793% U3O8 over 1.9 meters, outside of the Lorado Mine area
• Overlapping airborne EM and gravity geophysical anomalies coincident with major structural zones are underexplored

See EPL / Xcite Lorado Compilation map here

About the Lorado Project

The road-accessible 643ha project overlies 4 Saskatchewan Mineral Deposit Index ("SMDI") occurrences including the historical Lorado Uranium Mine (SMDI 1228).

The Lorado property is on the western edge of the Beaverlodge domain. The Black Bay fault, a regional structure that is inferred to control uranium mineralization in the Beaverlodge camp, lies immediately to the west of the property. The dominant structure on the property is the ABC fault, which transects the Lorado west tenure.

Uranium mineralization is hosted in granitic gneisses and brecciated or mylonitized units from the Murmac Bay group rocks and is present typically in the form of pitchblende. The uranium mineralization has a strong spatial association to the well-developed fault systems on the tenures and is associated with graphite and sulphide mineralization.

The Lorado Uranium Mine (SMDI 1228) host rocks are highly altered and metamorphosed argillites containing chlorite and graphite. The structurally-controlled uranium mineralization occurs in graphitic schists within gently plunging ore shoots. The irregular ore shoots are up to 200 ft (60.96 m) long by 50 ft (15.2 m) wide with the highest-grade uranium mineralization occurring within a folded area on the limbs of a gently plunging syncline.