Eagle Plains' Partner Xcite Uranium Commences Drill Program at the Lorado Uranium Project, Saskatchewan
Eagle Plains continues exploration at its Lorado project, advancing drilling activities without triggering immediate financial or operational catalysts.
Xcite Uranium Inc. has launched a 1,200-meter, three-hole diamond drilling program at its 100%-owned Lorado Uranium Project in Saskatchewan. The 2026 budget for the project is approximately $1.1 million, with $875,000 specifically allocated for drilling managed by TerraLogic Exploration Inc.
The drilling targets structurally-controlled Beaverlodge-type and basement-hosted unconformity-style uranium mineralization, building on historical work and recent 2025-2026 field programs. The release reiterates the existing option agreement: Xcite may earn an 80% interest in six projects (including Lorado) by completing $3.2 million in exploration expenditures, issuing 750,000 common shares, and making cash payments totaling $330,000 to Eagle Plains Resources Ltd. Eagle Plains retains a 2% NSR royalty.
Eagle Plains Resources Ltd. (EPL) has commenced drilling at the Lorado project, a development telegraphed by prior geophysical survey results and the terms of its option agreement. The update does not introduce new financial data, production metrics, or strategic shifts.
The market has already priced in the 2026 exploration budget through the option agreements and TerraLogic service contracts. The stock has traded in a tight $0.18–$0.21 range since mid-2026.
Eagle Plains Resources Ltd. (EPL) operates on a project generator model, focusing on researching, acquiring, and developing mineral exploration properties through joint ventures and option agreements to minimize dilution. The company’s portfolio includes more than 18 projects under option or joint venture with partners such as Xcite Uranium, Sun Summit Minerals, Earthwise Minerals, Refined Energy, and American Eagle Gold. Its commodity focus spans uranium in Saskatchewan, copper-gold in British Columbia, and base metals and gold in Saskatchewan and British Columbia. Additionally, Eagle Plains operates TerraLogic Exploration Inc. as a geological services subsidiary and maintains a renewable energy subsidiary, Osprey Power.