Eagle Plains' Partner Xcite Uranium Commences Drill Program at the Black Bay Project, Adds Second Drill, Uranium City, Saskatchewan
Eagle Plains advances Black Bay uranium drilling with the Xcite option remaining a key catalyst for the project.
Xcite Uranium Inc. has launched a 1,300-meter, six-hole diamond drilling program at Eagle Plains Resources Ltd.’s 100%-owned Black Bay Project in Saskatchewan. The initiative targets structurally controlled Beaverlodge-type and basement-hosted unconformity-style uranium mineralization, with a focus on 2025 VTEM conductors along the Black Bay Mine trend.
Prior to the current drilling campaign, 2026 field work included the collection of 32 rock samples and the acquisition of 4 km² of drone lidar. Trench sampling results returned up to 1.17% U3O8, 4,033 ppm U3O8, and 450.5 ppm U3O8, while scintillometer readings exceeded 65,000 cps. Historical data from the site highlights high-grade intercepts, including grab samples up to 16.74% U3O8 and 9.64% U3O8.
The 2026 budget for the Black Bay Project is approximately $1.1 million CAD, with $125,000 already completed for fieldwork and $975,000 allocated for drilling. Xcite holds an option to earn up to an 80% interest in six projects—Black Bay, Beaver River, Don Lake, Gulch, Lorado, and Smitty—by completing $3.2 million in exploration expenditures, issuing 750,000 Xcite shares, and making cash payments totaling $19.2 million over four years. Eagle Plains retains a 2% NSR royalty on these projects.
Eagle Plains Resources Ltd. (EPL) released a standard exploration update consistent with its published 2026 drilling schedule across its uranium portfolio. The Black Bay program is fully funded by partner Xcite Uranium, resulting in zero dilutive capital expenditure for Eagle Plains.
The announcement does not introduce new financial metrics, production guidance, or unexpected operational milestones, serving as an expected execution step in the earn-in agreement. Market reaction is likely muted, as the drilling program and budget were previously telegraphed in earlier 2026 releases. The stock has traded in a tight $0.18–$0.20 range recently, reflecting this routine cadence.
Eagle Plains Resources Ltd. operates as a project generator and early-stage explorer focused on critical metals, uranium, and precious and base metals across Saskatchewan and British Columbia. The company utilizes its in-house geological team, TerraLogic Exploration, to manage exploration programs for partners while retaining equity stakes and royalties.
The company’s portfolio includes the Black Bay, Don Lake, Gulch, Lorado, and Beaver River uranium projects in Saskatchewan, which are optioned to Xcite Uranium. Other key assets include the Iron Range gold-silver project, optioned to Earthwise Minerals; the Theory copper-gold project, optioned to Sun Summit; and the George Lake zinc-lead project. This corporate model emphasizes minimizing dilution by securing third-party funding, retaining carried interests, and building a diversified portfolio of early-stage assets.