Northwire Canada EditionThursday, October 15, 2026
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Drill Results Routine +

Eagle Plains identifies uranium targets at Beaver River

Xcite Uranium Advances Beaver River Geophysics, Sets Stage for Q3 Drilling in Historic Saskatchewan Camp

By The Northwire Desk — AI Analysis Jun 03, 2026 · 12:01 XRI · 0.16 Xcite Uranium Inc
Executive Summary
  • Xcite Uranium Inc. and partner Eagle Plains Resources Ltd. released initial geophysical results from a 2025 VTEM Plus airborne survey at the 4,502-hectare Beaver River uranium project in Saskatchewan.
  • The survey identified strong correlations between known uranium mineralization at the Vic and Combined zones and anomalous conductivity/magnetic vertical gradient trends, indicating favorable structural environments.
  • Advanced geophysical interpretation by Condor Consulting Inc. is nearing completion and will directly guide summer fieldwork and target drill hole placement for Q3/Q4 2026.
  • Historical trench assays show high-grade occurrences up to 29.89% U3O8, while historical shallow drilling returned intersections up to 1.77% U3O8 over 0.9m.
  • The option agreement terms allow Xcite to earn up to an 80% interest by completing $3.2M in exploration expenditures, issuing 750,000 shares, and making $55,000/year in cash payments over four years. Total earn-in requires $19.2M in expenditures, 4.5M shares, and $330,000 in cash.
  • Upon earn-in, an 80/20 JV will form with Eagle Plains retaining a carried interest until a bankable feasibility study, and a 2% NSR royalty remains with Eagle Plains.
Material Impact
  • The news is a routine exploration update that follows the expected timeline established in November 2025 when the airborne survey was announced.
  • It confirms the geological model and validates the path forward toward drilling in Q3/Q4 2026.
  • There are no new material discoveries, unexpected financing events, or strategic shifts. The market was already aware of the survey and the planned drilling timeline.
  • The update is incremental and serves to maintain investor interest while the company prepares for ground work. It does not alter the fundamental risk/reward profile at this stage.
XRI · Price
Company Overview
  • Xcite Uranium Inc. is a junior exploration company focused on uranium projects in the Athabasca Basin and Beaverlodge district of northern Saskatchewan.
  • Flagship project: Beaver River Uranium Project (4,502 hectares), located 40km SE of Uranium City.
  • The Beaverlodge district historically produced ~70.25 million lbs U3O8 (1950-1982) at an average grade of 0.23% U3O8.
  • The project features known high-grade vein/breccia mineralization, graphite-rich pelites, and structural controls favorable for both Beaverlodge-style and basement-hosted uranium deposits.
  • The company is advancing exploration in partnership with Eagle Plains Resources Ltd., leveraging historical data and modern geophysics to identify new targets.
Read the original news release →

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M&A / Property