Eagle Plains and Xcite Define Prospective Geophysical Trends at Don Lake and Smitty Uranium Projects, SK
Eagle Plains Resources Ltd. (EPL) has announced initial geophysical results from a 2025 VTEM Plus airborne survey covering its Don Lake and Smitty uranium projects. The company stated that advanced interpretation of the data is nearing completion, with the goal of prioritizing summer fieldwork and targeting drill holes for Q3 and Q4 2026. The release highlights significant historical drilling and trenching intercepts across both projects, alongside new electromagnetic (EM) conductivity and magnetic features aligned with the regional Black Bay Fault, which indicate strong exploration potential.
The 2025 VTEM Plus airborne survey covered 1,671 hectares at Don Lake and 2,384 hectares at Smitty. This survey data was merged with publicly available geophysical data from previous operators to create a comprehensive view of the properties. Calculated Vertical Gradient (CVG) analysis reveals magnetic highs and lows aligned parallel to the Black Bay Fault. At Don Lake, the survey identified a pronounced high EM conductivity structure associated with Zone A, Zone B, and Hawker Trench occurrences. The Smitty project contains a historic EM conductor high at the former mine site, plus an additional high conductivity feature in the western property that is slated for summer evaluation.
Historical data from the Don Lake project identifies 12 SMDI uranium occurrences. Historical drilling at the A Zone returned 10.7% U3O8 over 0.3m and 2.14% U3O8 over 0.67m, while trench samples returned up to 1.17% U3O8 over 1.98m. The Smitty project, which hosts the past-producing Smitty Mine, contains 11 SMDI uranium occurrences. Historical drilling at the West Uranium Showing returned up to 3.2% U3O8 over 0.37m. The company noted that these historical intercepts are sourced directly from SMDI descriptions and government assessment reports; results have not been verified by a Qualified Person but form the basis for ongoing exploration work.
Xcite Uranium Inc. maintains an option to earn up to an 80% interest in six Beaverlodge District uranium projects: Gulch, Lorado, Beaver River, Black Bay, Don Lake, and Smitty. To earn this interest, Xcite must complete CDN$3,200,000 in exploration expenditures, issue 750,000 common shares of Xcite, and make cash payments of CDN$55,000 annually over four years. The aggregate earn-in consideration totals CDN$19,200,000 in exploration expenditures, 4,500,000 shares, and $330,000 in cash payable to Eagle Plains.
Upon fulfillment of these terms, an 80/20 joint venture will form, with Eagle Plains retaining a carried interest until a bankable feasibility study is delivered. Xcite will serve as the operator while EPL manages exploration programs under a joint technical committee. Eagle Plains retains an underlying 2% NSR royalty on each property. The projects are included in a formal Exploration Agreement with the Ya'thi Néné Lands and Resource Office (YNLR), representing the Athabasca Denesułiné First Nations and local northern communities.