Xcite begins airborne survey on Uranium City projects

Executive Summary

• Xcite Resources Inc., in partnership with Eagle Plains Resources Ltd., has commenced airborne geophysical surveys across six uranium projects in the Uranium City area of Saskatchewan.
• The survey involves 697 line kilometres of helicopter-borne data collection using the Geotech VTEM Plus system, targeting both historical infill areas and new extensions.
• The projects are located in the historic Beaverlodge district, a former major uranium producer, with geological indicators suggesting potential for both Beaverlodge-style and basement-hosted uranium mineralization.

Key Details

• Survey Scope: 697 line kilometres of helicopter-borne geophysical surveying.
• Technology: Geotech Airborne Geophysical Surveys contracted to use the proprietary VTEM Plus system.
• Project Locations: The survey covers six specific properties: Beaver River, Black Bay, Don Lake, Gulch, Lorado, and Smitty.
• Survey Strategy: Data collection includes infill lines in areas with existing historical coverage and extends surveying into new, unexplored areas.
• Geological Potential: The area shows potential for both Beaverlodge-style and basement-hosted uranium mineralization.
• Key Geological Indicators Identified:
  • Outcropping with largely northeast-southwest-trending tectonic fabric.
  • Electromagnetic conductors confirmed as graphite-rich pelites within or near major faults.
  • Anomalous uranium geochemistry and radioactivity associated with graphitic faults.
  • Compelling property-wide evidence for hydrothermal alteration.
  • Uranium mineralization with corresponding elevations in pathfinder elements.
• Historical Context: The Beaverlodge district was Canada's first uranium producer, generating approximately 70.25 million pounds of U3O8 between 1950 and 1982, with average ore grades of 0.23% U3O8. Major historical producers included the Eldorado Beaverlodge (Ace-Fay-Verna) mine and the Gunnar uranium mine.
• Qualified Person: Technical information reviewed and approved by C.C. Downie, PGeo, a director and officer of Eagle Plains Resources Ltd.

Notable Quotes

• "The mineralization, structures and alteration identified on the claims to date are strong indicators of the possibility of a nearby source for the uranium mineralization."