Strong Drilling Begins at Lorado Uranium Project in Saskatchewan

**Strong Drilling Efforts Begin at Lorado Uranium Project in Saskatchewan**

On September 1, 2026, Xcite Uranium Inc., a partner of Eagle Plains Resources Ltd., initiated a 1200-meter, three-hole drilling program at the Lorado Uranium Project in Saskatchewan. Located 20 kilometers south of Uranium City, the project is part of a broader exploration effort to uncover uranium deposits in the Beaverlodge District.

The Lorado Uranium Project, wholly owned by Eagle Plains, is situated on 643 hectares and is rich in geological features. Four Saskatchewan Mineral Deposit Index (SMDI) occurrences, including the historical Lorado Uranium Mine, are present, making it a prime candidate for uranium exploration. The project is characterized by its potential for Beaverlodge-style, basement-hosted uranium mineralization, which is structurally controlled and associated with regional faults and unconformities.

In December 2023, Eagle Plains granted Xcite the exclusive right to earn up to an 80% interest in the Lorado project, among others. The approved 2026 budget for the project is approximately $1.1 million, with $875,000 allocated for the current drilling program. The drilling will be conducted by Apex Drilling, with crews based out of Uranium City, targeting areas with structural controls and mineralization trends identified in previous fieldwork.

The 2026 field program included extensive work such as rock and soil geochemical sampling, structural mapping, radon sampling, and drone lidar surveys. These efforts, managed by TerraLogic Exploration Inc., have defined EM conductor anomalies and radon clusters that align with the project's structural features. The 2025-2026 field programs have also provided valuable data on the project's geological setting and mineralization potential.

The Lorado deposit, which produced 95,000 tonnes of 0.19% U3O8 between 1957 and 1960, is a significant occurrence within the project. Geological mapping has revealed complex interbanded sequences of metasediments, minor metavolcanics, and gneissic granitic rocks, with significant faulting and mineralization. The drilling program will focus on areas with coincident EM conductor and magnetic breaks, and radon anomaly clusters, aligning with the project's structural controls and mineralization trends.

The Beaverlodge District, where the Lorado project is located, has a rich history of uranium exploration and production, with the Eldorado Beaverlodge and Gunnar mines producing a total of 70.25 million pounds of U3O8 between 1950 and 1982. The project's potential for both Beaverlodge-style and basement-hosted uranium mineralization makes it a strategic target for exploration.

Eagle Plains Resources, headquartered in Cranbrook, British Columbia, is a well-funded project generator with a strong track record of advancing critical and precious-metal exploration projects. The company continues to focus on discovering resource opportunities that align with an increasingly electrified and decarbonized economy. Through collaborative partnerships and a dedicated technical team, Eagle Plains aims to steadily enhance shareholder value.

With the commencement of this drilling program, Xcite Uranium Inc. and Eagle Plains Resources are poised to make significant strides in uncovering new uranium deposits in the Lorado Uranium Project, potentially contributing to the region's ongoing exploration efforts.