Eagle Plains and Xcite Define Prospective Geophysical Trends at Beaver River Uranium Project, SK
Rhea-AI Summary
Eagle Plains (OTCQB:EGPLF) and partner Xcite Uranium reported initial geophysical results from the 4,502 ha Beaver River Uranium Project in Saskatchewan. Anomalous conductivity and magnetic CVG trends correlate with known uranium mineralization at the VIC and COMBINED zones.
According to Eagle Plains, advanced geophysical modeling by Condor Consulting is nearly complete and will guide summer fieldwork and drill targeting in Q3/Q4 2026. Historical work returned trench assays up to 29.89% U3O8 and defined a >1 km VIC mineralized trend.
AI-generated analysis. Not financial advice.
Positive
- Geophysical conductivity trends align with known uranium zones at Beaver River
- Magnetic CVG trends suggest structurally favorable areas near mineralization
- Beaver River project expanded by over 3,000 hectares since survey
- Historical trench assays up to 29.89% U3O8 reported on the project
- VIC mineralized trend exceeds 1 km in length
- Xcite can earn up to 80% interest across six uranium projects with 54 SMDI occurrences and five past-producing mines
Negative
- None.
CRANBROOK, BC / ACCESS Newswire / June 3, 2026 / Eagle Plains Resources Ltd. (TSXV:EPL)(OTCQB:EGPLF) ("EPL" or "Eagle Plains") with partner, Xcite Uranium Inc. (TSX-V: XRI) ("XRI or Xcite"), is pleased to announce initial geophysical results for its 4502 ha Beaver River Uranium Project. Strong correlations exist between areas of known uranium mineralization at the VIC and COMBINED zones with trends of anomalous conductivity (Figure 1). The Calculated Vertical Gradient (CVG) of the magnetic data, collected simultaneously with the VTEM, also shows strong trends in proximity to known mineralization possibly indicative of a favorable structural environment (Figure 2). Advanced geophysical interpretation and modeling by Condor Consulting Inc. is nearing completion and will aid in prioritizing areas for summer fieldwork and targeting drill holes in Q3/Q4 2026.
Beaver River was one of six projects covered by a 2025 VTEM Plus airborne geophysical survey carried out by Geotech Airborne Geophysical Surveys. The fall survey was merged with publicly available VTEM data collected by previous operators. Since data collection was completed, the Beaver River project has been expanded by over 3,000 hectares.
Figure 1. Conductivity - Beaver River Geophysics Map
Figure 2. Magnetics - Beaver River Geophysics Map
Beaver River Highlights
Historical assays up to
29.89% U3O8 in trench chip samples
Historical drill intersections include
0.18% U3O8 over 0.3m and0.06% U3O8 over 0.61m
VIC mineralized trend >1km in length
Prospective for both polymetallic Beaverlodge-type and unconformity-related uranium mineralization
The Beaver River uranium project, located 40km SE of Uranium City, Saskatchewan, hosts near surface high grade uranium mineralization. December 2023 Eagle Plains granted Xcite the exclusive right to earn up to an
See Uranium City Projects map here
The Uranium City projects are included in a formal Exploration Agreement between Eagle Plains and the Ya'thi Néné Lands and Resource Office ("YNLR"), representing the Athabasca Denesułiné First Nations of Hatchet Lake, Black Lake, and Fond du Lac, the Northern Hamlet of Stony Rapids, and the Northern Settlements of Uranium City, Wollaston Lake and Camsell Portage.
About the Beaver River Project
The 4502.4ha project overlies 5 Saskatchewan Mineral Deposit Index ("SMDI") occurrences associated with Beaverlodge-type uranium mineralization.
The polymetallic VIC U-Cu-Ni zone (SMDI 1551, 1553, and 1994) occurs along a NW-SE trending fault zone which has been traced for approximately 1 km. Mineralization occurs in fracture filling of quartz veins hosting sulphides, graphite, and pitchblende and uraninite, ore minerals of uranium. Historical assays of channel samples in this zone yield up to
Another significant mineral occurrence on the Beaver River property is the Combined Mining Uranium Showing (SMDI 1557) where northeast-trending pitchblende-bearing fractures have ben mapped over a strike length of 137.2m. Assays from trenches yielded
Since uranium mineralization on the Beaver River property was first noted in 1958 the property has seen a total of 1708m of diamond drilling in 26 shallow holes, with the last drilling completed in 1969 by Trans-Canada Resources. Other historical work includes prospecting, mapping, scintillometer surveys, trenching at the main showing areas, and airborne and ground-based geophysics.
An electromagnetic and magnetic VTEM survey flown by Geotech for Fission 3.0 in 2016 covered the eastern part of the Beaver River property. The survey outlined numerous areas of enhanced conductivity including areas of parallel conductors with offsets and termination points indicative of cross structure, including a high priority conductive trend located west of the Combined SMDI occurrence. Follow-up prospecting and geochemical sampling was recommended to evaluate the source of the anomalies.
The last recorded assessment work on the project was by Fission 3.0 who successfully located and resampled historic trenches at the VIC occurrence.
Management of Eagle Plains and Xcite are encouraged by the tenor of mineralization displayed in trenches and shallow historical drilling at Beaver River and the potential for additional uranium mineralization both along strike and to depth within known mineralized areas, along trends identified by historical geophysical surveys, and on any additional targets generated by 2024 work.
Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property. The above results were taken directly from the SMDI descriptions and assessment reports) filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work on the subject properties. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
About the Beaverlodge Uranium District
The Beaver River, Black Bay, Don Lake, Gulch, Lorado, and Smitty projects are located in the Beaverlodge District near Uranium City in the Lake Athabasca region of Saskatchewan. Occurrences of uranium mineralization are abundant in the Uranium City area and have been explored and documented since the 1940s. The Beaverlodge camp was the first uranium producer in Canada, with historic production of approximately 70.25 million pounds of U3O8 between 1950-1982, from ore grades averaging
The Uranium City area projects have potential for both Beaverlodge-style and basement-hosted uranium mineralization. Key features about the projects include:
Outcropping, largely northeast-southwest-trending tectonic fabric;
Electromagnetic conductors that have been 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.
These factors, along with the presence of a substantial uranium endowment in both basement rocks and Athabasca basin cover rocks, indicate excellent potential for economic uranium mineralization within the project. 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.
Eagle Plains' management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
Uranium City Option Agreement
Under the terms of the agreements, Xcite Uranium Inc. may earn an
Qualified Persons
Charles C. Downie, P.Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has reviewed and approved the scientific and technical disclosure in this news release.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.
The Company was formed in 1992 and is the fourth-oldest listed issuer on the TSX-V (and the only one of these four that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over
On October 2, 2024, Eagle Plains announced the formation of a separate division within the Company that will give Eagle Plains' shareholders direct exposure to strategic opportunities in Canadian green energy transition. As a wholly owned subsidiary of Eagle Plains, Osprey Power Inc. ("OP") will focus on identifying and advancing innovative and diverse clean energy project portfolios in target markets throughout Canada, with an initial focus on Western Canada.
Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.
Expenditures from 2010-2025 on Eagle Plains-related projects exceed
Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
On behalf of the Board of Directors of Eagle Plains
"C.C. (Chuck) Downie, P.Geo"
President and CEO
For further information on EPL, please contact Andrew Wilson at 1 866 HUNT ORE (486 8673)
Email: abw@eagleplains.com or visit our website at https://www.eagleplains.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Eagle Plains Resources Ltd.
View the original press release on ACCESS Newswire