Eagle Plains' Partner Xcite Uranium Commences Drill Program at the Black Bay Project, Adds Second Drill, Uranium City, Saskatchewan
The option agreements provide exploration spending, shares and cash to Eagle Plains while allowing Xcite to earn majority project interests.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Eagle Plains Resources (EGPLF) announced that partner Xcite Uranium has begun diamond drilling at its wholly owned Black Bay uranium project. The Saskatchewan program comprises 1,300 metres in six holes from five pads, targeting uranium mineralization identified through historical work and 2025–2026 exploration. Xcite has secured a second drill rig. The approved 2026 budget is approximately $1.1 million, including $125,000 in completed fieldwork and $975,000 allocated to drilling.
2026 trench samples returned up to 1.17% U3O8, the uranium oxide reported in assays; a mineralized float sample returned 7.37% U3O8. Xcite may earn an 80% interest in Black Bay and five other projects under four-year option agreements. Eagle Plains would retain a 20% interest carried until delivery of a bankable feasibility study, plus a 2% net smelter return royalty. Selective grab samples are not necessarily representative; historical results remain unverified.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point1,300-metre, six-hole drilling program has begun at Eagle Plains’ wholly owned Black Bay project.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Approximately $1.1 million approved 2026 budget includes $125,000 in completed fieldwork and $975,000 for drilling. 7.4% of market cap
- Moderate point. Forward-looking: it has not happened yet and may not happen.Six-project earn-in terms require aggregate CDN$19,200,000 exploration expenditures, 4,500,000 Xcite shares and $330,000 cash over four years.
- Minor pointSecond drill rig secured by Xcite to facilitate timely completion of planned drilling programs.
- Minor point2026 trench results returned up to 1.17% U3O8, 4033 ppm U3O8 and 450.5 ppm U3O8 in separate trenches.
3 minor points
- Minor point2026 mineralized float sample near the historic Brunston Zone returned 7.37% U3O8.
- Minor point. Forward-looking: it has not happened yet and may not happen.Retained 20% interest would be carried through all expenditures until Xcite or its assigns delivers a bankable feasibility study.
- Minor point. Forward-looking: it has not happened yet and may not happen.2% net smelter return royalty would remain with Eagle Plains on each property.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.Up to 80% project interests may transfer to Xcite if it fulfills the earn-in agreements.
- Minor pointRock grab samples are selective and not necessarily representative of mineralization across the property.
- Minor pointHistorical results from past operators have not been verified or confirmed by a Qualified Person.
AI-generated analysis. How Rhea-AI works. Not financial advice.
CRANBROOK, BC / ACCESS Newswire / October 5, 2026 / Eagle Plains Resources Ltd. (TSXV:EPL)(OTCQB:EGPLF) ("EPL" or "Eagle Plains") is pleased to announce that partner Xcite Uranium Inc. (CSE:XRI) ( "XRI or Xcite" ), has commenced a diamond drilling program at Eagle Plains'
The Black Bay uranium project is located 20km south of Uranium City, Saskatchewan, and hosts near surface uranium mineralization as well as the past producing Black Bay uranium mine. In December 2023 Eagle Plains granted Xcite the exclusive right to earn up to an
Black Bay Project Highlights
- Five documented uranium and two gold Saskatchewan Mineral Deposit Index (SMDI) occurrences,
- Tenures overlie the past-producing Black Bay Uranium Mine,
- Historic trench samples include
6.51% U3O8,3.78% U3O8 and3.62% U3O8 over 0.3m - Grab samples from historical drill core at the Blue Grass ‘B' Zone include
9.64% U3O8 and16.74% U3O8 - Drill results include
0.66% U3O8 over 0.3m, - Property has potential for Beaverlodge-style and basement-hosted unconformity style uranium mineralization.
The approved 2026 budget for Black Bay is approximately
See Black Bay Compilation Map
2026 Black Bay Field Program
2026 fieldwork included prospecting, rock and soil geochemical sampling, structural mapping, and scintillometer surveying. A total of 32 rock samples were collected. Geophysical work included 4 km 2 of drone lidar surveying. In addition, Condor Consulting was contracted to complete interpretation and modelling of 745 line-km of VTEM Plus geophysical data collected by Geotech in 2025, which was integrated with historical geophysical data.
The Black Bay mine is situated within a 4 km NW-trending linear geophysical trend comprising high EM conductors and coincident magnetic low to transitional lineaments. Summer field work located historical trenches along the mine trend with 2026 results from 3 separate trenches returning up to
1 Radioactive anomaly intervals are defined statistically at greater than 3 times average background counts: (i) at >250 counts per second (cps) measured with a Radiation Solutions Super Spec ("RS-125") hand held Gamma Ray Spectrometer (ii) is accompanied by structure, hydrothermal alteration, or uranium mineralization typical of Beaverlodge type, or basement-hosted Athabasca unconformity type related uranium deposits, and (iii) spectrometric analyses by RS-125 indicates uranium to be the dominant source.
Figure 1 Blue Grass Trenches
Black Bay Drill Program
The 2026 drilling will test for both structurally-controlled Beaverlodge-type mineralization and basement-hosted unconformity style mineralization. Drilling will target the 2025 VTEM conductors along trend from the Black Bay Mine, especially where they parallel and/or intersect magnetic high-low contacts, interpreted as potential mineralizing structures. The program will consist of 1300m of diamond drilling, with 6 holes from 5 different pad locations. The drilling will use a second drill rig, under contract to Base Diamond Drilling, with crews based out of Uranium City.
See Black Bay Project Information and Map here
About the Black Bay Project
The 1114ha project overlies 7 Saskatchewan Mineral Deposit Index ("SMDI") occurrences including the past-producing Black Bay Uranium Mine (SMDI 1296).
The Black Bay property geology is complex, and includes quartzites, metavolcanics, metasediments, gabbros and granitic intrusions. Uranium mineralization occurs near lithological contacts and faults, is typically present as pitchblende, and is often associated with sulphides. Vein-hosted gold mineralization is also present on the property.
Pitchblende mineralization at the Black Bay Mine occurs in drag folds along the contact zone between quartzites and gabbros, and is typically associated with hematite and graphite. Several small ore shoots are developed adjacent to the contact for a strike length of 152.4 m and a down-dip distance of 731.5 m. The mineralization has a strong structural component which defines three main ore shoots, the A, B, and C Zones. The A Zone extends a length of 13.7 m and width of 0.9 m with an average grade of
Approximately 0.6 km west-northwest of the Black Bay portal is the Bluegrass Uranium Zone A showing (SMDI 1295), consisting of a brecciated zone in the quartzite adjacent to the contact with the gabbro- hosting pitchblende associated with graphite and sulphides. West of the A Zone are the B and C (Powder) Zone occurrences, along the same graphitic contact. An extensive trenching and sampling program in 1955 returned values ranging from trace amounts up to
In the western portion of the Black Bay tenure are the Brunston Mining Uranium Zones No. 1 (SMDI 1363) and No. 3 (SMDI 1364). Zone No. 1 consists of scattered radioactive fractures that occur in arkose just above the Martin Formation unconformity. Diamond drilling was completed over the showing and the best assay returned was
The Bearcat Showings (SMDI 1258) are located in the eastern part of the property. At the Bearcat No. 1 Zone or the Bearcat Uranium Occurrence schist-hosted uranium mineralization is exposed in a series of trenches. Grab sample U90-107 returned
Black Bay History
The first period of activity at Black Bay was from the early 1950s until 1960. From 1953-1960 Black Bay Uranium Ltd. discovered and developed the Black Bay Uranium Mine, which produced approximately 1375 tons of material with a grade of
In 1955, Blue Grass Uranium Mines Ltd. discovered the Bluegrass Uranium Zone (SMDI 1295), located west of the Black Bay uranium mine. Blue Grass conducted geological mapping, Geiger prospecting, trenching, stripping, and completed 1659m of diamond drilling in 33 holes. (74N09-0111). Other companies active in the area during this time included Canadian Astoria Minerals Ltd., Reward Uranium Ltd., Ebor Uranium Mines Ltd., and Scintilore Mines Ltd., which discovered the Bearcat Lake mineralization (SMDI 1258).
In 1967, Bearcat Uranium Ltd. explored the Bearcat Lake area while Majestic Mines Ltd. worked the Brunston Mining and Blue Grass areas. Bearcat carried out an airborne scintillometer survey which identified nine radioactive anomalies. Majestic completed 15 diamond drill holes (831m) across the Blue Grass B Zone and Powder Zone showings. Majestic resampled historical drill core from the Blue Grass ‘B'Zone at 12.8m depth and reported
Saskatchewan Mining and Development Corporation (SMDC) was active in the Black Bay area in 1979 - 80, conducting work in the Bearcat showing area (74N09-0286). A ground scintillometer survey and a 92.37-line km airborne VLF-EM survey were completed, revealing numerous strong conductors along east-west oriented linear belts across the Bearcat-Mackintosh areas. This was followed up with trenching and a 16-hole, 1159m diamond drilling program. SMDC returned to the Bearcat area in 1987-88, completing re-sampling of select drill holes from 1979-80.
The next exploration in the Black Bay area occurred in 1997 when Greater Lenora Resources Corporation conducted an airborne DIGHEM-V geophysical survey over the central part of the current Black Bay tenures. Several EM anomalies typical of massive sulphide responses were reported (74N-0007).
The last recorded work on the current tenures was by Dubnick in 2010 who located SMDI 5629 with prospecting.
Management of Eagle Plains and Xcite are encouraged by the tenor of mineralization displayed in trenches and historical drilling at Black Bay and believe there is significant potential for additional uranium mineralization to be discovered both along strike and to depth within known mineralized areas.
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.
Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property. Some of the above results were taken directly from the SMDI descriptions and assessment reports (AF) 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.
Uranium City Option Agreement
Under the terms of the agreements, Xcite may earn an
Qualified Person
Technical information in this News Release has been reviewed and approved by C.C. Downie, P.Geo., a director and officer of Eagle Plains, hereby identified as the "Qualified Person" under N.I. 43-101.
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
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What drilling has started at Eagle Plains’ Black Bay uranium project?
Xcite Uranium has begun a 1,300-metre diamond drilling program comprising six holes from five pads. The program targets structurally controlled Beaverlodge-type and basement-hosted unconformity-style uranium mineralization. A second drill rig has been secured to facilitate timely completion of the planned drilling programs.
What did Eagle Plains’ 2026 Black Bay sampling find?
Samples from three separate trenches returned up to 1.17% U3O8, 4033 ppm U3O8 and 450.5 ppm U3O8, respectively. A mineralized float sample near the historic Brunston Zone returned 7.37% U3O8. Rock grab samples are selective and are not necessarily representative of mineralization across the property.
What must Xcite do to earn an interest in Eagle Plains’ Uranium City projects?
For each project, Xcite may earn an 80% interest by completing CDN$3,200,000 in exploration expenditures, issuing 750,000 Xcite common shares and paying Eagle Plains CDN$55,000 over four years. The agreements cover Beaver River, Black Bay, Don Lake, Gulch, Lorado and Smitty. Fulfillment of an agreement would establish an 80/20 joint venture for that project.