Eagle Plains, Xcite re-examine former Black Bay uranium mine in Saskatchewan

A data compilation on the former Black Bay uranium mine has been delivered to Eagle Plains Resources (TSXV: EPL) and Xcite Resources (TSXV: XRI). The two have an option agreement on the property. Eagle Plains is the 100% owner, and the project is under option to Xcite, who may earn up to 80% in this and five other Eagle Plains properties nearby.

Xcite may earn its interest in each property by completing $3.2 million in exploration expenditures, issuing 750,000 common shares to Eagle Plains, and making cash payments of $55,000 over four years.

The Black Bay project is on the north shore of Lake Athabasca, 8 km southwest of Uranium City in Saskatchewan. The former mine produced 1,375 tonnes of material grading 0.17% uranium oxide (U₃O₈) in 1958. Ore was treated at the Lorado mill. Exploration occurred off and on after closure until 2010. Eagle Plains acquired the Black Bay claims in 2023.

The mineralization is typically pitchblende occurring near lithological contacts and faults. Vein-hosted gold is also present on the property. Several small uranium ore shoots are developed next to the contact for a strike length of 152 metres and a down-dip distance of 732 metres.

Trenching returned samples that assays 6.51%, 3.78% and 3.52% U₃O₈. Drilling returned 0.66% U₃O₈ over 0.3 metre.

More information is posted on www.EaglePlains.com and www.XciteResources.com.