Xcite Uranium begins drilling program at Don Lake project

Xcite Uranium Inc. has commenced a 1,500-meter, 14-hole diamond drilling program at the Don Lake uranium project in Saskatchewan. The project is 100% owned by Eagle Plains Resources, which has granted Xcite exclusive rights to earn up to an 80% interest in six projects within the Beaverlodge area.

The drilling program, managed by TerraLogic Exploration, aims to test structurally controlled uranium mineralization identified through historical data and recent geophysical and geochemical surveys. The Don Lake area features 12 Saskatchewan Mineral Deposit Index uranium occurrences and a past-producing mine. Historical drilling at the site previously reported high-grade intercepts, including 10.7% U3O8 over 0.3 meters.

Under the existing option agreement, Xcite may earn its interest by funding up to $3.2 million in exploration per project. Eagle Plains will retain a 20% carried joint venture interest and a 2% net smelter return (NSR) upon completion of the earn-in requirements.