Eagle Plains Resources Ltd. and Xcite Resources Inc. have received the results from a data compilation on the Lorado uranium project, located 9.5 km SW of Uranium City, Saskatchewan. The road-accessible Lorado tenures cover the past producing Lorado mine, as well as three additional uranium occurrences, and is one of six 100%-owned Eagle Plains uranium properties currently under option to Xcite. The compilation and interpretation of available data will lead to recommendations for 2024 fieldwork.

Lorado Data Compilation Highlights: Excellent infrastructure - road-accessible from Uranium City, Three uranium mineral showings on property, Historical Lorado Mine reportedly produced 95,000 tonnes of 0.19% U3O8 from 1957-1960, Chip samples up to 0.793% U3O8 over 1.9 meters, outside of the Lorado Mine area, Overlapping airborne EM and gravity geophysical anomalies coincident with major structural zones are underexplored. The road-accessible 643ha project overlies 4 Saskatchewan Mineral Deposit Index ("SMDI") occurrences including the historical Lorado Uranium Mine (SMDI 1228). The Lorado property is on the western edge of the Beaverlodge domain.

The Black Bay fault, a regional structure that is inferred to control uranium mineralization in the Beaverlodge camp, lies immediately to the west of the property. The dominant structure on the property is the ABC fault, which transects the Lorado west tenure. Uranium mineralization is hosted in granitic gneisses and brecciated or mylonitized units from the Murmac Bay group rocks and is present typically in the form of pitchblende.

The uranium mineralization has a strong spatial association to the well-developed fault systems on the tenures and is associated with graphite and sulphide mineralization. The Lorado Uranium Mine (SMDI 1228) host rocks are highly altered and metamorphosed argillites containing chlorite and graphite. The structurally-controlled uranium mineralization occurs in graphitic schists within gently plunging ore shoots.

The irregular ore shoots are up to 200 ft (60.96 m) long by 50 ft (15.2 m) wide with the highest-grade uranium mineralization occurring within a folded area on the limbs of a gently plunging syncline. The Pitchie Uranium Zone 1 or Uranium Ridge Mine (SMDI 1229) is located 850m west-southwest of the Lorado Mine. Seven other minor zones occur in an area extending in a southwest-northeast direction around Pitchie Uranium Zone No.

1. The Main Zone occupies a shear zone that was traced on surface for a strike length of 300 ft (91.4 m). The vein material is banded with pitchblende and pyrite, as well as nolanite, an iron vanadium mineral. Most of the uranium occurrences are confined to a graphite schist that occupies much of the southern portion of the property.

Pitchblende occurs mainly as veins in both the northeast and northwest-trending fractures in the graphite schist and interbedded quartzites. Chip sampling of the exposed No. 1 Zone returned up to 0.793% U3O8 over 1.88m (AF 74N07-0046).

Recent work on the Lorado was focused on the western part of the property in the area of the ABC Fault. Geophysical interpretation indicates that gravity anomalies show good correlation with strong electromagnetic (VTEM) responses and with NE-trending magnetic and structural zones, none of which have ever been drill-tested. The geological setting suggests the possibility for basement-hosted uranium mineralization.

The Lorado has a long history of exploration with 24 Assessment Files (AF) on the property in the Saskatchewan geological database. Pitchblende was first reported in the area in 1930 and between 1944 to 1948, prospectors discovered numerous radioactive showings in the Lorado area with John Ross staking claims in 1948. In 1952, the property was optioned to Consolidated Mining and Smelting Company of Canada who carried out geological mapping, prospecting, rock sampling and a 292m, 5-hole diamond drill program (AF 74N10-0192).

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 completed between 1950-1982, with ore grades averaging 0.23% U3O8.

The two largest producers were the Eldorado Beaverlodge (Ace-Fay-Verna) mine and the Gunnar uranium mine. The Beaverlodge area has seen limited uranium-focused exploration since the early 1990's. Beaverlodge-style uranium deposits host structurally-controlled, high-grade mineralization in veins and breccia-fills within basement rocks. Mineralization often occurs at geological contacts and consists of structures filled with hematite, chlorite and graphite associated with pitchblende.