Xcite Uranium Begins Drilling Program at Historical Lorado Site
Saskatoon, Tuesday, 1 September 2026.
Xcite Uranium launched a 1,200 m drilling program at Saskatchewan’s Lorado Project, targeting highly prospective conductor zones near a mine that historically produced 95,000 tonnes of uranium ore.
Drilling Program Commencement
Xcite Uranium launched a 1,200 m drilling program at Saskatchewan’s Lorado Project, targeting highly prospective conductor zones near a mine that historically produced 95,000 tonnes of uranium ore [1][2]. The initiative was officially announced on 31 August 2026, marking a significant step in North American uranium exploration as demand for nuclear energy feedstocks strengthens [1][3]. Xcite Uranium Inc. (TSX-V: XRI) is executing the program in partnership with Eagle Plains Resources Ltd. (TSX-V: EPL), which retains 100% ownership of the project pending earn-in completion [1][4]. The 643-hectare site is located approximately 20 km south of Uranium City, Saskatchewan, positioning it within a historically productive mining district [2][4].
The current campaign consists of three diamond drill holes designed to test specific geological targets identified through recent data compilation [2][3]. Drilling operations are being managed by TerraLogic Exploration Inc. and contracted to Apex Drilling to ensure technical precision [3][4]. This activity follows a comprehensive field program completed earlier in 2026, which laid the groundwork for the current drill targets [1][2].
Financial Commitment and Exploration Budget
The total budget allocated for the 2026 Lorado project is approximately $1.1 million, reflecting a substantial investment in the region’s exploration potential [1][3]. Of this total, $225,000 was allocated to completed fieldwork, while $875,000 is designated specifically for the ongoing drilling campaign [1][4]. The sum of these allocations confirms the total budget calculation: 1.100 million [1][3]. This financial commitment underscores the partners’ confidence in the project’s geological potential despite market fluctuations [2][4].
Prior to drilling, the fieldwork phase included extensive data collection to refine target areas [1][2]. Activities encompassed 403 radon samples, 25 rock samples, and 215 soil samples, alongside 194 line-km of airborne radiometric and magnetic surveys [1][3]. Additionally, 1.4 km² of drone lidar surveying and interpretation of 954 line-km of VTEM data were completed to support geophysical modeling [2][4].
Geological Targets and Historical Production
The 2026 drilling program targets structurally-controlled Beaverlodge-type mineralization and basement-hosted unconformity-style uranium mineralization [2][3]. Geophysical analysis has defined approximately 8.2 km of northeast-trending ElectroMagnetic (EM) conductor anomalies aligned with regional ABC and Black Bay Fault structures [1][4]. These anomalies coincide with magnetic high-low transition corridors, suggesting favorable conditions for uranium deposition [3][4]. The project hosts four Saskatchewan Mineral Deposit Index (SMDI) occurrences, including the historic Lorado Uranium Mine [2][3].
Historical production data indicates the Lorado mine produced 95,000 tonnes of 0.19% U3O8 between 1957 and 1960 [2][4]. The broader Beaverlodge District produced approximately 70.25 million pounds of U3O8 between 1950 and 1982, with ore grades averaging 0.23% U3O8 [3][4]. This historical context provides a robust framework for interpreting new exploration data against known mineralization styles [1][2].
Strategic Option Agreement Details
In December 2023, Eagle Plains granted Xcite an exclusive option to earn up to an 80% interest in six projects, including Lorado [1][3]. To fulfill the earn-in requirements, Xcite must spend CDN$3,200,000 in exploration per project, issue 750,000 common shares, and make cash payments of CDN$55,000 over four years [3][4]. Upon completion, an 80/20 joint venture will be formed, with Eagle Plains retaining a carried interest until a bankable feasibility study is delivered [1][4].
Eagle Plains Resources will retain a 2% Net Smelter Return (NSR) royalty on all properties involved in the agreement [3][4]. Technical information in the associated news releases has been reviewed and approved by qualified persons under National Instrument 43-101 standards [2][4]. This structure ensures rigorous oversight while facilitating aggressive exploration activity across the portfolio [1][2].