Gulch Project

The Gulch uranium project is located 20km south of Uranium City, Saskatchewan, and hosts near surface uranium mineralization as well as the past producing Gulch uranium mine. In December 2023 Eagle Plains granted Xcite the exclusive right to earn up to an 80% interest in the Gulch, Gulch, Lorado, Beaver River, Black Bay, and Smitty projects. The six projects comprising the Xcite option agreements cover 54 Saskatchewan Mineral Deposit Index (SMDI) occurrences and five past-producing uranium mines, and are 100% owned by Eagle Plains. The projects are prospective for Beaverlodge style, basement hosted and unconformity hosted uranium mineralization.  

Project Highlights

• Four SMDI uranium occurrences 
• Host to the past producing Gulch Uranium Mine
• Fault, breccia and vein hosted uranium mineralization associated with regional Black Bay Fault and basal Martin Group unconformity
• Last work in 2015 concluded that anomalous U mineralization was structurally controlled similar to the past-producing Gulch uranium mine and further work, including deeper drilling, was recommended for the property 
• Numerous untested basement hosted unconformity style uranium mineralization targets 

About the Gulch Project

The 1966ha project overlies 4 Saskatchewan Mineral Deposit Index (“SMDI”) occurrences associated with Beaverlodge-type basement hosted uranium mineralization. The project area contains both Beaverlodge-type and basement-hosted unconformity style uranium mineralization potential, with three Beaverlodge-type historical mines.

Geological mapping reveals complex interbanded sequences of metasediments (including quartzite and graphitic pelite), minor metavolcanics, and several generations of gneissic granitic rocks, with subordinate crosscutting pegmatites and mafic dykes.

Two prominent faults, the Black Bay Fault and ABC Fault, cut across Gulch tenure. The NE striking Black Bay Fault runs down from the north along the western land margin of the property. The ABC Fault runs east-of and parallel-to the Black Bay Fault, at a distance that varies from 1.2 to 1.6 km. Both structures are associated with uranium mineralization.

The most significant occurrence is the historic Gulch Uranium Mine (SMDI 1221), located on a prominent escarpment on Black Bay, approximately 20 km southwest of Uranium City. The main structural element controlling ore at the Gulch Mine is the NE striking Black Bay fault. Mineralization occurs in the footwall of the fault in three sets. Underground work has identified 11 ore shoots hosting pitchblende associated with variable amounts of pyrite, chalcopyrite, and galena. The Gulch Mine was in production from 1955-57 and was explored to a depth of approximately 122m. 

Uranium City Option Agreement

Under the terms of the agreements, Xcite Uranium Inc. may earn an 80% interest in each of the Beaver River, Black Bay, Don Lake, Gulch, Lorado, and Smitty projects by completing CDN$3,200,000 in exploration expenditures, issuing 750,000 common shares of Xcite and making cash payments to Eagle Plains of CDN$55,000 over four years, for an aggregate of CDN$19,200,000 in exploration expenditures, 4,500,000 shares and $330,000 in cash to Eagle Plains. Upon Xcite fulfilling the terms of any or all of the earn-in agreements, an 80/20 joint venture will be formed, with Eagle Plains retaining a carried interest in all expenditures until delivery by Xcite or its assigns of a bankable feasibility study. During the option earn in period, XRI will be appointed as operator, and EPL will manage the exploration programs under the direction of a joint technical committee. The projects are owned 100% by EPL, who will retain an underlying 2% NSR royalty on the each of the 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 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.

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.

Eagle Plains’ 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.

Eagle Plains - A Project Generator

Eagle Plains Resources is a project generator with several mineral exploration properties of merit that meet qualifying transaction requirements. We facilitate the listing process for capital pool companies and initial public offerings while providing technical expertise for exploration programs. Companies interested in co-operatively exploring any of our projects please contact: Chuck Downie at ccd@eagleplains.com or Andrew Wilson at abw@eagleplains.com or call 1 866 Hunt Ore (486 8673).

Updated August 23, 2026