Eagle Plains and Xcite Provide Update on Don Lake Uranium Project

CRANBROOK, May 9, 2024 - Eagle Plains Resources Ltd. (TSXV:EPL) or ("Eagle Plains") and Xcite Resources Inc. (TSX-V:XRI) ("XRI or Xcite"), have received the results from a data compilation on the Don Lake uranium project, located 4 km NE of Uranium City, Saskatchewan. The Don Lake project hosts near surface high grade uranium mineralization and is one of six 100% owned Eagle Plains uranium properties under option to Xcite (see EPL/XRI news release Dec 14, 2023). The compilation and interpretation of available data will lead to recommendations for 2024 fieldwork.

Don Lake Data Compilation Highlights

• Six uranium mineral showings on property, spatially related to cross-faulting and regional Boom Lake and Black Bay faults.
• Structurally controlled mineralization associated with EM conductors.
• Excellent infrastructure - road-accessible from Uranium City.
• Property underlain by Archean granitic gneisses of the Tazin Group, prospective rock-types for Beaverlodge-style basement-hosted U mineralization.
• Historical drilling that tested structurally-controlled uranium mineralization in faults and fractures returned up to 10.7% U3O8 over 0.3m (DDH No. 23) and 2.14% U3O8 over 0.67m (DDH No. 6).

See EPL Don Lake Compilation map HERE

About the Don Lake Project

The road accessible 524ha project overlies 6 Saskatchewan Mineral Deposit Index ("SMDI") occurrences associated with Beaverlodge-type basement hosted uranium mineralization.

The property is transversed by the parallel, northeasterly-striking Boom Lake and Black Bay Fault, the latter of which is a regional structure that is inferred to control uranium mineralization in the Beaverlodge camp. In the southeast corner of the property Martin Group sediments form an unconformable contact with older Tazin Group gneisses, along the hanging wall of the Black Bay Fault.

Uranium mineralization at Don Lake is structurally controlled, occurring as pitchblende hosted in fractures and veins associated with faults and shear zones, and often associated with graphite and sulphides.

Three zones of radioactivity and U mineralization have been identified at the Don Lake A, B and C Zones (SMDI 1393), which has been traced by historical drilling and trenching over approximately 525m.

Zone A is a vein system with a length of 213.4 m, that crosses the trend of a northeast-striking lineament. Fourteen trenches and 20 shallow drill holes have been completed over the zone. Analytical results range from trace values up to 8.57% U3O8 over 0.91m and 2.86% U3O8 over 0.61m in trenching and 10.7% U3O8 over 0.3m and 2.14% U3O8 over 0.67m in drilling (AF74N10-0422).

Zone B, positioned to the northwest and interpreted to be a continuation of the mineralized trend observed at Zone A, has seen 12 shallow diamond drill holes and 20 trenches completed. Trench sampling reported grades as high as1.17% U3O8 over 1.98m, with drilling results including 0.71% U3O8 over 0.34m and 0.64% U3O8 over 0.3m. The uranium mineralization occurs in series of veins and fractures.

Zone C is positioned to the southeast of Zones A and B and further defines the NW-SE mineralized trend. 6 shallow drillholes and 9 trenches have been completed at Zone C, where trench samples returned from trace amounts up to 3.02% U3O8 over 0.61m and drilling intercepts included 0.80% U3O8 over 0.3m and 0.85% U3O8 over 0.52m.

At Radioactive Occurrence 50-CC3-10 and -44 (SMDI 1383), and the Midas Cu-U Showing (SMDI 1384) pitchblende occurs as in shears associated with the Crackingstone Fault. Showings associated with the Townend Fault Uranium Showings (SMDI 1385) host pitchblende in fracture splays and breccia zones. A 10 ft (3.1 m) channel sample taken across a width of 1.0 ft (0.30 m) assayed 1.63% U3O8. (AF74N10-0056).

At the A.R. Hawker Trench ARH-2 (SMDI 2116) structurally controlled uranium and sulphide mineralization is associated with net textured quartz veins. Grab samples from trenches and surface showings returned from trace values up to 1.2% and 0.78% U3O8 (AF74N10-0453).

Don Lake History

Anomalous radioactivity at Don Lake was first noted by the Geological Survey of Canada in 1948, with the first claims recorded later that year by the Eldorado Mining and Refining Company. In 1950, Aurora Yellowknife Mines identified 28 radioactive occurrences on the property, including the 50-CC3-10 and 50-CC3-44 (SMDI 1383), Midas Cu-U Showing (1384) and Townend Fault Uranium Showings (SMDI 1385). The same year Eldorado completed three short diamond drill holes at the Don Lake Zone A showing (SMDI 1393), with hole D-1 returning 2.0% U3O8 over 0.6m from 49.7-50.3m (AF 74N10-0345).

Between 1948-1968, various operators conducted work within the current Don Lake tenure, including prospecting, scintillometer surveying, trenching and limited diamond drilling. Most of this work is poorly documented. The next significant work was by Matrix Exploration in 1969, who carried out prospecting, scintillometer surveying, trenching and the 1200m of diamond drilling in 37 holes at the Don Lake A, B, and C Zones. Trenching in the A Zone returned from trace values up to 8.57% U3O8 over 0.91m and 2.86% U3O8 over 0.61m. The best drill intercept was from Zone A, where hole 23 returned 10.7% U3O8 over 0.3m (AF 74N10-0422).

Between 1971-78 August Hawker, Matrix Exploration and Kodiak Developments carried out prospecting, scintillometer surveys, trenching, and ground geophysics on various areas of the current Don Lake tenure.

Parts of the property were covered by airborne geophysics flown by Greater Lenora Resources Corp in 1997 (EM) and by the Geological Survey of Canada and Saskatchewan Energy and Mines who contracted Sander Geophysics to obtain gamma-ray spectrometric, aeromagnetic and VLF-EM data.

Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property. The above results were taken directly from the SMDI descriptions and assessment reports (AF) filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work on the subject properties.

About the Beaverlodge Uranium District

See EPL Beaverlodge Uranium Projects map HERE

The Don Lake, Black Bay, Don Lake, Gulch, Larado, 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.

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.

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.

Uranium City Option Agreement

Under the terms of the agreements, Xcite may earn an 80% interest in each of the Don Lake, Black Bay, Don Lake, Gulch, Larado, 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.

Eagle Plains currently holds a 100% interest in 18 individual projects comprising a total of 40,050 ha of mineral dispositions in Saskatchewan covering both basement and unconformity hosted uranium targets. The projects range from early-stage grassroots to drill ready and are distributed throughout the prospective Athabasca Basin including the Patterson Lake South (PLS), Beaverlodge, and Dufferin-Centennial camps.

See EPL Saskatchewan U project map HERE

Qualified Person

Technical information in this News Release has been reviewed and approved by C.C. Downie, P.Geo., a director and officer of Eagle Plains, hereby identified as the "Qualified Person" under N.I. 43-101.

About Eagle Plains Resources

Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.

The Company was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (and one of only three that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over $100,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains latest spinout; Eagle Royalties Ltd. (CSE:"ER") was listed on May 24, 2023, and holds a diverse portfolio of royalty assets throughout western Canada.

Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.

Expenditures from 2010-2023 on Eagle Plains-related projects exceed $38M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 50,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

On behalf of the Board of Directors of Eagle Plains

"C.C. (Chuck) Downie, P.Geo"
President and CEO

For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at https://www.eagleplains.com

Cautionary Note Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

SOURCE: Eagle Plains Resources Ltd.