Saskatchewan Uranium Drilling Begins
Xcite Uranium begins a 900-meter drilling program at the Saskatchewan Gulch project.
Anonymous
Xcite Uranium has begun a 900-meter, three-hole diamond drilling program at the Gulch uranium project in Saskatchewan, which is owned by Eagle Plains Resources and lies near the historic Gulch mine. The drilling will test targets identified through fieldwork and geophysical surveys, including about 14 kilometers of electromagnetic conductors, structural breaks, radon anomalies and uranium-bearing rock samples grading up to 3.75% U3O8. The 2026 Gulch program has an approved budget of approximately $1.1 million, including $700,000 for drilling, and is managed by TerraLogic Exploration. Separately, a completed three-hole, 1,099-meter program at nearby Lorado intersected anomalous radioactivity, with a peak reading of 2,281 counts per second over 0.6 meters; assay results are pending.
Key Points
1
The Gulch drilling is contracted to Apex Drilling, with crews operating out of Uranium City.
2
Under its option agreements with Eagle Plains, Xcite can earn an 80% interest in each of six Uranium City-area properties by spending $3.2 million on exploration, issuing 750,000 shares and paying $55,000 over four years per property. Across the six properties, the commitments total $19.2 million in exploration spending, 4.5 million shares and $330,000 in cash.
3
The six properties in the Xcite option portfolio cover 54 Saskatchewan Mineral Deposit Index occurrences and five past-producing uranium mines, according to Eagle Plains.
4
Historical work on Gulch in 2015 concluded that anomalous uranium mineralization appeared structurally controlled in a manner similar to the past-producing Gulch mine, and recommended further work, including deeper drilling.
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