Xcite Resources Inc. (CSE: XRI) is an early-stage exploration company working to become a leader in the discovery and development of energy transition metals. The uranium project portfolio in the Athabasca Basin will propel our efforts to achieve a high-grade discovery based on new geological modeling and exploration thesis in a uranium past producing camp dormant for 40 years. The Uranium City project portfolio constitutes the Don Lake, Beaver River, Smitty, Lorado, Gulch and Black Bay properties.
Xcite holds the exclusive option to acquire an 80% interest in the 6 properties, by making a series of cash payments and share issuances to Eagle Plains and funding exploration expenditures. The projects are owned 100% by EPL, which will retain an underlying 2% NSR royalty on the each of the properties.