\n<\/strong><\/h3>\nThe VIC showing returned some stellar uranium surface results, returning tranche and samples above 30% U3O8 over an area of 200 meters long, which caught the attention of Xcite\u2019s management when they purchased the property. The project generated multiple high-grade uranium results, and previous owners never followed up on the discovery with further work. This creates a unique discovery opportunity in the near future.<\/p>\n
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The VIC Zone<\/h3>\n In addition, the geology is uranium prospective, counting multi-pathfinder elements like copper, nickel, and boron in clay, which is associated with the unconformity prospective geology hosting the major uranium deposits.<\/p>\nPanoramic view of the western Beaver River\u2019s claim cluster Vic Zone towards northwest, taken in June of 2024. It illustrates the typical physiography and vegetation of the Project area. The norther settlement of Uranium City is located 40 km away<\/figcaption><\/figure>\nOn the map below, the presence of major cross-cutting faults is also a compelling feature of the Beaver River Project. They create weakness in the underground, enabling uranium to precipitate in rich pockets of mineralisation.<\/p>\n
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The additional ingredient for success is the graphitic conductors because uranium loves graphite. On the above map, the purple spaghetti is the graphitic conductor mapped on the property.<\/p>\n
The company is preparing the next round of work to refine the drilling target and maximise discovery success. This will include geophysics, fieldwork, and detailed mapping of the prospective areas.<\/p>\n
The Black Bay Uranium Project \n<\/strong><\/h3>\nThe Black Bay project demonstrated economic uranium mining in the 1950s, mining 1,375 tonnes at 0.17% U3O8. The property is uranium-rich at the surface and depth, with significant results.<\/p>\n
The fact that historical mining happened on the project is significant, showing that at a near-surface economic concentration from the 1950s mining perspective and available technologies. The fact that limited modern-day exploration methods have been invested in the Black Bay Project leaves the door open for a uranium discovery.<\/p>\n
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On the ground, the presence of the Martin Group formation is an important geological feature and is the signature of the Athabasca Basin unconformity signature. The A and B Zones are characterised by radioactive quartzose stringer hosted within a well-banded, hematitic, pyritic quartzite that contains diopside interbands. The fracture hosts yellow uranium oxide, and minor tremolite was altered to talc.<\/p>\n
Scintillometer readings of up to 10,000 cps are localised in two areas of intense orange hematite-stained badinage amphibole-quartz-biotite schist interlayered within the quartzite.<\/p>\n
Again, the exploration programme will include geophysics, mapping, and sampling before drilling.<\/p>\nA) and B) Historic Black Bay Uranium Mine with yellow secondary U mineralization in quartzite fractured along 120\u00b0\/045\u00b0 with 0.456% U and 288 ppm Th; C) A blast pit in pinkish quartzites<\/figcaption><\/figure>\nThe Don Lake Project \n<\/strong><\/h3>\nThe geology of the Don Lake Project is divided into two separate opportunities. Uranium is hosted in structurally associated vein, shear, and breccia-hosted uranium particular to the Beaverlodge uranium model, with additional consideration for sub-Athabasca-basin, basement-hosted unconformity-style uranium mineralisation.<\/p>\n
The structurally controlled nature of the U mineralisation indicates the importance of faulting on the tenure.<\/p>\n
<\/strong>The most significant drilling campaign on the project was for 1,200 metres. This was a shallow drilling campaign that averaged less than 40 metres per hole for a total of 37 holes. Even if the drilling was limited, the project generated excellent results despite the lack of a geophysics survey, mapping and modern targeting.<\/p>\n <\/p>\n
The Don Lake Project sits right at the contact point of the Black Bay fault system and the Beaverlodge rock package. The fault separates the Beaverlodge and the Martin Group Sediments rocks, which are targets for Athabasca unconformity uranium-hosted deposits.<\/p>\n
The property is also crossed by the Townsend Fault, adding more complexity to the geology but also adding more potential for a world-class uranium discovery.<\/p>\n
The geology is favourable, and multiple evidence of uranium-rich mineralisation is demonstrated right at the surface. High-grade uranium samples and trenches reported grades up to 10% U3O8.<\/p>\n
Key location and geology \n<\/strong><\/h3>\nXcite\u2019s uranium projects are also aligned on the proven major Clearwater geological trend and the Black Bay fault, which has produced world-class uranium discoveries. The Trend is hosting the Tripple R deposit from Fission Uranium Corp. (around $1bn market cap) and the Arrow deposit from Nexgen Energy Ltd. (around $5bn market cap).<\/p>\n
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This trend generated the most exciting discoveries since the Cameco Cigar Lake and McArthur River deposits.<\/p>\n
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All Xcite projects are served by road infrastructure and are located near Uranium City, where contractors, lodging facilities, and an airport are available to support exploration logistics.<\/p>\n
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Uranium prices are firming up once again \n<\/strong><\/h3>\nAfter uranium prices reached over $100 per pound a year ago, prices are firming up again, triggering sector momentum and M&A transaction activity.<\/p>\n
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Uranium M&A activities \n<\/strong><\/h3>\nOn 24 June, Paladin Energy announced the acquisition of Fission Uranium for $1.14bn in a court-approved plan of arrangement under the Canada Business Corporation Act. Critical uranium supply may block or at least slow down the transaction.<\/p>\n
In October, the Minister of Innovation, Science and Industry ordered a national security review of the arrangement. Fission stated in a press release that: \u2018\u2018In light of the national security review of the arrangement, there can be no certainty that Fission will be able to obtain ICA clearance in a timely manner or at all.<\/p>\n
\u201cFailure to obtain ICA clearance would prevent the arrangement from being completed.\u2019\u2019<\/p>\n
On 2 October, IsoEnergy announced a definitive agreement for the acquisition of Anfield Energy in an all-share deal.<\/p>\n
Xcite\u2019s management view on the commodity price is to remain robust for the next 15 years with normal, timely pullbacks. The number of new nuclear plants committed in the next ten years will fuel demand. The other energy consumption driving force is the power requirement for the new AI tech solution being developed.<\/p>\n
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