Traction Uranium Corp. (TRAC.CN) (TRCTF.QB)

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Traction Uranium and UGreenco Energy Announce Option Agreement for Key Lake South Property

Vancouver, BC – August 16, 2022 – Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the “Company” or “Traction”) is pleased to announce that it has entered into a property option agreement (the “Option Agreement”) with UGreenco Energy Corp. (the “Vendor”) dated August 15th, 2022 (the “Effective Date”), pursuant to which the Company has been granted the right to acquire up to a 75% interest in and to the Key Lake South Property, which consists of a series of mineral disposition parcels located in Athabasca Basin, Northern Saskatchewan, Canada (the “Property”).

 

The Key Lake South Uranium Project is located approximately 6 kilometers to the southwest of the Key Lake uranium mill and in close vicinity to modern uranium mining facilities and highway transportation in northern Saskatchewan. Geologically, it sits at the southeastern edge of the Proterozoic Athabasca Basin – home of the world’s largest and highest grade uranium deposits and operations. Recent discovery of Tripple R and Arrow deposits has demonstrated further potential of high-grade uranium at the edge of the basin.

 

Figure 1:

 

 

Lester Esteban, Chief Executive Officer, stated “An extraordinary uranium anomaly was outlined in the early 70’s known as the “Hot” Island and was believed to be transported from a source in the northeast, which led to the discovery of the Key Lake uranium deposit, the world’s largest high-grade uranium deposit mined with open-pit producing a total of 209.8 million pounds of uranium at the average grade of 2.32% U3O8 between 1983 and 2002. Advanced airborne geophysical surveys from both government and industry during the 2000’s depict a coincidence between this surface anomaly and underlying structures supporting a thesis that this anomaly is in-situ controlled by structures rather than erratically transported by glacier. Since the discovery of the Key Lake deposit, this area has been underexplored and we are looking forward to getting to work to unlock its potential for an unconformity-type uranium deposit.”

 

Terms of the Option Agreement:

 

In consideration for a series of cash and share payments and the incurring of exploration expenditures, separated into two phases.

 

Phase One

 

In phase one, the Company shall be entitled to acquire a 51% interest in and to the Property by:

 

  • paying $50,000 in cash to the Vendor within seven (7) days following the Effective Date;

 

  • paying an additional $200,000 in cash to the Vendor on or before December 31, 2023;

 

  • paying an additional $750,000 in cash to the Vendor on or before December 31, 2024;

 

  • issuing, within sixty (60) days following the Effective Date, such number common shares in the capital of the Company (the “Shares”) to the Vendor as is equal to $100,000 equity converted on the date of issuance at the market price of the Shares trading on the Canadian Securities Exchange (the “CSE”);

 

  • issuing, on or before December 31, 2023, such number of additional Shares to the Vendor as is equal to $200,000 converted on the date of issuance at the market price of the Shares trading on the CSE;

 

  • issuing, on or before December 31, 2024, such number of additional Shares to the Vendor as is equal to $750,000 converted on the date of issuance at the market price of the Shares trading on the CSE;

 

  • incurring, on or before December 31, 2022, $150,000 worth of exploration expenditures on the Property;

 

  • on or before December 31, 2023, either (1) completing 2,000 metres of diamond drilling on the Property or (2) incurring an additional $1,500,000 worth of exploration expenditures on the Property; and

 

  • on or before December 31, 2024, either (1) completing an additional 7,500 metres of diamond drilling on the Property or (2) incurring an additional $6,500,000 worth of exploration expenditures on the Property.

 

Phase Two

 

Upon completion of phase one, the Company shall be entitled to acquire an additional 24%  interest in and to the Property, for a total interest of 75%, by:

 

  • paying an additional $750,000 in cash to the Vendor on or before December 31, 2025;

 

  • issuing, on or before December 31, 2025, such number of additional Shares to the Vendor as is equal to $750,000 converted on the date of issuance at the market price of the Shares trading on the CSE; and

 

  • on or before December 31, 2025, either (1) completing an additional 7,500 metres of diamond drilling on the Property or (2) incurring an additional $6,500,000 worth of exploration expenditures on the Property.

 

Upon satisfaction of  phase two and commencement of commercial production on the Property, the Company will grant the Vendor a net smelter returns royalty totaling two percent (2%) on commercial production from the Property (the “NSR Royalty”), with the Company retaining the right to buy back from the Vendor one percent (1%) of the NSR Royalty for $2,000,000.

 

About Traction Uranium Corp.

 

Traction Uranium Corp. is in the business of mineral exploration and the development of discovery prospects in Canada, including its two flagship uranium projects in the world renowned Athabasca Region.

 

We invite you to find out more about our exploration-stage activities across Canada’s Western region at www.tractionuranium.com.

 

Qualified Person

The technical content of this news release has been reviewed and approved by Linglin Chu, M.Sc., P. Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

 

On Behalf of The Board of Directors

 

Lester Esteban

Chief Executive Officer

+1 (604) 561 2687

info@tractionuranium.com

 

Forward-Looking Statements

 

This news release includes forward-looking statements that are subject to risks and uncertainties, ‎‎including with respect to the Company completing phase 1 and phase 2, the Company acquiring any interest in the Property, timing of cash payments, share issuances and expenditure requirements, and development of the Property. The Company ‎‎provides forward-looking statements for the purpose of conveying information about current ‎‎expectations and plans relating to the future and readers are cautioned that such statements may not be ‎‎appropriate for other purposes. By its nature, this information is subject to inherent risks and ‎‎uncertainties that may be general or specific and which give rise to the possibility that expectations, ‎‎forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not ‎‎be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and ‎‎uncertainties include but are not limited those identified and reported in the Company’s public filings ‎‎under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify ‎‎important factors that could cause actual actions, events, or results to differ materially from those ‎‎described in forward-looking information, there may be other factors that cause actions, events or ‎‎results not to be as anticipated, estimated or intended. There can be no assurance that such information ‎‎will prove to be accurate as actual results and future events could differ materially from those ‎‎anticipated in such statements. The Company disclaims any intention or obligation to update or revise any ‎‎forward-looking information, whether as a result of new information, future events or otherwise unless ‎‎required by law.‎

 

The CSE has neither approved nor disapproved the information contained herein.

 

SOURCE: Traction Uranium Corp.

Traction Uranium Expands Technical Research Team and Commences Summer Follow Up Program to Examine Radiation-Induced Quartz Degradation with Hearty Bay Core Samples

Vancouver, BC – July 20, 2022 – Traction Uranium Corp.  (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the “Company” or “Traction”), a mineral exploration issuer focusing on the development of discovery prospects in Canada,  including its two flagship uranium projects in the world-renowned Athabasca Region, is pleased to welcome Ayetullah Tunc and Reza Deevsalar to Traction’s research team under the guidance of Dr. Yuanming Pan (Technical Advisor to Traction see June 7, 2022 News Release) and commencement of the summer follow up program utilizing Dr. Yuanming Pan’s innovative uranium vectoring technique he pioneered (see Traction July 6th, 2022 News Release).

 

Ayetullah Tunc is an M.Sc. student under the supervision of Dr. Yuanming Pan in Geological Sciences at the University of Saskatchewan. He is a dedicated exploration geologist and geologic mapper with a strong focus on unconformity-related uranium deposits in the Canadian Athabasca Basin, and phosphate-hosted uranium and thorium deposits, Turkey. Ayetullah’s research focuses on using synchrotron X-ray techniques (XANES-XRF) and Electron Paramagnetic Resonance (EPR) for investigating ore systems with applications in mineral exploration. Ayetullah has performed on-site monitoring of well drilling operations along with surveying and mapping the site layout along with the geologic features associated with uranium mineralization as a field and well-site geologist for the General Directorate of Mineral Research and Exploration, Turkey (2018-2019).

 

Reza Deevsalar earned his Ph.D degree in petrology and geochemistry of magmatic systems from the Tarbiat Modares University, Tehran, Iran in 2015. In addition to his academic activities in multiple fields, including petrology, geochemistry and isotope geochemistry of magmatic systems, gemology, and magmatic-geothermal systems, Reza has contributed to several mineral exploration programs across Iran (mainly on gold, copper, iron deposits, and associated ore minerals), as a field and exploration geologist from 2009-2017. The most interesting part of geology research to Reza is the application of state-of-the-art analytical techniques and innovative approaches in the production of new data to consolidate and support the underground and surficial geological datasets in the creation of effective mineral prospecting and exploration models. After 4.5 years of doing research in the fields of geochemistry, radiogenic isotopes, and geochronology (Sep 2017 – Mar 2021) at the University of the Ryukyus (Okinawa, Japan), Reza started working on synchrotron-based research projects and EPR-CL-assisted U-exploration with Dr. Yuanming Pan’s research team at the UofS.

 

Lester Esteban, Chief Executive Officer, stated “We are pleased to welcome Dr. Yuanming Pan’s research team to our group and are excited to integrate both Ayetullah and Reza into our summer follow up programs at both Hearty Bay and Lazy Edwards. Ayetullah and Reza will be joining Fission 3.0’s team in mobilizing to Fond Du Lac this week to commence the summer follow up program executing Dr. Yuanming Pan’s vectoring technique by systematically sampling drill cores from the Hearty Bay drill program we completed in April. Results from examining quartz degradation will allow our team to refine drill targets and improve accuracy by focusing our efforts in the right areas, therefore maximizing dollars in the ground for our investors.”

 

About Traction Uranium Corp.

 

Traction Uranium (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) is in the business of mineral exploration and the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region.

 

We invite you to find out more about our exploration-stage activities across Canada’s Western region at www.tractionuranium.com.

 

On Behalf of the Board of Directors

Lester Esteban
Chief Executive Officer
+1 (604) 561 2687
info@tractionuranium.com

 

Disclaimer for Forward-Looking Information

 

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the expected use of proceeds from the Private Placement are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

 

SOURCE:  Traction Uranium Corp.

Traction Uranium Collaborates with SRC in Exploring the use of their In-Situ Recovery Technology at its Properties

Vancouver, BC – July 12, 2022 – Traction Uranium Corp. (CSE: TRAC) (OTCQB: TRCTF) ( FRA: Z1K ) (the “Company” or “Traction”) , a mineral exploration issuer focusing on the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region, is pleased to execute a Master Service Agreement with the Saskatchewan Research Council (SRC) in exploring ISR (in-situ recovery) uranium extraction projects to utilize their core flooding machine post discovery.

 

SRC is Canada’s second largest research and technology organization. With 350 employees, $137 million in annual revenue and 75 years of experience, SRC provides services and products to its 1,500 clients in 27 countries around the world.

 

Lester Esteban, Chief Executive Officer, stated “SRC has been synonymous with mining in Saskatchewan and around the world for a very long time. Their knowledge and proficiency around mining and uranium is unrivaled and supports our pillars of exploration and expansion being supported by experience and expertise. Conventional mining involves removing mineralized rock from the ground, grinding, sorting and separating out what we want from what we don’t. Solution mining otherwise known as ISL (in-situ leaching) or ISR (in-situ recovery) leaves the ore where it is in the ground, recovery is done by dissolving the minerals we want from the ore and pumping up the pregnant solution to the surface where we can recover it resulting in little disturbance and no tailings or waste rock generated. This provides low capital costs relative to conventional mining providing Traction a key technological partner post discovery and supports our plans for adding more properties in North America.”

 

Technological Overview:

 

The uranium in-situ recovery process is proposed to mine deposits that are difficult to justify mine development due to either not enough uranium or too high of radiation. The technology can potentially utilize drilling and cracking to create passage for the lixiviant through the ore body to extract the uranium in-situ potentially utilizing the current freezing technology used at Cameco’s Cigar Lake to encapsulate the orebody for the in-situ recovery.

 

The apparatus at SRC is called the Core Flooding Machine. It can stimulate the overburden pressure and pumping pressure during recovery. It uses drill cores and the evolution of permeability and uranium extraction as a function of time and amount of injection lixiviant are recorded and monitored.

 

About Traction Uranium Corp.

 

Traction Uranium ( CSE: TRAC ) ( OTC: TRCTF ) ( FRA: Z1K ) is in the business of mineral exploration and the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region.

 

We invite you to find out more about our exploration-stage activities across Canada’s Western region at www.tractionuranium.com .

 

On Behalf of the Board of Directors

Lester Esteban
Chief Executive Officer
+1 (604) 561 2687
info@tractionuranium.com

 

Disclaimer for Forward-Looking Information

 

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the expected use of proceeds from the Private Placement are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

 

SOURCE:  Traction Uranium Corp.

Traction Uranium Joins the Saskatchewan Mining Association the Voice of Saskatchewan Mining and Exploration

Vancouver BC – June 16, 2022 – Traction Uranium Corp.  (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the “Company” or “Traction”), a mineral exploration issuer focusing on the development of discovery prospects in Canada,  including its two flagship uranium projects in the world-renowned Athabasca Region, is pleased to announce it’s membership to the Saskatchewan Mining Association (SMA), further integrating Traction Uranium into the Saskatchewan exploration and mining landscape and enabling Traction to be at the forefront of policy frameworks and regulatory changes affecting mining and exploration companies in Saskatchewan.

 

The SMA is an industry-driven organization representing the mining and mineral exploration industry with over 25 mining operations in the province. SMA is the voice of the exploration and mining industry in Saskatchewan. SMA advocates on behalf of members on issues related to provincial and federal regulatory changes, develops and supports educational outreach programs, organizes and hosts public outreach and membership events.

 

The SMA works closely with provincial counterpart associations, the Mining Association of Canada, the Prospectors and Developers Association of Canada and the Mining Industry Human Resources Council.

 

Lester Esteban, Chief Executive Officer, stated “The SMA has represented the exploration and mining industry to government agencies on both the provincial and federal level to advance a safe, sustainable, globally competitive exploration and mining industry that benefits all residents of the province. Through the SMA and in collaboration with our peers and fellow members, Traction has a voice to government and policy-makers to collectively respond to regulatory changes and overcome challenges we all face in the mining and exploration space. In addition, through SMA outreach programs and public events Traction Uranium has an opportunity to assist the SMA in continuing to make Saskatchewan a global critical minerals powerhouse.”

 

About Traction Uranium Corp.

 

Traction Uranium (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) is in the business of mineral exploration and the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region.

 

We invite you to find out more about our exploration-stage activities across Canada’s Western region at www.tractionuranium.com.

 

On Behalf of the Board of Directors

Lester Esteban
Chief Executive Officer
+1 (604) 561 2687
info@tractionuranium.com

 

Disclaimer for Forward-Looking Information

 

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the expected use of proceeds from the Private Placement are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

 

SOURCE:  Traction Uranium Corp.

Traction Uranium and Fission 3.0 Drilling Continues to Intersect Additional Anomalous Radioactivity at Lazy Edward Bay

Elevated Levels of Radiation is a Possible Indicator of Uranium Mineralisation which will be Confirmed when the Assays are Received

 

Vancouver BC – June 14, 2022 – Traction Uranium Corp.  (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the “Company” or “Traction”)a mineral exploration issuer focusing on the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region and Fission 3.0 Corp. (“Fission 3”), are pleased to provide the following update of the drilling at the Lazy Edward Bay project in the SE Athabasca Basin region which commenced on May 17, 2022. Drilling on the Horse West conductor has encountered anomalous radioactivity in drill hole LEB22-007 in proximity to an 11.7m-wide basement fault with intense clay and chlorite alteration approximately 10m further down hole. Drilling is currently targeting this significant structure up dip at the unconformity.

 

Highlights:

  • Drilling continues to encounter favorable structure, alteration and anomalous radioactivity in the vicinity of historic hole LE-73 on the West Horse conductor
  • LEB22-004 encountered anomalous radioactivity near the sandstone-basement unconformity at 164.6m associated with a reverse fault (see May 31, 2022 release)
  • LEB22-007 encountered elevated radioactivity in the lower sandstone of 380cps on the handheld spectrometer at 169.75 m, corresponding on the downhole gamma probe with increased radioactivity >500 cps from 168.5 m to 169.5 m with a maximum of 1177 counts as well as from 171 m to 171.5 m with a maximum of 1063 cps.
  • The unconformity was intersected at 173m and the large fault zone was intersected from 178.4 m and continued to 190.1m.
  • Additional drill targets have been defined along the Western Horse Corridor from a re-interpretation of an airborne VTEM survey to be added to the program.
  • Favorable structure, alteration along with elevated levels of radiation are key indicators for identifying unconformity type, high grade uranium deposits typical in the basin.

 

Hole LEB22-008 is in progress to test an 11.7m-wide extremely clay and chlorite altered basement structure along with proximal anomalous radioactivity intersected in hole LEB22-007 up-dip where it intersects the unconformity which is the 6th hole in the immediate vicinity of historic hole LE-73 along the western Horse Conductor. Hole LEB-007 targeted the same structure approximately 50m along strike to the north.

 

Lester Esteban, Chief Executive Officer, states “Our drill program at Lazy Edward Bay is exceeding our expectations, by optimizing logistics our team was able to re-allocate the cost savings towards drilling. We are hoping to drill more holes than planned and finish above 3000m rather than the original target of 8 holes for 2000m. This allows us to pursue mineralisation on further good looking geophysical targets along the western Horse Conductor prior to wrapping up the program within the next couple weeks.”

 

Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. Natural gamma radiation in the drill hole surveys that are reported in this news release was measured in counts per second (cps) using a Mount Sopris Instruments QL40-GRA borehole gamma probe. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials. All intersections are down-hole. All depths reported of core interval measurements of radioactivity are not always representative of true thickness.

 

About the Property

 

The Lazy Edward Bay property is located halfway between Cameco’s Key Lake Mine and the high-grade Centennial uranium deposit, and hosts NE-trending conductive corridors similar to those associated with Key Lake and Centennial. The major uranium deposits in the eastern Athabasca Basin, including Key Lake, McArthur River and Cigar Lake, are along the NE-trending Wollaston-Mudjatik transition zone and conductive corridor. To the west of the property, the Centennial deposit is localized along the NE-trending Virgin River conductive corridor which transects the entire Athabasca Basin. The Key Lake mine, located ~50 km to the east of the property is accessible by Provincial Highway 914, serviced by the provincial power grid, and has an operating mill where the McArthur River ore has been processed.

 

The ongoing work program is being funded by Traction in accordance with the terms of the Option Agreement between Fission 3 and Traction, whereby Traction can acquire up to a 70% interest in the Lazy Edward Bay property (see Dec 10, 2021 Fission 3 news release).

 

About Traction Uranium Corp.

 

Traction Uranium (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) is in the business of mineral exploration and the development of discovery prospects in Canada, including its two flagship uranium projects in the Athabasca Region.

 

We invite you to find out more about our exploration-stage activities across Canada’s Western region at www.tractionuranium.com.

 

About Fission 3.0 Corp.

 

Fission 3 is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of world’s largest high grade uranium discoveries. Fission 3 currently has 16 projects in the Athabasca Basin. Several of Fission 3’s projects are near large uranium discoveries, including, Arrow, Triple R and Hurricane deposits. Fission 3 is currently planning a winter exploration/drill program on its PLN project.

https://twitter.com/Fission3Corp

 

Qualified Person

 

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Raymond Ashley, P.Geo., Vice President, Exploration of Fission 3.0 Corp.,

 

On Behalf of the Board of Directors

Lester Esteban
Chief Executive Officer
+1 (604) 561 2687
info@tractionuranium.com

 

Disclaimer for Forward-Looking Information

 

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the expected use of proceeds from the Private Placement are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

 

SOURCE:  Traction Uranium Corp.

Traction Uranium welcomes Dr. Yuanming Pan Esteemed Professor and Research Scientist at the University of Saskatchewan to their Technical Advisory Committee

Vancouver BC – June 7, 2022 – Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the “Company” or “Traction”) , a mineral exploration issuer focusing on the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region, is pleased to announce effective June 1st, 2022 esteemed University of Saskatchewan (“UofS”) Professor and research scientist Dr. Yuanming Pan to their Technical Advisory Committee.

 

Dr. Yuanming Pan obtained his PhD degree from the University of Western Ontario in 1990 and has served on the faculty at the University of Saskatchewan since 1993. Pan’s research spans from mineralogy to economic geology, environmental mineralogy, and geochemistry, with extensive experience in diverse mineral commodities from gold to graphite, lithium, rare earth elements, and uranium. Pan’s research group developed the technique of using alpha-particles-induced defects in quartz for the exploration of uranium deposits.

 

Lester Esteban, Chief Executive Officer, stated “For almost 30 years, many geologists in the field today that graduated from the UofS have had to pass through Dr. Pan. I’ve been following Dr. Pan’s research work for quite some time. His method started from research on the Key Lake and McArthur river mines and has been applied to the Maw Zone, the Phoenix Deposit and the Arrow Deposit. The novel uranium exploration technique he pioneered looking at radiation-induced defects in quartz as a new vector for uranium exploration will undoubtedly bolster our efforts in ground delivering on our properties. I’m excited to have Dr. Pan on our Technical Advisory Committee and having his research team collaborating with our exploration team in bringing us closer to making that next great uranium discovery.”

 

About Traction Uranium Corp.

 

Traction Uranium (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) is in the business of mineral exploration and the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region.

 

We invite you to find out more about our exploration-stage activities across Canada’s Western region at www.tractionuranium.com.

 

On Behalf of the Board of Directors

 

Lester Esteban
Chief Executive Officer
+1 (604) 561 2687
info@tractionuranium.com

 

Disclaimer for Forward-Looking Information

 

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the expected use of proceeds from the Private Placement are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

 

SOURCE:  Traction Uranium Corp.

Traction Uranium and Fission 3.0 Drilling Intersects Anomalous Radioactivity at Lazy Edward Bay

Vancouver BC – June 1, 2022 – Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC) (FRA: Z1K) (the “Company” or “Traction”) and Fission 3.0 Corp. (“Fission 3”) are pleased to provide an update of the drilling at the Lazy Edward Bay project in the SE Athabasca Basin region which commenced on May 17, 2022. Drilling on the Horse West conductor has encountered anomalous radioactivity in drill hole LEB22-004 near the sandstone-basement unconformity at 164.6 m associated with a reverse fault.

 

Hole LEB22-004 is the fourth hole to be completed during the ongoing summer drilling program and intersected elevated radioactivity associated with a reverse fault at the unconformity from 163.50 to 164.0 m with a maximum of 430 cps, measured on the drill core with a handheld Radiation Solutions RS-125 scintillometer. This corresponds with a peak of 1320 cps on the borehole gamma probe within a 1.6m interval from 162.56 m to 164.16 m greater than 500 cps. These results confirm what has been reported by Uranerz Exploration and Mining Limited in historic drill hole LE-73 drilled in 1989. Geochemical analyses by Uranerz showed that the radiometric anomalies encountered in LE-73 near the unconformity were predominantly caused by high thorium contents, but they were also accompanied with elevated uranium values (170.4 m to 170.6 m of 40 ppm U and 733 ppm Th).

 

Follow up hole LEB-005 down dip of this intersection is in progress to test the footwall where the reverse fault intersects the basement, which is a similar setting to the occurrence of the McArthur River uranium mine.

 

Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. Natural gamma radiation in the drill hole surveys that are reported in this news release was measured in counts per second (cps) using a Mount Sopris Instruments QL40-GRA borehole gamma probe. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials. All intersections are down-hole. All depths reported of core interval measurements of radioactivity are not always representative of true thickness.

 

About the Property

 

The Lazy Edward Bay property is located halfway between Cameco’s Key Lake Mine and the high-grade Centennial uranium deposit, and hosts NE-trending conductive corridors similar to those associated with Key Lake and Centennial. The major uranium deposits in the eastern Athabasca Basin, including Key Lake, McArthur River and Cigar Lake, are along the NE-trending Wollaston-Mudjatik transition zone and conductive corridor. To the west of the property, the Centennial deposit is localized along the NE-trending Virgin River conductive corridor which transects the entire Athabasca Basin. The Key Lake mine, located ~50 km to the east of the property is accessible by Provincial Highway 914, serviced by the provincial power grid, and has an operating mill where the McArthur River ore has been processed.

 

About Traction Uranium Corp.

 

Traction Uranium (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) is in the business of mineral exploration and the development of discovery prospects in Canada, including its two flagship uranium projects in the Athabasca Region.

 

We invite you to find out more about our exploration-stage activities across Canada’s Western region at www.tractionuranium.com.

 

About Fission 3.0 Corp.

 

Fission 3 is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of world’s largest high grade uranium discoveries. Fission 3 currently has 16 projects in the Athabasca Basin. Several of Fission 3’s projects are near large uranium discoveries, including, Arrow, Triple R and Hurricane deposits. Fission 3 is currently planning a winter exploration/drill program on its PLN project.

https://twitter.com/Fission3Corp

 

Qualified Person

 

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Raymond Ashley, P.Geo., Vice President, Exploration of Fission 3.0 Corp.,

 

On Behalf of the Board of Directors

Lester Esteban
Chief Executive Officer
+1 (604) 561 2687
info@tractionuranium.com

 

Disclaimer for Forward-Looking Information

 

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the expected use of proceeds from the Private Placement are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

 

SOURCE: Traction Uranium Corp.

Traction Uranium Collars First Hole of Summer Drill Program at the Lazy Edward Bay Property

Historic drilling at Lazy Edward Bay encountered positive indicators for uranium mineralization such as strong clay alteration and faulting in the sandstone and basement rocks along with elevated levels of uranium and boron in the basement rocks

 

Vancouver, BC – May 25, 2022 – Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC) ( FRA: Z1K ) (the “ Company ” or “ Traction ”) , a mineral exploration issuer focusing on the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region, is pleased to announce that the crew had mobilized the drill rig and has collared the first hole for the summer drill program at our Lazy Edward Bay property, located in Northern Saskatchewan’s Athabasca Basin.

 

Fission 3.0 Corp. (“ Fission 3 ’) will conduct the work program in accordance with the terms of the Option Agreement between Traction and Fission 3, whereby Traction can acquire up to a 70% interest in the Lazy Edward Bay property. (see Dec 10, 2021 Traction news release.)

 

Key Focus Points:

 

  • The Program Objective is to investigate / twin historic drill holes LE-073 and LE-072 on the western conductive corridor known as the Horse Trend that returned a number of favorable indicators for uranium mineralization
  • 8 diamond drill holes totaling 2,000m along section, and along strike from encouraging historic drill results
  • $1.5M Helicopter-supported, diamond drill exploration program
  • The Lazy Edward Bay property is located halfway between Cameco’s Key Lake Mine and the high-grade Centennial uranium deposit, and hosts NE-trending conductive corridors similar to those associated with Key Lake and Centennial

 

Lester Esteban, Chief Executive Officer, stated, “We are excited to have the first hole collared and the drill turning at our Lazy Edward Bay property. Historic drill hole LE-072 intersected strongly altered basement rocks returning up to 170ppm Uranium in a brecciated, sheared and altered basement structure. LE-073 reported strongly bleached and fractured, in part limonitic, sandstone throughout its entire length with clay filled fault gouge in the lower sandstone returning 550ppm anomalous boron. Ticks a lot of boxes for identifying uranium mineralization in the basin and our team will be drilling along section, and along strike from these encouraging historic drilling results.”

 

Figure 1: Schematic Cross Section historic drill hole LE-72
https://www.globenewswire.com/NewsRoom/AttachmentNg/53e715bf-4ed8-40ff-9cc0-7dd617e41c66

 

Figure 2: Schematic Cross Section historic drill hole LE-73
https://www.globenewswire.com/NewsRoom/AttachmentNg/1947f2a2-21f7-477a-8c39-140bad09562f

 

About the Property

 

The Lazy Edward Bay property is located halfway between Cameco’s Key Lake Mine and the high-grade Centennial uranium deposit, and hosts NE-trending conductive corridors similar to those associated with Key Lake and Centennial. The major uranium deposits in the eastern Athabasca Basin, including Key Lake, McArthur River and Cigar Lake, are along the NE-trending Wollaston-Mudjatik transition zone and conductive corridor. To the west of the property, the Centennial deposit is localized along the NE-trending Virgin River conductive corridor which transects the entire Athabasca Basin. The Key Lake mine, located ~50 km to the east of the property is accessible by Provincial Highway 914, serviced by the provincial power grid, and has an operating mill where the McArthur River ore has been processed.

 

About Traction Uranium Corp.

 

Traction Uranium ( CSE: TRAC ) ( OTC: TRCTF ) ( FRA: Z1K ) is in the business of mineral exploration and the development of discovery prospects in Canada, including its two flagship uranium projects in the Athabasca Region.

 

We invite you to find out more about our exploration-stage activities across Canada’s Western region at www.tractionuranium.com.

 

About Fission 3.0 Corp.

 

Fission 3.0 Corp. is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world’s largest high-grade uranium discoveries. Fission 3.0 currently has 16 projects in the Athabasca Basin. Several of Fission 3.0’s projects are near large uranium discoveries, including Arrow, Triple R and Hurricane deposits.

 

Qualified Person

 

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Raymond Ashley, P.Geo., Vice President, Exploration of Fission 3.0 Corp.,

 

On Behalf of the Board of Directors

 

Lester Esteban
Chief Executive Officer
+1 (604) 561 2687
info@tractionuranium.com

 

Disclaimer for Forward-Looking Information

 

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the expected use of proceeds from the Private Placement are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

 

SOURCE:  Traction Uranium Corp.

Traction Uranium announces mobilization of drill rig to Lazy Edward Bay property and commencement of 2022 summer drilling program

The Program includes 8 diamond drill holes totaling 2,000m along section, and along strike from encouraging historic drill results that returned higher than normal concentrations of uranium in the sandstones just above the basement rock

 

Vancouver BC – May 17, 2022 – Traction Uranium Corp.  (the “Company” or “Traction”) (CSE: TRAC) (OTCQB: TRCTF) (FRA: Z1K), a mineral exploration issuer focusing on the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region, is pleased to announce that mobilization is underway for the Lazy Edward Bay summer drilling program. Located near the southern edge of the Athabasca Basin, the targets are at relatively shallow depths, with the Athabasca sandstone ranging to depths of approximately150 m where present.

 

Fission 3.0 Corp. (“Fission 3’) will conduct the work program in accordance with the terms of the Option Agreement between Traction and Fission 3, whereby Traction can acquire up to a 70% interest in the Lazy Edward Bay property. (see Dec 10, 2021 Traction news release.)

 

Historic work at Lazy Edward Bay has identified prospective geology with a number of favourable indicators for uranium mineralization. The two main NE -trending conductive corridors on the property are referred to as the western Horse Trend and the eastern Liberty Trend. The western portion of the property captures most of the conductive Horse Trend, along with historic drill holes LE-72 and LE-73 that were drilled by Uranerz Exploration and Mining Limited in the 1980’s. Drill hole LE-72 is reported to have intersected strongly altered basement rocks returning up to 170 ppm uranium in a brecciated and sheared basement structure. LE-73 reported strongly bleached and fractured, in part limonitized, sandstone throughout its entire length with entirely clay-filled fault gouges in the lower part of the sandstone with up to 550 ppm boron, underlain by strongly clay altered, faulted and graphitic basement rocks with up to 40 ppm uranium and 420 ppm boron. Claims in the eastern portion of the property cover part of the conductive Liberty Trend, where nearby historic drill hole LE-001 was reported to intersect 224 ppm U3O8 over 0.5 m. Traction summer drilling is planned along section, and along strike from these encouraging historic drilling results.

 

Lester Esteban, Chief Executive Officer, stated “We are really looking forward to ground delivering on our $1.5M program at Lazy Edward Bay. Past historical drill work returned many geological anomalies such as elevated levels of uranium and boron along with strongly altered basement rocks which represent a number of favorable indicators for uranium mineralization. The program is helicopter supported and plenty of pre-planning work was needed to be done ahead of mobilization. I commend our team in getting everything in place ahead of time and on schedule for our maiden drill program at Lazy Edward Bay.”

 

About the Property

 

The Lazy Edward Bay property is located halfway between Cameco’s Key Lake Mine and the high-grade Centennial uranium deposit, and hosts NE-trending conductive corridors similar to those associated with Key Lake and Centennial. The major uranium deposits in the eastern Athabasca Basin, including Key Lake, McArthur River and Cigar Lake, are along the NE-trending Wollaston-Mudjatik transition zone and conductive corridor. To the west of the property, the Centennial deposit is localized along the NE-trending Virgin River conductive corridor which transects the entire Athabasca Basin. The Key Lake mine, located ~50 km to the east of the property is accessible by Provincial Highway 914, serviced by the provincial power grid, and has an operating mill where the McArthur River ore has been processed.

 

About Traction Uranium Corp.

 

Traction Uranium (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) is in the business of mineral exploration and the development of discovery prospects in Canada, including its two flagship uranium projects in the Athabasca Region.

 

We invite you to find out more about our exploration-stage activities across Canada’s Western region at www.tractionuranium.com.

 

About Fission 3.0 Corp.

 

Fission 3.0 Corp. is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world’s largest high-grade uranium discoveries. Fission 3.0 currently has 16 projects in the Athabasca Basin. Several of Fission 3.0’s projects are near large uranium discoveries, including Arrow, Triple R and Hurricane deposits.

 

Qualified Person

 

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Raymond Ashley, P.Geo., Vice President, Exploration of Fission 3.0 Corp.,

 

On Behalf of the Board of Directors

Lester Esteban
Chief Executive Officer
+1 (604) 561 2687
info@tractionuranium.com

 

Disclaimer for Forward-Looking Information

 

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the expected use of proceeds from the Private Placement are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

 

Source:  Traction Uranium Corp.

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About Traction Uranium Corp.

Advancing projects is what we do.

Advancing projects is what we do.

Traction Uranium (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) is in the business of mineral exploration and the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region.

 

We invite you to find out more about our exploration-stage activities across Canada’s Western region.

 

Traction Uranium (Traction) is a Canadian exploration company listed on the Canadian Securities Exchange (CSE: TRAC). Traction’s strategy is to generate or acquire early-stage exploration opportunities and advance them towards development stage activities by our experienced team or by business partnerships and joint venture arrangements. Traction’s current focus is exploring on two Uranium deposits in the Athabasca Basin of Saskatchewan at Lazy Edward Bay and Hearty Bay.

 

PROJECTS

 

ATHABASCA BASIN

 

THE ATHABASCA BASIN REGION IS HOME TO 10 OF THE 15 HIGHEST GRADE URANIUM DEPOSITS IN THE WORLD, WITH ABOUT 20 TIMES THE INTERNATIONAL AVERAGE PURITY

 

  • Discovered in the 1940’s, the area has been in active production for over 60 years
  • 15.5% of the world’s uranium comes from this area.1
  • Saskatchewan was ranked #2 jurisdiction in the world for mining investment in 2018 by the Fraser Institute.

 

1 Source: www.visualcapitalist.com/athabasca-basin-the-worlds-highest-grade-uranium-district/

 

HEARTY BAY

  • Located in the northwest side of the Athabasca Basin in the Beaverlodge /Uranium City district, Hearty Bay hosts a U3O8 boulder-field where glaciation has transported high-grade uranium from a nearby source.
  • Initial interpretation of a 2019 marine seismic survey defined 3 fault intersections that represent drill targets which may be associated with the source of the U3O8 boulder trains.
  • Next steps are to complete the detailed interpretation of the 2019 marine seismic data and to fly a high-resolution mag/radiometric airborne survey. The aim is to prioritize the seismic targets for drill testing and to try to locate additional mineralized boulders

 

LAZY EDWARD BAY

  • Lazy Edward Bay is made up of 11 claims totaling 1,828 ha.
  • It is located in the south-eastern margin of the Athabasca Basin, halfway between the historic Key Lake Mine and Cameco’s Centennial deposit. The Key Lake operation, ~50km to the east, was one of the largest and most significant uranium deposits in the Athabasca Basin.
  • Historic drilling intersected sandstone and basement rocks with strongly altered, bleached, brecciated and sheared basement rocks which are some of the key indicators for nearby high-grade uranium.
  • The next step is to drill test the high-ranking shallow drill targets (less than 150m deep)
  • Near the edge of the basin, the depth of targets at Lazy Edward Bay are shallow, giving a huge advantage of inexpensive exploration.
  • There is high potential for a near surface, high-grade uranium discovery.
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FN Media Group LLC (FNMG) owns and operates FinancialNewsMedia.com (FNM) which is a third party publisher that disseminates electronic information through multiple online media channels. FNMG’s intended purposes are to deliver market updates and news alerts issued from private and publicly trading companies as well as providing coverage and increased awareness for companies that issue press to the public via online newswires. FNMG and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNMG’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. The companies that are discussed in this release may or may not have approved the statements made in this release. Information in this release is derived from a variety of sources that may or may not include the referenced company’s publicly disseminated information. The accuracy or completeness of the information is not warranted and is only as reliable as the sources from which it was obtained. While this information is believed to be reliable, such reliability cannot be guaranteed. FNMG disclaims any and all liability as to the completeness or accuracy of the information contained and any omissions of material fact in this release. This release may contain technical inaccuracies or typographical errors. It is strongly recommended that any purchase or sale decision be discussed with a financial adviser, or a broker-dealer, or a member of any financial regulatory bodies. Investment in the securities of the companies discussed in this release is highly speculative and carries a high degree of risk. FNMG is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. This release is not without bias, and is considered a conflict of interest if compensation has been received by FNMG for its dissemination. To comply with Section 17(b) of the Securities Act of 1933, FNMG shall always disclose any compensation it has received, or expects to receive in the future, for the dissemination of the information found herein on behalf of one or more of the companies mentioned in this release. For current services performed FNMG has been compensated forty five hundred dollars for Traction Uranium Corp. current news coverage by a non-affiliated third party.  FNMG HOLDS NO SHARES OF Traction Uranium Corp.

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