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

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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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