Why Canada Remains A Major Hot Spot For Uranium Exploration

Palm Beach, FL – July 6, 2022 – FinancialNewsMedia.com News Commentary – Canada has been a layer in the uranium mining industry and will be for well into the future. Industry insiders say that they are “Very Bullish” on the Canadian uranium market. A report in Market Screener said that: “The uranium sector has been building steam in recent years, leaving investors eager for returns.   At the Prospectors & Developers Association of Canada (PDAC) convention, Gwen Preston of Resource Maven described the market as “very bullish,” saying that diverse factors have contributed to uranium’s turnaround. Those include deliberate output cuts from producers and supply disruptions related to the COVID-19 pandemic… There’s also of course the conflict in the Ukraine, which has set even more alarm bells ringing over supply given Russia’s role in conversion and enrichment. The market was already undersupplied. Now the critical step for turning the commodity into fuel has had a huge weight put on it, and supply that’s connected to a major producer is tainted, if you want to call it that,” Preston explained during the conversation. “The setup is really insane.”  Uranium’s long bear market has left market participants with relatively few companies to choose from, but there are still ways to hone in on best-of-breed stocks. Preston said she expects discoveries to be “spectacularly rewarded,” but noted that with explorers it’s important to look for companies with good geologists.   Active mining companies in the markets this week include Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC), FISSION URANIUM CORP. (OTCQX: FCUUF) (TSX: FCU), Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), Uranium Energy Corp (NYSE: UEC), Denison Mines Corp (NYSE American: DNN) (TSX: DML).


Investing News added: “Spanning close to 100,000 square kilometers of the Canadian Shield of Northern Saskatchewan and Alberta, the Athabasca Basin is a major contributor to Canada’s status as the second largest uranium producer and the third largest in uranium reserves.  Unsurprisingly, the region is home to the world’s largest uranium mine, Cigar Lake, which reports average grades of 14.69 percent U3O8 and accounts for 13 percent of global uranium production.  Uranium was first discovered in the Athabasca Basin in 1934, and today the region remains a major hot spot for uranium exploration. In recent years, a number of junior uranium companies have made exciting new discoveries in the basin, sparking a staking rush by others looking to get in on the action.”


Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC) BREAKING NEWS:  Traction Uranium Executes Service Agreement with University of Saskatchewan Research Team to Utilize Innovative Uranium Vectoring Technique using Radiation-Induced Defects in Quartz – Traction Uranium Corp. (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 execution of a master service agreement with the University of Saskatchewan to add to the Companies exploration programs at both Hearty Bay and Lazy Edward Bay.


Lester Esteban, Chief Executive Officer, stated “The Saskatchewan expertise in mining and uranium is what makes this province one of the best rated jurisdictions for mining and exploration. The innovation coming out of the University of Saskatchewan elevates the industry, the novel technique pioneered by Dr. Yuanming Pan will assist us in determining whether a target area had uranium-bearing fluids or not and help our team define and trace the conduit(s) of uranium-bearing fluids. The data derived from the work will assist us in returning a more cost effective and higher accuracy drilling program over our peers by examining quartz degradation caused by radiation emitted from decaying uranium as another vector to our program. By focusing our efforts in the right areas and combining this new technology with the data gathered from our drilling programs, we maximize the dollars in the ground for our investors.”


Technical Overview:  The intended research collaboration between the University of Saskatchewan and Traction Uranium Corp will make use of radiation-induced defects in quartz as a new vector for uranium exploration at the Hearty Bay and Lazy Edward Bay property in northern Saskatchewan. This research is based on the discovery of some radiation-induced defects in quartz formed from the bombardment of alpha particles emitted from the decay of uranium (and thorium) isotopes. Therefore, the amounts of these radiation-induced defects in quartz often record the quantity/duration of uranium-bearing fluids that existed in that area in the past.


This 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 main analytical techniques used for this research are cathodoluminescence (CL) imaging and electron paramagnetic resonance (EPR) spectroscopy. The former technique visually detects radiation-induced defects in minerals but is less sensitive, while the latter is more sensitive and allows quantitative estimations of radiation-induced defects.


The program will start with a systematic sampling of the Hearty Bay and Lazy Edward Bay property and is followed by careful sample preparations and data analyses (polished thin sections for CL imaging and mineral separates for EPR). The anticipated results from this research are in the form of a detailed documentation on the distribution (both 2D and 3D) of radiation-induced defects in quartz at both properties, which can be integrated with data from other techniques (e.g. geophysics and geochemistry) to guide the exploration program (i.e., narrowing down targets for further exploration).  CONTINUED Read this full press release and more news for Traction Uranium at:  https://www.financialnewsmedia.com/news-trac/


Other recent developments in the mining industry of note include:


Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) recently announced that it has entered into binding agreements (the “Purchase Agreements“) to acquire seventeen (17) mineral concessions (the “Transaction“) between the towns of Prado and Caravelas in the State of Bahia, Brazil totaling 15,089.71 hectares (approximately 37,300 acres or 58.3 square miles) (the “Bahia Project“).


Based on significant historical drilling performed to date, it is believed that the Bahia Project holds significant quantities of heavy minerals, including monazite, that will feed Energy Fuels’ quickly emerging U.S.-based rare earth element (“REE“) supply chain. The Bahia Project has seen no previous mining, but several of the concessions have valid exploration and mining permits with the Government of Brazil. Therefore, the Company believes there is a clear path to moving the Bahia Project to production.


Uranium Energy Corp (NYSE: UEC) recently reported, in accordance with NYSE American requirements, the filing of the Company’s quarterly report on Form 10-Q for the nine months ended April 30, 2022 with the U.S. Securities and Exchange Commission (the “SEC”).  This Form 10-Q filing, which includes the Company’s condensed consolidated financial statements, related notes thereto and management’s discussion and analysis, is available for viewing on the SEC’s website at http://www.sec.gov/edgar.shtml or on the Company’s website at www.uraniumenergy.com.


About Uranium Energy Corp  – Uranium Energy Corp is America’s leading, fastest growing, uranium mining company listed on the NYSE American. UEC is a pure play uranium company and is advancing the next generation of low-cost, environmentally friendly ISR mining uranium projects.


Denison Mines Corp (NYSE American: DNN) (TSX: DML) recently announced that it has entered into a Participation and Funding Agreement (the “Participation Agreement”) with Kineepik Métis Local #9 (“KML”), which expresses Denison’s and KML’s mutual commitment to the co-development of an agreement supporting the advancement of the in-situ recovery (“ISR”) uranium mining operation proposed at the Company’s 95% owned Wheeler River Uranium Project (“Wheeler River Project”). The Participation Agreement builds on an existing letter agreement between Denison and KML with respect to the support of KML’s contributions to, and participation in, the Federal and Provincial Environmental Assessment process for the Wheeler River Project. View PDF version


Additionally, Denison and KML have entered into an Exploration Agreement (the “Exploration Agreement”) in respect of Denison’s exploration and evaluation activities within KML’s land and occupancy area.


FISSION URANIUM CORP. (OTCQX:FCUUF) (TSX: FCU.TO) recently announced that it has entered into an engagement and capacity agreement (the “Agreement“) with the Ya’thi Néné Lands and Resources Office (“YNLR“), which represents the Athabasca Nations and Communities of the Nuhenéné. Fission’s PLS project (the “PLS Project“) in the AthabascaBasin is within the Athabasca Denesųłiné territory and is currently advancing through the Feasibility Study and Environmental Assessment phase.


The Agreement serves as a process for Fission and YNLR to meaningfully engage in respect of the PLS Project, and it strengthens the positive and constructive working relationship the parties have developed. During this stage of engagement, Fission and YNLR will work to identify potential areas of interest or concern related to Indigenous rights and culture, traditional land and resource use, and community interests, and options to address those matters. The capacity funding provided by Fission to YNLR as part of this Agreement will facilitate the sharing of information between Fission and YNLR with respect to the Environmental Assessment and other aspects of early planning and design for the PLS project.


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