The work program will comprise of over 1,400 meters of drilling over 12 holes.
Vancouver BC – Traction Uranium Corp. (the “Company” or “Traction”) (CSE: TRAC) (OTC: TRT) (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, announces a 1,400 meter drilling program including a ground geophysics study to be conducted at the Company’s Hearty Bay project in the Athabasca Basin.
The Hearty Bay property surrounds the historic Isle Brochet radioactive boulder trains. Boulder prospecting by Fission 3.0 (“Fission”) on Isle Brochet in 2019 led to the discovery of 45 radioactive boulders with assay values up to 8.23% U3O8 with over 24% of them returning assay values of >1% U3O8. A marine seismic survey completed in the up-ice direction to the northeast was interpreted to indicate multiple basement structural and lithological features which have defined drill targets.
Traction acquired a 50% interest in the Hearty Bay Project through (i) cash payments to Fission of C$650,000, (ii) the issuance to Fission of 6,042,952 common shares of Traction, and (iii) and a commitment to complete $3,000,000 in exploration work on the Hearty Bay Property spread out over two years. Fission retains a 2.0% NSR. Traction retains the option to increase its interest in the Hearty Bay Project to 70% by making additional cash payments totalling $350,000 and completing an additional $3,000,000 in exploration work on the Hearty Bay Property on or before the date that is three years following the date of the Hearty Bay agreement.
The work program’s aim is to discover the source of high-grade uranium boulder trains on Isle Brochet. The work program will include 12 exploration targets and a ground electromagnetic (‘EM’) survey. Fission has the work permits in hand from the Saskatchewan Ministry of Environment for the planned Hearty Bay work
The drill program is expected to start on about March 8th and conclude by April 2022. Snow clearing of the drill access trails and drill pads over the lake ice is underway to ensure the growth of an adequate thickness of ice to safely support the drill and support equipment. Drill targets were defined from the 255 km detailed marine seismic survey that was carried out in the summer of 2019 and the 2,490 line-km high resolution airborne magnetic survey that was flown in August of 2021.
A ground electromagnetic (“EM”) survey will be conducted in the area up ice from the uriniferous boulder trains. The survey aims to identify new geologic structures to generate targets for future drill testing. A total of approximately 100 line-kms of grid will be established and surveyed with EM, both on the lake ice and on land to the northeast of Isle Brochet.
Michael Malana, Chief Executive Officer, stated, “We have identified high-priority zones from high-grade uranium boulder trains and we are excited to be able to test these targets for positive results. The drilling coupled with the planned EM survey will give the team new data to form new geological structures and aim in creating new drill targets for future programs.”
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., a Qualified Person. Raymond Ashley has an arm’s length relationship with Traction.
About Fission 3.0 Corp.
Fission 3.0 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 3.0 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. Fission 3.0 is currently planning a winter exploration/drill program on its PLN project.
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: the Hearty Bay Project, comprised of 6 mineral claims covering approximately 10,604 hectares and the Lazy Edward Project, comprised of 11 mineral claims covering approximately 1,828 hectares.
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
Michael Malana
Chief Executive Officer
+1 (604) 561 2687
info@tractionuranium.com
Disclaimer for Forward-Looking Information
Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s marketing campaigns through MIC and FSN and the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated 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. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information available to it. 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.
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