(Calgary, AB): Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the “Company” or “Traction”) and Ugreenco Energy Corp. have completed Phase 1 of the fall kick-off ground program at their Key Lake South (KLS) uranium project in Canada’s Northern Saskatchewan world renowned Athabasca Basin and is pleased to announce the team encountering two new, previously unknown radioactive anomalies at KLS.
Phase 1 involved boulder prospecting, mapping and sampling conducted by Traction Uranium’s research geologists from the University of Saskatchewan’s Quartz Degradation Program under Dr. Yuanming Pan. Two exciting new surface radioactive anomalies had been identified during the program, a radioactive black soil anomaly and a radioactive swamp found within the KLS property (Figure 1). A sample of radioactive black soil had been collected to do further separation and PXRD (Powder X-ray Diffraction) analysis to provide the mineral composition of this black soil by Traction’s Research Team.
The distribution of the new radioactive anomalies coincides with the underlying structures interpreted from geophysical surveys, which supports the thesis that these anomalies are in-situ controlled by structures rather than erratically transported by glaciers.
MWH Geo-Surveys has started mobilization to the KLS Field and is expected to start the survey towards the end of this week initiating Phase 2 of the fall program. The Ground Gravity Survey will cover an area of approximately 4.15 square kilometers with the goal of defining structures with alteration in the basement.
The results from both Phase 1 and Phase 2 Fall Field Programs at our Key Lake South Uranium Project will be used to define and generate high priority drill targets for the upcoming winter 2023 diamond drill program at KLS.
Lester Esteban, Chief Executive Officer, stated “We are buoyed with the results of our Phase 1 program at KLS, having our team find two new radioactive anomalies in our initial program is definitely exciting. The radioactive black soil is of high interest to our team and is currently undergoing extensive analysis at the UofS. I commend the tremendous effort and dedication our research geos have invested into this initial field program and we look forward to sharing the data they have collected and compiled once the results come in.”
Figure 1: Map showing Radioactive Anomalies
About Traction Uranium Corp.
Traction Uranium Corp. is in the business of mineral exploration and the development of discovery prospects in Canada, including its three 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.
About 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 Triple R and Arrow deposits has demonstrated further potential of high-grade uranium at the edge of the basin.
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
Chief Executive Officer
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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.
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