Kelowna, British Columbia--(Newsfile Corp. - December 10, 2021) - Fission
3.0Corp. (TSXV: FUU) (OTCQB: FISOF) ("Fission 3.0 Corp" or the "Optionor")
is pleased to announce that, further to the news release dated November 1, 2021,
it has entered into two option agreements with Traction Uranium Corp.
(CSE: TRAC) ("Traction") respecting options to acquire up to a 70% interest in
two properties located in Saskatchewan's Athabasca Basin region
(the "Properties"): the Hearty Bay Project, comprised of 6 mineral claims covering
approximately 10,604 hectares
(the "Hearty Bay Project"); and the Lazy Edward Project, comprised of 11 mineral
claims covering approximately 1,828 hectares (the "Lazy Edward Project").
The Hearty Bay property surrounds the historic Isle Brochet radioactive boulder
trains. Boulder prospecting by Fission 3 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. The objective
of further exploration on the property is to discover the source of the uraniferous
boulder field.
The Lazy Edward Project is located in the south-eastern margin of the Athabasca
Basin, between the historic Key Lake Mine and Cameco Corporation's Centennial
deposit. The Lazy Edward Project has been identified to have potential for
unconformity-type, high-grade uranium deposits typical of the Athabasca Basin.
Further, as the Lazy Edward Project is near the edge of the basin, the depth of the
drill targets at Lazy Edward Bay are shallow, giving the advantage of relatively
inexpensive exploration. Historic drilling in the late 1980's identified very prospective
geology with intersections of strong bleaching, limonitization and strong fracturing in
the lower
sandstone above strongly altered, brecciated and sheared graphitic basement rocks
with up to 170ppm uranium. These are a number of the attributes required to host
high-grade
uranium deposits, and Fission 3.0 Corp has concluded that follow up drilling is
highly warranted.
Terms of the Option Agreements
Pursuant to the Option Agreement in respect of the Hearty Bay Project (the "Hearty
Bay Agreement"), the Optionor has granted an option to Traction to acquire a 50%
interest in the Hearty Bay Project through (i) cash payments to the Optionor of an
aggregate of C$650,000 (C$100,000 of which has been paid by Traction in
connection with the execution of the Hearty Bay letter of intent, dated October 30,
2021), (ii) the issuance to the Optionor of such number of common shares of
Traction as is equal to 7.5% of the number of issued and outstanding common
shares of Traction that are outstanding as of such date, provided Traction has
completed one or more equity financings for gross proceeds of $2,000,000 by such
date, and (iii) the completion of $3,000,000 in exploration work on the Hearty Bay
Property, all spread out over two years (the "Hearty Bay Commitments"). The
Optionor will retain a 2.0% NSR. Pursuant to the terms of the Hearty Bay
Agreement, Traction will have the option (the "Hearty BayBump-Up 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 Heart Bay Agreement (the "Hearty Bay Bump-Up Commitments").
Pursuant to the Option Agreement in respect of the Lazy Edward Project
(the "Lazy Edward Agreement") the Optionor has granted an option to Traction to
acquire a 50% interest in the Lazy Edward Project through (i) cash payments to
the Optionor of an aggregate of C$650,000 (C$100,000 of which has been paid by
Traction in connection with the execution of the Lazy Edward letter of intent, dated
October 30, 2021); (ii) the issuance to the Optionor of such number of common
shares of Traction as is equal to 7.5% of the number of issued and outstanding
common shares of Traction that are outstanding as of such date, provided Traction
has completed one or more equity financings for gross proceeds of $2,000,000 by
such date; and (iii) completion of $4,500,000 in exploration work on the Lazy
Edward Property, all spread out over two years (the "Lazy Edward Commitments")
. The Optionor will retain a 2.0% NSR. Pursuant to the terms of the Lazy Edward
Agreement, Traction will have the option (the "Lazy Edward Bump-Up Option") to
increase its interest in the Lazy Edward Project to 70% by making additional cash
payments totalling $350,000, and completing an additional $4,500,000 in exploratio
n work on the Lazy Edward Property, on or before the date that is three years
following the date of the Lazy Edward Agreement (the "Lazy Edward Bump-Up
Commitments").
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 14 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 has recently completed an $8 million funding
with Red Cloud Securities and is currently planning a winter exploration/drill program
on its PLN project. It is also entertaining JV partners with some of its other projects.
About Traction Uranium Corp.
Traction is a mineral exploration company with an objective to locate and develop
economic mineral properties. The Company is based in Vancouver, BC and holds
options over the Hearty Bay and Lazy Edwards properties, located in the Athabasca
Basin region of Saskatchewan, and the Whitewater property, located in the Slocan
Mining Division, Kaslo, British Columbia.
For more information, investors should review the Company's filings that are
available at www.sedar.com.