Airborne geophysical survey to aid in structural mapping and to define prospective drill targets for the Grease River Project in Saskatchewan’s Athabasca Basin
CALGARY, Alberta, June 28, 2023 (GLOBE NEWSWIRE) -- Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the “Company” or “Traction”) and Forum Energy Metals Corp. (TSX.V: FMC; OTCQB: FDCFF) (“Forum”) are pleased to announce they have completed an airborne magnetic, electromagnetic (EM) and radiometric survey on Forum’s 100%-owned Grease River Project, located along the north rim of the Athabasca Basin, Saskatchewan. A total of 1,353 line-km were surveyed at a 100 metre line spacing using a New Resolution Geophysics specially designed Xcite™ Time Domain Electromagnetic System. The survey was conducted over the entire Grease River claims totaling 10,528 hectares along the Grease River Shear Zone (Figure 1). Data delivery is expected within six weeks from Axiom Exploration Group and will be interpreted for follow-up exploration.
Figure 1. Location of the Grease River Project in northern Saskatchewan nearby the community of Fond-du-Lac. Dashed line is the Grease River Shear Zone.
Traction entered into an option agreement with Forum whereby Traction is entitled to acquire a 51% interest in the Property by paying an aggregate of $250,000, issuing an aggregate of 1,625,000 common shares and funding an aggregate of $3 million in exploration expenditures on the Property by December 31, 2025. Forum is the Operator during this First Option Period. Traction has the further option to earn up to 100% interest in the project by making $1.7 million in cash payments, 5.5 million share payments and $6 million in exploration up until December 31, 2028. Forum would retain a 2% Net Smelter Return Royalty and $8 million in milestone payments (see News Release dated February 7, 2023)
The Grease River Project
The Grease River Project is located within the north-central margin of the Athabasca Basin near the community of Fond du Lac. The Grease River Project consists of two separate claim blocks situated along the NE-trending Grease River Shear zone, a major intracontinental shear zone greater than 400 km long. The nearby Fond du Lac uranium deposit was previously discovered within the shear zone by Amok Ltd. (“Amok”) and Eldorado Nuclear Ltd. (“Eldorado”) in the 1970s and a historical resource estimate was included which was not prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), of one million pounds uranium at an average grade of 0.25% U3O8*. While the Company believes the historical estimate to be relevant and reliable, given the extensive exploration work completed by Amok / Eldorado, experienced mineral resource companies, and the quality of the historical work completed, a qualified person has not completed sufficient work to verify and classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral. As such, the historical estimate should not be relied upon. The Company further notes that the Grease River Project claims are located along trend of the deposit to the southwest and northeast. Limited exploration has been conducted in the Grease River Project area.
*Homeniuk, L A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM Bulletin May,1982. "Fond-du-Lac uranium deposit"
Qualified Person
The technical content of this news release has been reviewed and approved by Ken Wheatley, 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 Company’s properties but may not be representative of expected results.
About Traction Uranium Corp.
Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) is in the business of mineral exploration and the development of discovery prospects in Canada, including its three 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 Forum Energy Metals Corp.
Forum Energy Metals Corp. (TSX.V: FMC; OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada’s Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt.
For further information: https://www.forumenergymetals.com/
On Behalf of The Board of Directors
Lester Esteban
Chief Executive Officer
+1 (604) 561 2687
info@tractionuranium.com
Forward-Looking Statements
This news release includes forward-looking statements that are subject to risks and uncertainties, including with respect to the Company, the Survey and further exploration and development of the Grease River Project. 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 to risks that the Company will not complete the Survey as contemplated, or at all, risks that the Survey will not yield the anticipated information and data, risks that the Grease River Project will not be explored or developed as contemplated, or at all, as well as those risk 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.
The CSE has neither approved nor disapproved the information contained herein.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09b165d4-71ca-45c0-b8d7-f11c4e23a9e1
