Traction Uranium and Forum Energy Metals Complete Airborne Geophysical Survey on the Grease River Project, Athabasca Basin
June 28 2023 - 8:30AM
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
DirectorsLester 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
Forum Energy Metals (TSXV:FMC)
Historical Stock Chart
From Sep 2024 to Oct 2024
Forum Energy Metals (TSXV:FMC)
Historical Stock Chart
From Oct 2023 to Oct 2024