VANCOUVER, British Columbia, April 25, 2022 (GLOBE NEWSWIRE) — 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, is pleased to report the completion of the diamond drilling program at Hearty Bay, located in the Saskatchewan Athabasca Region. Fourteen (14) diamond drill holes have been completed for 1,304 metres of diamond drilling in the program as well as 77-line kilometers of ground electromagnetic (EM) geophysics.
Highlights of the drilling and geophysics program are as follows;
- 14 drill holes completed for 1,304 metres of diamond drilling
- 77 line-kms of ground EM geophysics completed
- Hole HB22-005 and HB22-008 intersected a 3m zone and an 11.5m zone respectively of brecciated and faulted basement rock that displayed strong hydrothermal clay alteration, features often associated with uranium mineralization in the Athabasca Basin.
- Hole HB22-008 intersected a significant fault with encouraging alteration furthest to the NE from the high-grade uranium boulder trains on Isle Brochet in the main up-ice direction, supporting that future drilling to locate the source should continue in this direction.
- The ground EM survey has identified new basement conductors to the NE of Isle Brochet that coincide with interpreted faults from the 2019 marine seismic survey. Drill hole HB22-008 is located at the SW end of these 2km-long subparallel conductors, suggesting an association with the intersected hydrothermally altered fault and providing follow up targets for future drilling along these new conductors.
- 429 drill core samples have been submitted to SRC Geoanalytical Laboratories in Saskatoon for geochemical analysis. The geochemical results will be used to try to vector in towards the source of the high-grade uranium boulder trains and refine future drill targets.
Lester Esteban, Chief Executive Officer, stated “Our maiden drill program at Hearty Bay provided promising results by intersecting hydrothermal clay-altered fault zones and identifying new basement conductors. These encouraging results have generated further targets for future drilling, HB22-008’s spatial association with the new conductors supports future drilling to proceed further to the NE along and targeting these new conductors as uranium mineralization in the Athabasca Basin is often found in proximity to hydrothermally clay-altered and conductive fault zones.”
The objective of the drill program was to test interpreted structural features and sandstone outliers based on the 2019 marine seismic survey in the main up-ice direction from the historic high-grade uranium boulder trains on Isle Brochet and beyond the known edge of the Athabasca Basin. Holes HB22-005 and HB22-008 intersected a 3m zone and an 11.5m zone respectively of brecciated and faulted basement rocks with hydrothermal clay alteration. The significant fault zone from 74.5m to 86m in hole HB22-008 is comprised of a 1.6m clay-supported cataclasite breccia immediately followed by clay, quartz and calcite occurring in fractures and smaller scale faults. This is encouraging as uranium mineralization in the Athabasca Basin is often found in proximity to hydrothermal clay-altered fault zones.
Hole HB22-008 is furthest to the NE from the high-grade uranium boulder trains on Isle Brochet in the main up-ice direction which supports that future drilling to discover the source of the uraniferous boulder field should continue in this direction.
The ground EM survey has identified previously unknown NE-trending basement conductors to the NE of Isle Brochet. Drill hole HB22-008 is located at the SW end of these new 2km-long subparallel conductors, pointing to a possible association with the encouraging hydrothermally altered fault and providing additional support for future drilling to proceed further to the NE along and targeting these new conductors. See figure below.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bf65bee7-7b0e-4285-ba2a-f7737e31cfa4
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 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 Athabasca Region. This property is located on the north edge of the Athabasca Basin, 20 km west of the Fond-du-Lac Uranium deposit and 60 km east of the Beaver Lodge uranium district. The Property surrounds the historic Isle Brochet radioactive-sandstone boulder trains, 1 km long dispersal trains trending along the main ice direction and containing up to 3% uranium. Approximately 600 m to the northeast several more radioactive boulders of both sandstone and basement origin were discovered. Historic drilling proximal to these boulders did not intersect any significant radioactivity. Drilling only tested the top of the basement lithologies, and did not extend very far beyond the edge of the mapped Athabasca sediments. The source of the boulders remains undetermined. Strong airborne EM conductors within the property were identified by historic surveys up-ice of the radioactive boulder trains.
We invite you to find out more about our exploration-stage activities across Canada’s Western region at www.tractionuranium.com.
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.
On Behalf of the Board of Directors
Chief Executive Officer
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Disclaimer for Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the expected use of proceeds from the Private Placement are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed 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. 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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