Traction Uranium and UGreenco Energy Launch Phase 1 Geological Field Program on Key Lake South Property in Saskatchewan’s Athabasca Basin
CALGARY, Alta., Sept. 13, 2022 (GLOBE NEWSWIRE) — Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (there “Company” Where “Traction“) and UGreenco Energy Corp. (UGreenco) are pleased to announce the start of their Phase 1 geological field program with the mobilization of their geological field team on their Key Lake South property in Canada’s world renowned Athabasca Basin, whereby Traction can acquire up to 75% interest in the Key Lake South property which is located approximately 6 kilometers southwest of Cameco’s Key Lake uranium mill.
Objective: Define drill targets for an unconformity-type uranium deposit at Key Lake South
An area of approximately 4.15 square kilometers is targeted for ground exploration to investigate surface uranium anomalies from the quantitative gamma-ray spectrometric survey of Ford et al. (2006) and the Athabasca sandstone mapped in 1973 (AR 74H04-0013).
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8f8ca28e-daf3-451d-ab7e-b2ef4040ef0e
Phase 1: Prospecting, mapping and rock sampling
The Boulder prospecting will focus on the two surface anomalies (“B” and “C”) from the Ford et al. (2006), looking for uraniferous blocks for comparison with those of the “A” surface anomaly, the “hot island” identified in the early 1970s. Boulder’s mapping will apply to the entire exploration area proposed in 2022 to better define the contour of the Athabasca sandstone mapped in 1973 (AR 74H04-0013). Representative sandstone blocks will be sampled for boron analysis.
Underexplored since the discovery of the Key Lake deposit
An extraordinary surface uranium anomaly was described in the early 1970s believed to have been transported from a source in the northeast, leading to the discovery of the Key Lake uranium deposit. Advanced government and industry airborne geophysical surveys during the 2000s describe a coincidence between this surface uranium anomaly and underlying structures supporting a thesis that this anomaly is on the spot controlled by structures rather than transported erratically by the glacier.
An Athabasca sandstone relict was delineated by surficial photogeological studies with follow-up reconnaissance mapping in 1973. After applying an assumption that the surficial anomaly has an offset of approximately 400 meters north of the deposit, supported by a phenomenon at the Gaertner deposit (the map insert in Figure 1), the fitted locations of the highest uranium grades (A’, B’, and C’) lie neatly around the edge of the Athabasca sandstone mapped from pebbles in till in 1973 (Figure 1), which may imply unconformity-like preserved uranium mineralization underlying the Athabasca sandstone.
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/080a9e91-13dd-4f05-b1d3-dc48f1dd6c68
Lester Esteban, President and CEO, said, “Unlocking the potential of our KLS (Key Lake South) project and getting projects off the ground has been the number one priority since signing the option agreement with UGreenco. Our team of specialist and experienced geologists and researchers were eager to head out and get to work on KLS to complete Phase 1. Immediately after, our team will execute Phase 2 – a ground gravity survey to really focus on high priority targets ahead of our highly anticipated KLS 2023 drill program.”
About Traction Uranium Corp.
Traction Uranium Corp. is engaged in 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 learn more about our exploration activities in the Western Canada region at www.tractionuranium.com.
About the property
The Key Lake South Uranium Project is located approximately 6 kilometers southwest of the Key Lake Uranium Mill and close to modern uranium mining facilities and road transportation in northern Saskatchewan. Geologically, it sits at the southeastern edge of the Proterozoic Athabasca Basin, home to the largest and richest uranium deposits and operations in the world. The recent discovery of the Triple R and Arrow deposits has demonstrated additional high-grade uranium potential at the edge of the basin.
The technical content of this press 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, Disclosure Standards for Mining Projects . The information gives an indication of the exploration potential of the Property but may not be representative of the expected results.
On behalf of the Board of Directors
Chief executive officer
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This press release contains forward-looking statements that are subject to risks and uncertainties, including with respect to the Company’s completion of Phases 1 and 2, the Company’s acquisition of any interest in the Property, the timing cash payments, share issues 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 which may be general or specific and which give rise to the possibility that the expectations, forecasts, predictions, projections or conclusions will not prove to be accurate. , that the assumptions may not be correct and that the objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include, but are not limited to, 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 the forward-looking information, there may be other factors that cause actions, events or results may not be as anticipated, estimated or anticipated. 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, except as required by law.
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