Traction Uranium Announces Mobilization of Gravity Crew to Hearty Bay Project

CALGARY, Alberta, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Traction Uranium Corp. (CSE: TRAC) (OTCQB: TRCTF) (FRA: Z1K) (the “Company” or “Traction”) a uranium exploration company with projects in Saskatchewan’s Northern Athabasca Basin, is pleased to announce mobilization of a gravity crew to the company’s Hearty Bay Project.

Traction will be conducting a gravity survey on Hearty Bay prior to diamond drilling to maximize targets for this winter’s program. The Hearty Bay Project is an ice-road program and suitable ice thickness must be achieved prior to mobilizing drilling equipment over the ice. The gravity survey crew is currently mobilizing to Fond du Lac as ice thickness is enough to allow snowmobiles to access the project.

Technical Details of Program:

• The gravity survey will cover approximately 16 square km with stations spaced at 100m, the grid located north and east of the two boulder trains. The survey is being conducted by MWH Geo-Surveys Ltd. and should take approximately 1 month to complete. Any gravity lows defined by the survey, in conjunction with EM conductors, magnetic lows and faults / structures will be considered as targets for the follow-up drill program.
  
• Once the gravity survey has been completed and interpreted, and the ice thickness of Lake Athabasca is thick enough, a drill program will be initiated to test the targets mentioned above, and will also investigate the contact of the northern extent of the Athabasca Basin sandstone with the underlying basement rocks.
  

The Hearty Bay Project surrounds the historic Isle Brochet radioactive boulder trains. Boulder prospecting by Fission 3.0 (“Fission”) on Isle Brochet in 2019 led to the discovery of another 45 radioactive boulders with assay values up to 8.23% U3O8 with over 24% of them returning assay values of >1% U3O8. A source has never been found for these boulders. A marine seismic survey completed in the up-ice direction to the northeast in 2019 was interpreted to indicate multiple basement structural and lithological features which have defined drill targets.

Traction acquired a 50% interest in the Hearty Bay Project through (i) cash payments to Fission of C$650,000, (ii) the issuance to Fission of 6,042,952 common shares of Traction, and (iii) and a commitment to complete $3,000,000 in exploration work on the Hearty Bay Property spread out over two years. Fission retains a 2.0% NSR. Traction retains the 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 Hearty Bay agreement.