Traction Uranium and Forum Energy Metals Identify New Conductive Trends from Airborne Geophysical Survey on the Grease River Project, Athabasca Basin
Traction Uranium and Forum Energy Metals Identify New
Conductive Trends from Airborne Geophysical Survey on the
Grease River Project, Athabasca Basin
New conductors and fault intersections identified in the East claim block will
be focus of the 2024 exploration program
November 2nd, 2023
Calgary, AB – Traction Uranium Corp . (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (“ Traction”) and
Forum Energy Metals Corp. (TSX.V: FMC; OTCQB: FDCFF) (the “Company” or “Forum”) are pleased
to announce they have completed an initial review of 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. The survey was conducted over the entire Grease River claims totaling
10,528 hectares along the Grease River Shear Zone (Figure 1).
Highlights:
East Block
• The total domain EM data has outlined several prospective conductive trends along and
north of the Grease River shear zone.
• New data highlights the main fault orientations and offsets; this survey has developed targets
that can be the focus for future exploration programs.
West Block
• New magnetic and EM data has provided better resolution on the basement geology beneath
this underexplored part of the Athabasca Basin.
From May 11 th to June 23 rd, 2023, Axiom Exploration Group Ltd. carried out a helicopter borne 30Hz
XciteTM TDEM survey and collected time domain EM, magnetic and radiometric data simultaneously. A
total of 1,421 line-km (613 line-km on the West block and 808 line-km on the East Block) were surveyed
at a 100 m line spacing and a 1,000 m tie-line spacing. Initial data review has provided better resolution
on the basement geology through the detailed magnetic (Figure 2) and EM data. The survey has also
outlined several conductive trends that require follow-up in the East block claims (Figure 3). Radiometric
data will help map rock units in the East claim block and additional anomalies will be followed up with
ground prospecting on both blocks. Next steps will be conducting ground prospecting work, as well as
additional geophysical surveys (such as gravity, resistivity) to narrow down the top priority target areas
in 2024. Historic prospecting near one of the conductors (SMDI 1577) located up to 0.65% U3O8 in a
grab sample composed of quartzite gneiss.
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 int racontinental shear zone greater than 400
km long. The nearby Fond du Lac unconformity uranium deposit was discovered within the shear zone
by Amok Ltd. (“ Amok”) and Eldorado Nuclear Ltd. (“ Eldorado”) in the 1970s and a historical resource
estimate of one million pounds uranium at an average grade of 0.25% U3O8* was disclosed. It was,
however, not prepared in accordance with the requirements of National Instrument 43-101 - Standards
of Disclosure for Mineral Projects (“NI 43-101”). While the Company believes the historical estimate to
be relevant and reasonable given the quality exploration of work completed by Amok / Eldorado , a
qualified person has not completed sufficient work to verify and classify the historical estimate, therefore,
the Company is not treating the historical estimate as a current mineral resource. The Company further
notes that the Grease River Project cla ims 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"
Figure 1. Location of the Grease River Project (West and East claim blocks) in northern
Saskatchewan. The closest community is the hamlet of Fond-du-Lac, which is located between the two
claim blocks. The southern claim block rests within the Athabasca Basin and the northern claim block is
outside the Athabasca Basin. Dashed line is the Grease River Shear Zone, a major shear system that
extends for over 400 km. Unconformity uranium deposits are structurally controlled, fluids from under
the Athabasca sandstone basin carrying uranium along the faults. Forum and Traction see this structure
as a possible major fluid conduit that has the potential to host a significant uranium deposit.
Figure 2. Total Magnetic Intensity of Grease River Project claim blocks. The red colours are
magnetic highs, the blue colours magnetic lows. Unconformity deposits tend to be found in the magnetic
lows, either due to the type of underlying rocks (metasediments) or fault zones.
Figure 3. Time slice (dB/dT channel 15) from the TDEM channel data showing the main northeast-
trending conductors in the East claim block in the red/pink colours. Further exploration will
concentrate on the combination of the high conductive zones, low -magnetic fault intersections and
radiometric highs, all delineated by the Axiom airborne survey. Further ground work is planned for 2024,
which will establish drill targets.
Qualified Person
The technical content of this news release has been reviewed and approved by Rebecca Hunter , Ph.D., 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 Property but
may not be representative of expected results.
About Traction Uranium Corp.
Traction Uranium Corp. is in the business of mineral exploration and the development of discovery
prospects in Canada, including its two flagship 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
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) 425-2271
Forward-Looking Statements
This news release includes forward -looking statements that are subject to risks and uncertainties,
including with respect to the Company completing Phase 1, Phase 2 and Phase 3, the Company acquiring
any interest in the Property, timing of the cash payments, share issuances and funding/expenditure
requirements, granting of the NSR Royalty and further exploration 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 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 risk s and
uncertainties include but are not limited to risks that the Company will not complete Phase 1, Phase 2
or Phase 3 as contemplated, or at all, risks that the Company will not exercise the First Option, Second
Option or the Third Option as contemplated or at all, risks that the Company may not acquire any interest
in the Property or an interest less than 100%, risks that NSR Royalty will not be granted as contemplated,
or at all, risks that the Property 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.