Traction Uranium and Forum Energy Metals Complete Airborne Geophysical Survey on the Grease River Project, Athabasca Basin
Traction Uranium and Forum Energy Metals Complete Airborne
Geophysical Survey on the Grease River Project, Athabasca Basin
Airborne geophysical survey to aid in structural mapping and to define prospective
drill targets for the Grease River Project in Saskatchewan’s Athabasca Basin.
June 28th, 2023
(Calgary, AB): 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 compan ies, and the quality of the historical work compl eted, 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 Directors
Lester Esteban
Chief Executive Officer
+1 (604) 561 2687
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 inte nded. 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.