Traction Uranium and Forum Energy Metals Commence Airborne Geophysical Survey on the Grease River Project, Athabasca Basin
Traction Uranium and Forum Energy Metals Commence 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.
May 10, 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 commenced an airborne magnetic, electromagnet ic (EM) and radiometric survey on Forum’s
100%-owned Grease River Project, located along the north rim of the Athabasca Basin, Saskatchewan. The
helicopter-borne survey will be conducted using a New Resolution Geophysics specially designed Xcite ™ Time
Domain Electromagnetic System. The 1,290 line-km survey will be conducted at a 100 metre line spacing over the
entire Grease River claims totaling 10,528 hectares along the Grease River Shear Zone (Figure 1).
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 w as 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% U3 O8*. While the Company believes the historical
estimate to be relevant and reliable , given the extensive exploration work completed by Amok / Eldorado,
experienced mineral resource companies, and the quality of the historical work completed, 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"
Figure 1. Location of the Grease River Project in northern Saskatchewan nearby the community of Fond -du-Lac.
The southern claim block is in Athabasca Basin sandstone c over (yellow) and the northern block is in basement
rocks (shown with background magnetics). Dashed line is the Grease River Shear Zone.
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. (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
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 antici pated 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 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 discla ims 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 her ein.