Traction Uranium and Forum Energy Metals Engage Axiom Exploration Group to Conduct Airborne Magnetic, Electromagnetic and Radiometric Survey on the Grease River Project
Traction Uranium and Forum Energy Metals Engage Axiom
Exploration Group to Conduct Airborne Magnetic, Electromagnetic
and Radiometric Survey on the Grease River Project
Airborne geophysical survey to aid in structural mapping and to define prospective
drill targets for the Grease River Project in Saskatchewan’s Athabasca Basin.
February 21st, 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 engaged Axiom Exploration Group Ltd.
(“Axiom”) to conduct airborne magnetic, electromagnetic (EM) and radiometric surveys on the Grease
River Project (the “Survey”).
Axiom’s team of diverse geoscientists employs experience gained across 15 countries and 6 continents
providing geological services. Axiom’s geoscientists are equipped with the latest industry knowledge
and tools to provide reliable and accurate data and is an employee-owned, Saskatchewan-based company.
The Survey will be conducted using a helicopter equipped with New Resolution Geophysics
(“NRG™”)’specially designed Xcite™ Time Domain Electromagnetic System (“TDEM”). The Survey
will be conducted over an area comprising the Grease River Project (the “Area”) ensuring complete
coverage of the area outlined in Figure 1. The Survey will include collection and processing of TDEM
data via helicopter for a 1290 line-km survey over the Area with a survey line spacing of 100 metres and
tie lines spaced at 1,000 metres.
Figure 1 (the Area):
Modern airborne geophysical surveys have the ability to detect geological features associated with
uranium mineralization to depths of over 1 kilometre. Detecting graphitic structural zones, which is a
major geological marker for uranium mineralization is done using high -resolution electromagnetic
surveys which assists the team in understanding the geology at depth and mapping major structural zones
by looking at the mass or density and magnetic mineral content of various rock formation differences.
These variations in the magnetic fields aids the team in structural mapping and defining prospective drill
targets for the Grease River Project.
System Overview
By incorporating the latest new-age, high speed electronics and sophisticated aeronautical engineering,
NRG™ has developed the next generation HTDEM (helicopter-borne time -domain electromagnetic)
system. The Xcite™ system (Figure 2) provides a superior and efficient alternative to all prior HTDEM
technologies for the minerals exploration and geoscience mapping community. Xcite ™ systems are
towed arrays, using high performance AS350 B -series helicopters (or similar). The AS350 is ideal for
the close terrain following required for geophysical surveys. The unique Starflex rotor system and ample
power ensure that even the most stringent survey specifications are maintained.
Figure 2 (Xcite™ System):
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 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 mine ral. 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 Boen Tan, 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 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 re aders 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 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.