Traction Uranium and UGreenco Energy Commences Phase 1 of Field Geological Program at Key Lake South Property in Saskatchewan’s Athabasca Basin
Traction Uranium and UGreenco Energy Commences Phase 1 of
Field Geological Program at Key Lake South Property in
Saskatchewan’s Athabasca Basin
September 13th, 2022
(Calgary,
AB):
Traction
Uranium
Corp.
(CSE:
TRAC)
(OTC:
TRCTF)
(FRA:
Z1K)
(the
“
Company
”
or
“
Traction
”)
and
UGreenco
Energy
Corp.
(UGreenco)
are
pleased
to
announce
commencement
of
their
Phase
1
Field
Geological
Program
with
mobilization
of
their
field
geological
team
to
their
Key
Lake
South
Property
in
Canada’s
world
renowned
Athabasca
Basin,
whereby
Traction
can
acquire
up
to
a
75%
interest
in
the
Key
Lake
South
Property
which
is
located
approximately 6 kilometers to the southwest of Cameco’s Key Lake Uranium Mill.
Objective: Defining Drill Targets for an Unconformity-Type Uranium Deposit at Key Lake South
An area of approximately 4.15 square kilometers is targeted for ground exploration with the objective
of investigating surface uranium anomalies from the quantitative gamma-ray spectrometric survey of
Ford et al. (2006) and the Athabasca Sandstone mapped in 1973 (AR 74H04- 0013).
Figure 1.
The area of proposed exploration 2022, covering
surface uranium anomalies (“B” and “C”), the southwest part of
the Athabasca Sandstone mapped in 1973, fan-shaped faults interpreted from airborne geophysics. The background map
shows uranium content from the airborne gamma-ray spectrometric survey of 2005.
Phase 1: Boulder Prospecting, Mapping and Sampling
Boulder
prospecting
will
focus
on
the
two
surface
anomalies
(“B”
and
“C”)
from
the
quantitative
gamma-ray
spectrometric
survey
of
Ford
et
al.
(2006),
searching
for
uranium-bearing
boulders
for
comparison
with
those
from
the
surface
anomaly
“A”,
the
“Hot
Island”
identified
in
the
early
1970’s.
Boulder
mapping
will
apply
to
the
whole
area
of
the
proposed
exploration
in
2022
in
order
to
better
define
the
outline
of
Athabasca
Sandstone
mapped
in
1973
(AR
74H04-0013).
Representative
sandstone boulders will be sampled for boron assay.
Underexplored Since the Discovery of Key Lake Deposit
An extraordinary surface uranium anomaly was outlined in early 1970’s and believed to be transported
from a source in the northeast, which led to discovery of the Key Lake uranium deposit. Advanced
airborne geophysical surveys from both government and industry during the 2000’s depict a coincidence
between this surface uranium anomaly and underlying structures supporting a thesis that this anomaly is
in-situ
controlled by structures rather than erratically
transported by glacier.
A relic of Athabasca Sandstone was outlined by surficial photogeological studies with follow-up
reconnaissance mappings in 1973. After applying a hypothesis that surface anomaly has an offset of
approximately 400 meters to the north from orebody, supported by phenomenon at the Gaertner orebody
(the insert map on Figure 1), adjusted locations of the highest uranium contents (A’, B’, and C’) perfectly
sit around edge of the Athabasca Sandstone mapped from pebbles in till during 1973 (Figure 1), which
may imply unconformity-type uranium mineralization preserved underlying the Athabasca Sandstone.
Figure 2.
Satellite image showing the 2022 exploration
area, campsite, highway, exploration trails and Cameco’s Key Lake
Mill
Lester
Esteban
,
Chief
Executive
Officer,
stated,
“Unlocking
the
potential
of
our
KLS
(Key
Lake
South)
Project
and
getting
boots
on
the
ground
has
been
Priority
#1
since
inking
the
option
agreement
with
UGreenco.
Our
team
of
specialized
and
experienced
geologists
and
researchers
have
been
looking
forward
to
heading
up
and
getting
to
work
on
KLS
to
complete
Phase
1.
Immediately
after,
our
team
will
execute
Phase
2
-
a
Ground
Gravity
Survey
to
really
zero
in
on
high
priority
targets
ahead
of
our
highly anticipated KLS 2023 Drill Program.”
About Traction Uranium Corp.
Traction
Uranium
Corp.
is
in
the
business
of
mineral
exploration
and
the
development
of
discovery
prospects
in
Canada,
including
its
three
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 the Property
The
Key
Lake
South
Uranium
Project
is
located
approximately
6
kilometers
to
the
southwest
of
the
Key
Lake
uranium
mill
and
in
close
vicinity
to
modern
uranium
mining
facilities
and
highway
transportation
in
northern
Saskatchewan.
Geologically,
it
sits
at
the
southeastern
edge
of
the
Proterozoic
Athabasca
Basin
–
home
of
the
world’s
largest
and
highest
grade
uranium
deposits
and
operations.
Recent
discovery
of
Triple
R
and
Arrow
deposits
has
demonstrated
further
potential
of
high-grade
uranium at the edge of the basin.
Qualified Person
The
technical
content
of
this
news
release
has
been
reviewed
and
approved
by
Linglin
Chu,
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
Property
but
may not be representative of expected results.
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
completing
phase
1
and
phase
2,
the
Company
acquiring
any
interest
in
the
Property,
timing
of
cash
payments,
share
issuances
and
expenditure
requirements,
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
risks
and
uncertainties
include
but
are
not
limited
those
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.