Traction Uranium Announces Completion of Technical Report on Key Lake South Project
Traction Uranium Announces Completion of Technical Report on
Key Lake South Project
August 10th, 2023
(Calgary, AB): Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the
“Company” or “Traction”) is pleased to announce, further to its press release dated May 17, 2023, that
Aurora Geosciences Ltd. (“Aurora”) has completed a Technical Report in respect of the Key Lake South
Property (“ KLS Property ”) pursuant to National Instrument 43 -101, Standards of Disclosure for
Mineral Projects (“NI 43-101”) .
Drilling
The 2023 program was comprised solely of an 1,838 m diamond drilling program in 12 holes, covering
numerous widely spaced targets in the northeastern area of the property. At each hole, a down-hole
gamma ray survey was performed to test for gamma radiation, including readings through overburden,
to test for glacially transported or other surficial radioactive material.
Summary of the Technical Report
• The majority of anomalous thorium (Th) intercepts are associated with rare earth elements
(REEs), locally returning strongly anomalous values.
• Many of these intercepts are pegmatite -hosted, although amphibolite and structurally -hosted
intercepts also occur.
• The northwes tern property area, including hole KLS23 -007, is the most favourable area for
Uranium and REE mineralization.
• The area around KLS23 -007 is along trend of the structural feature underlying the Key Lake
deposits to the northeast, extending to anomalous Th-REE mineralization drilled in 2008 to the
SW.
• Hole KLS23-008, collared southwest of KLS-007, pierced the contact of Upper Wollaston Group
orthogneiss with underlying Lower Wollaston Group metapelites. A short interval of anomalous
Thorium-REE values occurs directly below the contact.
• Anomalous Th-REE values from the 2008 drilling are hosted by pegmatites within metapelites.
• Uranium, Th-REE mineralization may provide an alternate exploration target at Key Lake South.
Recommendations of the Technical Report
• Phase 1 surface soil geochemical program is recommended to test for overburden -hosted
mineralization identified from down-hole gamma ray probe testing of KLS23-007. The objective
will include testing its lateral surface extent up-ice from the drill collar.
• This program should be combined with further geological mapping in areas of bedrock or
rubblecrop exposure.
About the Property
The KLS Property is located approximately 6 kilometers to the southwest of the Key Lake uranium mill
and in close vicinity to modern uranium mining facilities and all -weather highway transportation in
northern Saskatchewan. Geologically, it sits at the southeastern edge of the Proterozoic Athabasca Basin.
Recent discoveries of the Triple R and Arrow deposits have demonstrated further potential for high-grade
uranium prospects along the edge of the basin.
Geological Setting
The Key Lake property is located along the south-east margin of the Athabasca Basin within the Hearne
province of the Canadian Shield. In the Key Lake area, Hearne province basement rocks include the
Wollaston domain, comprised of the lower and upper Wollaston groups. The lower Wollaston group,
which underlies the Key Lake mine, comprises mainly metasedimentary gneisses (metapelites), whereas
the upper Wollaston group comprises mainly metamorphosed granitic “orthogneiss”, pegmatites and
lesser basaltic rocks (amphibolite). The basement rocks are overlain by younger Athabasca Basin rocks,
comprising a sequence of sandstone up to 1,500 m thick. The southern margin of the basin occurs
between the Key Lake mine and the Key Lake South property.
The Key Lake mine is located along the district-scale Key Lake fault, which extends southwest onto, and
extending throughout, the KLS property. Faults such as this may have provided the structural
preparation for subsequent fluid movement, leading to basement-hosted uranium deposition. At the
Key Lake South property the Key Lake fault separates metasedimentary rocks to the northwest from
metagranitic rocks to the southeast.
In the Key Lake South area, the prospective deposit setting is Basement-hosted Uranium, as there are no
overlying Athabasca Group sandstones. Basement-hosted uranium deposits in the Athabasca area
include the Rabbit Lake, Eagle Point, Millenium, and P-Patch deposits, the latter occurring 6 km east of
the Key Lake mine. In this setting, mineralization occurs along zones of structural preparation, such as
brittle fault zones, associated with hematization, bleaching, strongly developed epidote and chlorite
alteration and local silicification.
About Traction Uranium Corp.
Traction Uranium Corp. is in the business of mineral exploration and the development of uranium discovery
prospects in Canada, including its three uranium projects in the world-renowned Athabasca Region.
We invite you to find out more about our explorati on-stage activities across Canada’s Western region at
www.tractionuranium.com.
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 NI 43-101, and a consultant of the Company.
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. 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 those risks identified and reported in the Company’s public filings under the
Company’s SEDAR profile at www.sedarplus.ca. 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.