Traction Uranium Corp., a mineral exploration company focused on the development of discovery prospects in Canada, including its two flagship uranium projects in the renowned Athabasca Region, announced that mobilization is underway for the Lazy Edward Bay summer drilling program.
The targets are at relatively shallow depths near the southern edge of the Athabasca Basin, with the Athabasca sandstone spanning to depths of approximately 150 m where present.
The work program will be carried out in line with the terms of the Option Agreement between Traction and Fission 3.0 Corp. (Fission 3), which allows Traction to purchase up to a 70% interest in the Lazy Edward Bay property.
Historic activity at Lazy Edward Bay has recognized promising geology with a number of uranium mineralization indicators. The western Horse Trend and the eastern Liberty Trend are the two main NE-trending conductive corridors on the property.
The western portion of the property contains the majority of the conductive Horse Trend, as well as Uranerz Exploration and Mining Limited’s historic drill holes LE-72 and LE-73 from the 1980s. In a brecciated and sheared basement structure, drill hole LE-72 intersected strongly modified basement rocks having returned up to 170 ppm uranium.
LE-73 reported strongly bleached and fractured, in part limonitized, sandstone all through its total length with completely clay-filled fault gouges in the lower portion of the sandstone with up to 550 ppm boron, undergirded by strongly clay altered, faulted and graphitic basement rocks with up to 40 ppm uranium and 420 ppm boron.
The property’s eastern claims cover a section of the conductive Liberty Trend, in which neighboring historic drill hole LE-001 intersected 224 ppm U3O8 over 0.5 m. Following these encouraging historic drilling results, traction summer drilling is arranged along the section and along strike.
We are really looking forward to ground delivering on our $1.5M program at Lazy Edward Bay. Past historical drill work returned many geological anomalies such as elevated levels of uranium and boron along with strongly altered basement rocks which represent a number of favorable indicators for uranium mineralization.
Lester Esteban, Chief Executive Officer, Traction Uranium Corp.
Lester Esteban adds, “The program is helicopter supported and plenty of pre-planning work was needed to be done ahead of mobilization. I commend our team in getting everything in place ahead of time and on schedule for our maiden drill program at Lazy Edward Bay.”