Traction Uranium Corp. (the “Company” or “Traction”) is a mineral exploration company focused on the development of exploration prospects in Canada, such as its two flagship uranium assets in the world-renowned Athabasca Region, as well as Fission 3.0 Corp. (“Fission 3”). It has provided the following update on drilling at the Lazy Edward Bay project in the SE Athabasca Basin region, which began on May 17th, 2022.
Drilling on the Horse West conductor has revealed anomalous radioactivity in drill hole LEB22-007, which is located near an 11.7 m-wide basement fault with strong clay and chlorite alteration about 10 m downhole. Drilling is presently aimed towards the unconformity’s considerable structure up-dip.
- In the neighborhood of historic hole LE-73 on the West Horse conductor, drilling continues to discover good structure, alteration, and abnormal radioactivity
- Near the sandstone-basement unconformity at 164.6 m, LEB22-004 discovered anomalous radioactivity associated with a reversal fault (see May 31st, 2022 release)
- LEB22-007 found elevated radioactivity in the relatively low sandstone of 380cps on the hand-held spectrometer at 169.75 m, which corresponded to increased radioactivity >500 cps on the downhole gamma probe from 168.5 m to 169.5 m with a maximum of 1177 counts and from 171 m to 171.5 m with a maximum of 1063 cps
- The major fault zone was encountered at 178.4 m and extended to 190.1 m, while the unconformity was intersected at 173 m
- A re-interpretation of an aerial VTEM survey has resulted in the inclusion of additional drill targets in the Western Horse Corridor to the program
- Unconformity type, high-quality uranium deposits are common in the basin, and favorable structure, alteration, and enhanced radiation levels are key indicators for identifying them
An 11.7 m wide immense clay and chlorite altered basement structure, as well as proximal anomalous radioactivity overlapped in hole LEB22-007 up-dip where it intersects the unconformity, is being tested in hole LEB22-008, which is the 6th hole in the direct proximity of historic hole LE-73 along the western Horse Conductor. The same building was targeted by hole LEB-007, which was located 50 m to the north along strike.
Our drill program at Lazy Edward Bay is exceeding our expectations, by optimizing logistics our team was able to re-allocate the cost savings towards drilling. We are hoping to drill more holes than planned and finish above 3000 m rather than the original target of 8 holes for 2000 m. This allows us to pursue mineralization on further good looking geophysical targets along the western Horse Conductor prior to wrapping up the program within the next couple weeks.
Lester Esteban, Chief Executive Officer, Traction Uranium Corp.
A portable Radiation Solutions RS-125 scintillometer was used to monitor natural gamma radiation in the drill core mentioned in this press release in counts per second (cps). A Mount Sopris Instruments QL40-GRA borehole gamma probe was used to monitor natural gamma radiation in the drill hole surveys mentioned in this press release in counts per second (cps).
Scintillometer values are not directly or evenly connected to uranium grades of the rock sample examined, and should only be used as a preliminary indicator of the existence of radioactive elements, the reader is advised. All of the junctions are underground. The depths indicated for radioactive core interval measurements are not necessarily reflective of real thickness.
About the Property
The Lazy Edward Bay property, which lies midway between Cameco’s Key Lake Mine and the high-grade Centennial uranium discovery, has NE-trending conductive corridors comparable to those at Key Lake and Centennial. Key Lake, McArthur River, and Cigar Lake are among the largest uranium resources in the eastern Athabasca Basin, which are located along the NE-trending Wollaston-Mudjatik transition zone as well as the conductive corridor.
The Centennial deposit is located to the west of the property along the NE-trending Virgin River conductive corridor, which runs through the whole Athabasca Basin. The Key Lake mine, located 50 km east of the property, is accessible through Provincial Highway 914, is connected to the provincial power system, and operates a mill that processes ore from the McArthur River.
Traction is funding the ongoing construction program under the provisions of the Option Agreement between Fission 3 and Traction, which allows Traction to purchase up to a 70% interest in the Lazy Edward Bay property (see Dec 10th, 2021 Fission 3 news release).