CALGARY, Alberta, Jan. 30, 2024 (GLOBE NEWSWIRE) — Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the “Company” or “Traction”) is pleased to announce that the 2024 winter gravity survey at the Hearty Bay project has been completed. A total of 2155 stations were measured, the grid starting at the head of the two radioactive boulder trains and covering both up-ice directions and to the east, which is interpreted to be an older ice direction based on glacial features to the south.
The survey has identified a number of gravity lows, several located northeast (up-ice) of the boulder train, but slightly more east than where the historic drilling was targeting. These targets are up to 500m long with the three anomalous areas on the east side lining up along a possible north-south fault system. This gives Traction and F3 excellent targets for the upcoming sonic drill program. This appears to be intersected by a north-west trending feature marked by gravity lows and a distinctive magnetic signature. This complex setting, nicely defined by the new gravity survey, will hopefully lead Traction and F3 to discovering the source of the radioactive boulder trains (boulders grading up to 8.23% U3O8) that has eluded exploration programs in the past.
The upcoming drill program is slated to start near the end of February – early March and will consist of approximately 2,000 metres.
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 National Instrument 43-101, Standards of Disclosure for Mineral Projects. The information provides an indication of the exploration potential of the Company’s properties 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.
Figure 1. Gravity Anomalies Up-Ice from the two Radioactive Boulder Trains. The blue colours are gravity lows, possible areas of alteration associated with uranium mineralization. Note that the historic drilling did not test these areas.
On Behalf of The Board of Directors
Lester Esteban
Chief Executive Officer
+1 (604) 425-2271
[email protected]
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The CSE has neither approved nor disapproved the information contained herein.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b888123-1dbb-4b95-abae-0ecbacf91b7d
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