Traction Uranium (TRAC.C), a Calgary, Alberta-based junior explorer, announced today that it had in conjunction with optionor Fission 3.0 (FUU.V) commenced a follow up program at its flagship Hearty Bay Property located in the northwest side of the storied Athabasca Basin.
Hearty Bay hosts a U3O8 boulder-field where glaciation has transported high-grade uranium from a nearby source.
Traction’s field crew have been mobilized to the project to conduct a 15-day field program to ready the property for additional drilling in 2023 with the intent of vectoring in on the source of the historic high grade uranium boulder field found on Isle Brochet.
The program will include scintillometer prospecting on the SW part of Isle Brochet to locate additional high grade uranium boulders for further study and to extend the boulder trains.
The field crew will also carry out geological prospecting and sampling on the north shore of the lake along the prominent magnetic low anomaly that is perpendicular to the main geological fabric.
Thirdly, a ground electromagnetic (EM) geophysics survey extended onto land on the north shore of Lake Athabasca to the NE of Isle Brochet to pinpoint and characterize the airborne EM conductors that were identified by a historic Tridem EM survey flown in 1980.
Lester Esteban, CEO of Traction Uranium, commented, “Next year will be our biggest drill program to date, Hearty Bay is an ice road program, therefore we want to be prepared with the latest data possible. That is why it is crucial to build upon the results from our last drill program, by following it up with high quality, well-designed focused field programs to bolster our targets, ensuring every hole punched is pre-determined and backed with high-quality data. By scrutinizing the boulders, determining the geological environment from where they came from, and enlisting the expertise of a surficial geologist to analyze the LiDAR survey results to unravel the glacial history – all these steps before we even set foot on the ice will guide our team in creating a package of exciting drill targets to go after this coming winter.”
Traction also provided an update to a LiDAR Survey announced on September 20, 2022. According to the update, Palmer has been engaged to interpret the high-resolution LiDAR data that was collected in September.
Palmer’s lead specialist will conduct a field reconnaissance trip to Isle of Brochet in October to examine the historic trenches and boulder trains to establish a more detailed understanding of the surficial processes that have affected the area, with the goal of explaining and ultimately helping to source the radioactive boulder trains.
In recent news, Traction announced it had identified new surface radioactive anomalies in radioactive black soil and radioactive swamp at Key Lake South Uranium project also located in the Athabasca Basin.
According to the release, the phase 1 fall field program involved boulder prospecting, mapping and sampling at Key Lake South.
After the program was completed, the junior determined that the distribution of the new radioactive anomalies coincided with the underlying structures interpreted from geophysical surveys, which supports the theory that these anomalies are in-situ controlled by structures rather than erratically transported by glaciers.
Traction reported $1.94 million CAD in cash as of June 30, 2022. The company announced at the first week of October that it had entered into an agreement with Red Cloud Securities to act as sole agent and book runner for a proposed private placement offering for gross proceeds of up to $3.0 million.
The junior explorer currently trades at $0.32 per share for a market cap of $16.36 million.