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Traction Uranium Corp. reports on uranium mineral exploration and discovery-stage project development in Canada, with recurring updates tied to Saskatchewan’s Athabasca Basin region. Company news centers on the Aurora Uranium Project, where Traction holds an option to earn an interest from Cosa Resources, as well as exploration activity at Hearty Bay and option-related activity at Grease River.
Recurring developments include airborne radiometric surveys, gravity surveys, sonic and diamond drilling, till sampling, uranium target generation, technical reporting under Canadian mineral disclosure standards, property option obligations, share issuances connected to exploration agreements, and governance changes at the issuer level.
Traction Uranium Corp. (CSE: TRAC, OTC: TRCTF) announced a private placement agreement with Red Cloud Securities Inc. to raise up to C$3,000,000 through the sale of flow-through units at C$0.40 each and charity flow-through units at C$0.51 each. Each unit includes one common share and one warrant to purchase an additional share at C$0.50 within 24 months. Proceeds will fund exploration of uranium projects in the Athabasca Basin. The offering is set to close around October 27, 2022, subject to regulatory approvals.
Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) has successfully completed Phase 1 of its fall ground program at the Key Lake South (KLS) uranium project in Northern Saskatchewan, discovering two new radioactive anomalies: a black soil anomaly and a swamp anomaly. This program involved detailed boulder prospecting and mapping by researchers from the University of Saskatchewan. MWH Geo-Surveys is set to begin Phase 2, which includes a Ground Gravity Survey over 4.15 square kilometers to define drill targets for the upcoming winter 2023 diamond drill program.
Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) announces significant updates on its exploration programs at Key Lake South and Hearty Bay. Under CEO Lester Esteban's leadership, the company is advancing to Phase 2 of the Key Lake South project, involving a Ground Gravity Program contracted to MWH Geo-Surveys. Additionally, a LiDAR survey has begun at Hearty Bay to enhance geological mapping. Both initiatives are crucial for determining high-priority drill targets for future diamond drilling in 2023.
Traction Uranium Corp. (TRCTF) has launched its Phase 1 Field Geological Program at the Key Lake South Property, seeking to acquire up to a 75% interest. The exploration targets around 4.15 square kilometers aim to identify drill targets for an unconformity-type uranium deposit. The program will include boulder prospecting, mapping, and sampling of surface anomalies. The CEO highlighted that advancing the Key Lake South Project remains a priority, with plans for a Phase 2 Ground Gravity Survey and a Drill Program in 2023.
Traction Uranium Corp. has collected 95 core samples from 14 diamond drill holes at Hearty Bay, focusing on analyzing radiation-induced defects in quartz. The samples were selected based on geological factors including depth, rock types, and radioactivity. Preliminary observations indicate significant hydrothermal activity and alteration in the sampled rocks, particularly in boreholes #8 and #9. Future steps involve creating polished thin sections for advanced analysis, enhancing target drilling accuracy. Results aim to maximize value for TRCTF investors.
Traction Uranium Corp. has announced the addition of esteemed geologist Boen Tan to its Technical Advisory Committee. With nearly 50 years of experience, Tan played a crucial role in the discovery of the Key Lake uranium deposit. His expertise will be vital for advancing the company's Key Lake South Project and other properties in the Athabasca Basin. CEO Lester Esteban expressed excitement about Tan's involvement, emphasizing his deep knowledge of the region.
Traction Uranium Corp. (CSE: TRAC, OTC: TRCTF, FRA: Z1K) announced a property option agreement on August 15, 2022, to acquire up to a 75% interest in the Key Lake South Property in Northern Saskatchewan. This project, near significant uranium operations, is located 6 kilometers from the Key Lake mill. The agreement entails cash and share payments totaling over $3 million and exploration expenditures across two phases. Successful completion could unlock high-grade uranium potential in the area, previously underexplored since the discovery of the Key Lake deposit.
Traction Uranium Corp. announced the addition of Ayetullah Tunc and Reza Deevsalar to its research team, under the guidance of Dr. Yuanming Pan. Tunc, an M.Sc. student, specializes in uranium deposits, while Deevsalar holds a Ph.D. in petrology and geochemistry. Their integration aims to enhance summer follow-up programs at Hearty Bay and Lazy Edwards, utilizing innovative uranium vectoring techniques to improve drilling accuracy. CEO Lester Esteban expressed enthusiasm about optimizing exploration efforts to maximize investor returns.
Traction Uranium Corp. has signed a Master Service Agreement with the Saskatchewan Research Council (SRC) to explore in-situ recovery (ISR) uranium extraction projects. SRC, a leading mining research organization, brings 75 years of expertise and innovative technology, including the Core Flooding Machine for optimized recovery processes. The ISR method is designed to minimize environmental impacts and reduce capital costs compared to traditional mining. This partnership aligns with Traction's goals for exploration and expansion in the Athabasca Region, enhancing its position in the uranium market.
Traction Uranium Corp. (CSE: TRAC, OTC: TRCTF) has signed a master service agreement with the University of Saskatchewan to enhance exploration efforts at its Hearty Bay and Lazy Edward Bay projects in Saskatchewan. CEO Lester Esteban emphasized the province's strengths in mining and the innovative techniques developed by the University to identify uranium-bearing fluids. The collaboration will utilize radiation-induced defects in quartz to guide future drilling programs, aiming for a more cost-effective and accurate exploration strategy.