Business
Fission 3.0 Corp. and Traction Exploration Enter into LOI's on Athabasca Properties
Vancouver, British Columbia--(Newsfile Corp. - November 1, 2021) - Fission Uranium 3.0 (TSXV:...
About this update from F3 Uranium Corp
[{"type":"text","content":"Fission 3.0 Corp. and Traction Exploration Enter into LOI's on Athabasca PropertiesVancouver, British Columbia--(Newsfile Corp. - November 1, 2021) - Fission Uranium 3.0 (TSXV: FUU) (\"Fission 3.0 Corp\" or the \"Optionor\") and  Traction Exploration Inc. (CSE: TRAC) (“Traction”) are pleased to announce that they have entered into two Letters of Intent respecting options whereby Traction may acquire up to a 70% interest in two properties located in Saskatchewan’s Athabasca Basin region (the “Properties”): the Hearty Bay Project, comprised of 6 mineral claims covering approximately 10,604 hectares (the “Hearty Bay Project”), and the Lazy Edward Project, comprised of 11 mineral claims covering approximately 1,828 hectares (the “Lazy Edward Project”). The Hearty Bay property surrounds the historic Isle Brochet radioactive boulder trains. Boulder prospecting by Fission 3 on Isle Brochet in 2019 led to the discovery of 45 radioactive boulders with assay values up to 8.23% U3O8 with over 24% of them returning assay values of >1% U3O8. A marine seismic survey completed in the up-ice direction to the northeast was interpreted to indicate multiple basement structural and lithological features which have defined drill targets. The objective of further exploration on the property is to discover the source of the uraniferous boulder field. The Lazy Edward Project is located in the south-eastern margin of the Athabasca Basin, between the historic Key Lake Mine and Cameco Corporation's Centennial deposit. The Lazy Edward Project has been identified to have potential for unconformity-type, high-grade uranium deposits typical of the Athabasca Basin. Further, as the Lazy Edward Project is near the edge of the basin, the depth of the drill targets at Lazy Edward Bay are shallow, giving the advantage of relatively inexpensive exploration. Historic drilling in the late 1980's identified very prospective geology with intersections of strong bleaching, limonitization and strong fracturing in the lower sandstone above strongly altered, brecciated and sheared graphitic basement rocks with up to 170ppm uranium. These are a number of the attributes required to host high-grade uranium deposits, and Fission 3 has concluded that follow up drilling is highly warranted.Terms...