Traction Uranium and Forum Energy Metals Commence Airborne Geophysical Survey on the Grease River Project, Athabasca Basin

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[{"type":"text","content":" CALGARY, Alberta, May 10, 2023 (GLOBE NEWSWIRE) -- Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the “Company” or “Traction”) and Forum Energy Metals Corp. (TSX.V: FMC; OTCQB: FDCFF) (“Forum”) are pleased to announce they have commenced an airborne magnetic, electromagnetic (EM) and radiometric survey on Forum’s 100%-owned Grease River Project, located along the north rim of the Athabasca Basin, Saskatchewan. The helicopter-borne survey will be conducted using a New Resolution Geophysics specially designed Xcite™ Time Domain Electromagnetic System. The 1,290 line-km survey will be conducted at a 100 metre line spacing over the entire Grease River claims totaling 10,528 hectares along the Grease River Shear Zone (Figure 1). Traction entered into an option agreement with Forum whereby Traction is entitled to acquire a 51% interest in the Property by paying an aggregate of $250,000, issuing an aggregate of 1,625,000 common shares and funding an aggregate of $3 million in exploration expenditures on the Property by December 31, 2025. Forum is the Operator during this First Option Period. Traction has the further option to earn up to 100% interest in the project by making $1.7 million in cash payments, 5.5 million share payments and $6 million in exploration up until December 31, 2028. Forum would retain a 2% Net Smelter Return Royalty and $8 million in milestone payments (see News Release dated February 7, 2023). The Grease River Project The Grease River Project is located within the north-central margin of the Athabasca Basin near the community of Fond du Lac. The Grease River Project consists of two separate claim blocks situated along the NE-trending Grease River Shear zone, a major intracontinental shear zone greater than 400 km long. The nearby Fond du Lac uranium deposit was previously discovered within the shear zone by Amok Ltd. (“Amok”) and Eldorado Nuclear Ltd. (“Eldorado”) in the 1970s and a historical resource estimate was included which was not prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), of one million pounds uranium at an average grade of 0.25% U3O8*. While the Company believes the historical estimate to be relevant and reliable‎, given the extensive exploration work completed by Amok / Eldorado, experienced mine...

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