Traction Uranium and UGreenco Energy Announce Option Agreement for Key Lake South Property

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[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the “Company” or “Traction”) is pleased to announce that it has entered into a property option agreement (the “Option Agreement”) with UGreenco Energy Corp. (the “Vendor”) dated August 15th, 2022 (the “Effective Date”), pursuant to which the Company has been granted the right to acquire up to a 75% interest in and to the Key Lake South Property, which consists of a series of mineral disposition parcels located in Athabasca Basin, Northern Saskatchewan, Canada (the “Property”). The Key Lake South Uranium Project is located approximately 6 kilometers to the southwest of the Key Lake uranium mill and in close vicinity to modern uranium mining facilities and highway transportation in northern Saskatchewan. Geologically, it sits at the southeastern edge of the Proterozoic Athabasca Basin – home of the world’s largest and highest grade uranium deposits and operations. Recent discovery of Triple R and Arrow deposits has demonstrated further potential of high-grade uranium at the edge of the basin. Lester Esteban, Chief Executive Officer, stated, “An extraordinary uranium anomaly was outlined in the early 70’s known as the “Hot” Island and was believed to be transported from a source in the northeast, which led to the discovery of the Key Lake uranium deposit, the world’s largest high-grade uranium deposit mined with open-pit producing a total of 209.8 million pounds of uranium at the average grade of 2.32% U3O8 between 1983 and 2002. Advanced airborne geophysical surveys from both government and industry during the 2000’s depict a coincidence between this surface anomaly and underlying structures supporting a thesis that this anomaly is in-situ controlled by structures rather than erratically transported by glacier. Since the discovery of the Key Lake deposit, this area has been underexplored and we are looking forward to getting to work to unlock its potential for an unconformity-type uranium deposit.” Terms of the Option Agreement: In consideration for a series of cash and share payments and the incurring of exploration expenditures, separated into two phases. Phase One In phase one, the Company shall be entitled to acquire a 51% interest in and to the Property by: paying $50,000 in cash to the Vendor within sev...

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