Business
Traction Uranium Secures Rig for Lazy Edward Bay Drilling Program
Traction Uranium Corp. (the “Company” or “Traction”) (CSE: TRAC) (OTC: TRT) (FRA: Z1K), a mineral exploration issuer focusing on the development of discovery pr
About this update from Traction Uranium Corp
[{"type":"text","content":" Traction Uranium Corp. (the “Company” or “Traction”) (CSE: TRAC) (OTC: TRT) (FRA: Z1K), a mineral exploration issuer focusing on the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region, is pleased to announce it has secured a rig and logistical preparations are underway for the summer drilling program at the Lazy Edward Bay property which is expected to begin mobilization in May 13th. The budget for the program is set at $1.5M with plans to drill 8 diamond drill holes totalling approximately 2,000m. Located near the southern edge of the Athabasca Basin, the targets are at relatively shallow depths, with the Athabasca sandstone ranging to depths of approximately 150 m where present. Fission 3.0 Corp. (“Fission 3’) will conduct the work program in accordance with the terms of the Option Agreement between Traction and Fission 3, whereby Traction can acquire up to a 70% interest in the Lazy Edward Bay property. (see Dec 10, 2021 Traction news release.) Lester Esteban, Chief Executive Officer, stated, “Securing a rig in these busy times is no small feat. Accommodations are set for the drill crew at a camp less than 10 kilometers away and we have 67,000 lbs of supplies staged for the team. The supplies were transported using a local contractor’s ice road which provides a significant cost savings versus using a helicopter, allowing us to apply those savings to the drill program.” About the Property The Lazy Edward Bay property is located halfway between Cameco’s Key Lake Mine and the high-grade Centennial uranium deposit, and hosts NE-trending conductive corridors similar to those associated with Key Lake and Centennial. The major uranium deposits in the eastern Athabasca Basin, including Key Lake, McArthur River and Cigar Lake, are along the NE-trending Wollaston-Mudjatik transition zone and conductive corridor. To the west of the property, the Centennial deposit is localized along the NE-trending Virgin River conductive corridor which transects the entire Athabasca Basin. The Key Lake mine, located ~50 km to the east of the property is accessible by Provincial Highway 914, serviced by the provincial power grid, and has an operating mill where the McArthur River ore has been processed. About Traction Uranium Corp. Traction Uranium (CSE: TRAC) (OTC: TRCTF) (F...