Traction Uranium - CEO, Lester Esteban.
CEO, Lester Esteban.
Source: Traction Uranium.
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  • Traction Uranium Corp. (TRAC) has signed a property option agreement with UGreenco Energy Corp
  • The agreement grants Traction Uranium the right to acquire up to a 75-per-cent interest in and to the Key Lake South Property
  • The Key Lake South Uranium Project is located approximately 6 kilometres to the southwest of the Key Lake uranium mill
  • The acquisition will be carried out in two phases involving a series of cash and share payments and the incurring of exploration expenditures
  • Traction Uranium Corp. engages in mineral exploration and the development of discovery prospects in Canada
  • Traction Uranium Corp. opened the day’s trading at C$0.485 per share

Traction Uranium (TRAC) has signed a property option agreement with UGreenco Energy Corp.

The agreement grants Traction Uranium the right to acquire up to a 75-per-cent 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 Key Lake South Uranium Project is located approximately 6 kilometres to the southwest of the Key Lake uranium mill and in close vicinity to modern uranium mining facilities and highway transportation in northern Saskatchewan.

The project 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.

“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 per cent U3O8 between 1983 and 2002,” explained Lester Esteban, Chief Executive Officer.

“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,” he added.

The acquisition will be carried out in two phases involving a series of cash and share payments and the incurring of exploration expenditures.

Traction Uranium Corp. engages in mineral exploration and the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region.

Traction Uranium Corp. opened the day’s trading at C$0.485 per share.


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