Working with strong groups like Traction, we can unlock hidden value within our company. Pursuant to the terms of the Lazy Edward LOI, Traction would have the option to increase its interest in the Lazy Edward Project to 70% by making additional cash payments totalling $350,000 and completing an additional $4,500,000 in exploration work on the Lazy Edward Property, on or before the date that is three years following the date of the definitive option agreement.ĭev Randhawa, CEO of Fission, commented, "F3 is an asset rich company having acquired 14 uranium projects via staking in the bear markets. The Letter of Intent in respect of the Lazy Edward Project (the " Lazy Edward LOI") contemplates an option for Traction to acquire a 50% interest in the Lazy Edward Project through cash payments to the Optionor of an aggregate of C$650,000 (C$100,000 of which has been paid by Traction in connection with the execution of the Lazy Edward LOI), the issuance to the Optionor of an aggregate of 2,249,471 common shares, and completion of $4,500,000 in exploration work on the Lazy Edward Property, all spread out over two years. Pursuant to the terms of the Hearty Bay LOI, Traction would have the option to increase its interest in the Hearty Bay Project to 70% by making additional cash payments totalling $350,000 and completing an additional $3,000,000 in exploration work on the Hearty Bay Property, on or before the date that is three years following the date of the definitive option agreement. The Letter of Intent in respect of the Hearty Bay Project (the " Hearty Bay LOI") contemplates an option for Traction to acquire a 50% interest in the Hearty Bay Project through cash payments to the Optionor of an aggregate of C$650,000 (C$100,000 of which has been paid by Traction in connection with the execution of the Hearty Bay LOI), the issuance to the Optionor of an aggregate of 2,249,471 common shares, and completion of $3,000,000 in exploration work on the Hearty Bay Property, all spread out over two years. 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. 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. 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. The Lazy Edward Project has been identified to have potential for unconformity-type, high-grade uranium deposits typical of the Athabasca Basin. 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 objective of further exploration on the property is to discover the source of the uraniferous boulder field. 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. 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% U 3 O 8 with over 24% of them returning assay values of >1% U 3 O 8. The Hearty Bay property surrounds the historic Isle Brochet radioactive boulder trains. (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"). Top Battery Metals Stocks on the TSX and TSXVįission Uranium 3.0 ( TSXV: FUU) (" Fission 3.0 Corp" or the "Optionor") and Traction Exploration Inc.
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