- Fission 3.0 (FUU) has signed two letters of intent (LOI) with Traction Exploration for properties in Saskatchewan
- The letters of intent will allow Traction to acquire up to a 70 per cent interest in the Hearty Bay project and the Lazy Edward project
- Traction will complete its option by paying a combination of cash and shares and completing exploration work on the properties
- Fission 3.0 is a uranium project generator and exploration company
- Shares in Fission 3.0 Corp. (FUU) are up 7.32 per cent, trading at $0.22 per share
Fission 3.0 (FUU) has signed two letters of intent (LOI) with Traction Exploration for properties in Saskatchewan.
The letters of intent will allow Traction to acquire up to a 70 per cent interest in two properties in the Athabasca Basin: the Hearty Bay project and the Lazy Edward project.
The Hearty Bay property is made up of six mineral claims covering 10,604 hectares surrounding the historic Isle Brochet radioactive boulder trains.
Traction will be able to acquire a 50 per cent interest in Hearty Bay by making a total of $650,000 in cash payments, issuing 2,249,471 common shares, and completing $3,000,000 in exploration work over two years. Fission would retain a 2.0 per cent NSR in the property.
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. It is comprised of 11 mineral claims covering approximately 1,828 hectares.
Traction’s option will allow the company to acquire a 50 per cent interest in Lazy Edward by making $650,000 in cash payments, issuing 2,249,471 common shares, and completing $4,500,000 in exploration work.
Michael Malana, CEO of Traction, commented,
“We are very excited to not only work with F3 and their outstanding team, but also to have an opportunity to acquire majority stakes in two attractive properties in the Athabasca Basin region.”
Traction will have an additional option to increase its interest in both properties to 70 per cent by making additional payments and completing more exploration work.
“Working with strong groups like Traction, we can unlock hidden value within our company,” said Fission CEO Dev Randhawa.
Fission 3.0 is a uranium project generator and exploration company.
Shares in Fission 3.0 Corp. (FUU) are up 7.32 per cent, trading at $0.22 per share as of 3:59 pm ET.