- Fission 3.0 (FUU) has entered into option agreements with Traction Uranium (TRAC) for two properties in the Athabasca Basin
- Traction will have the option to acquire up to a 70 per cent interest in the Hearty Bay and Lazy Edward projects for gross proceeds of up to $1 million in cash per property
- Fission 3.0 will retain a 2 per cent NSR on each of the two properties
- Fission 3.0 is a uranium project generator and exploration company
- Traction is a Vancouver-based mineral exploration company
- Fission 3.0 Corp. (FUU) is steady, trading at $0.24 per share
- Traction Uranium Corp. (TRAC) is up 4.76 per cent, trading at $0.88 per share
Fission 3.0 (FUU) has entered into option agreements with Traction Uranium (TRAC) for two properties in the Athabasca Basin.
Under the agreements, Traction will have the option to acquire up to a 70 per cent interest in the Hearty Bay and Lazy Edward projects in Saskatchewan.
Traction may acquire an initial 50 per cent interest in the properties by making cash payments of $650,000 per property and by issuing 7.5 per cent of its common shares to Fission.
The Hearty Bay property is made up of six mineral claims covering over 10,600 acres surrounding the historic Isle Brochet radioactive boulder trains. In 2019, Fission 3.0 discovered 45 radioactive boulders on Isle Brochet returning up to 8.23% U3O8.
In order to earn the 50 per cent interest, Traction must complete $3 million in exploration work on the Hearty Bay property in the next two years.
After three years, Traction will have the option to make an additional payment of $350,000 and complete another $3 million in exploration work to earn up to a 70 per cent interest in the property.
The Lazy Edward project covers over 1,800 hectares on 11 mineral claims on the south-eastern margin of the Athabasca Basin. Previous exploration identified the project’s potential for unconformity-type, high-grade uranium deposits typical of the Athabasca Basin.
In addition to the initial $650,000 and issuing of shares, Traction must complete $4.5 million in exploration work on the Lazy Edward project in the next two years, with the option to earn an additional 70 per cent interest after three years by making a $350,000 cash payment and completing another $4.5 million in exploration work.
Fission 3.0 will retain a 2 per cent NSR on each of the two properties.
Fission 3.0 is a uranium project generator and exploration company focusing on the Athabasca Basin, where the company currently has 14 projects.
Traction is a Vancouver-based mineral exploration company with an objective to locate and develop economic mineral properties.
Traction Uranium Corp. (TRAC) is up 4.76 per cent, trading at $0.88 per share.
Fission 3.0 Corp. (FUU) is steady, trading at $0.24 per share as of 10:15 am EST.