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Tear off four large sheets of aluminum foil, one for each lamb shank. Oil the lamb shanks and dust on all sides with the Traeger Prime Rib Rub. Pull the sides of the foil up, but leave the shanks exposed.
When ready to cook, start the Traeger grill on Smoke with the lid open until the fire is established (4 to 5 minutes). Leave on the Smoke setting.
Arrange the lamb shanks in their foil on the grill grate, the open sides of the foil up. Smoke the shanks for an hour.
Pour 1/4 cup of beef broth and 1/4 cup of wine over each lamb shank and top each with a sprig of rosemary and thyme. Bring the edges of the foil together to completely enclose the shanks.
Increase the temperature to 300F (Medium) and continue to cook the lamb until the internal temperature is 180, about 3 to 4 hours longer. (Take care not to touch bone with the tip of the temperature probe or you will get a false reading.)
Carefully open the foil packets and transfer the lamb and any accumulated juices to a platter or plates. Enjoy!