Jan 21 2015
FISSION 3.0 CORP. and its Joint Venture (JV) partner, Azincourt Uranium Inc., are pleased to announce a $1.45M winter 2015 exploration program to comprise a 3,250m 7 hole drill program and 35.2 line-km small loop time domain electromagnetic (SMLTEM) ground geophysics at their PLN project in Canada's Athabasca Basin.
The program follows a successful summer 2014 drill program, which identified and drill tested a mineralized corridor to approximately 700m in length. Of note, the drilling intersected anomalous uranium mineralization on the "A1" EM conductor in hole PLN14-019 and returned highly prospective results in holes PLN14-020 and PLN14-021. The tremendous potential of the area is reflected in the recently reported results from Fission Uranium Corp's PLS property located immediately adjacent to the south of PLN with the announcement of the resource estimate of the large, shallow, high-grade Triple R deposit, which included 79.6M lbs of U3O8 indicated and 25.9M lbs U3O8 inferred.
Key Program Details
- 7 hole/3,250m of drilling
- 2 holes on "A1" EM Conductor in the SW area of property. Previous drilling on the A1 conductor returned results indicative of a uranium mineralized system. The two new holes will be located 50m and 150m north of hole PLN14-019 which intersected uranium mineralization of 397 ppm uranium over 0.5m within a broader 6.0m interval, targeting the A1 conductor.
- 2 holes will target the "N" EM conductors in previously untested north area of property. The "N" system consist of 3 parallel northwest - southeast trending basement EM conductors, interpreted to dip steeply to the west. Geophysics surveys have identified a strong resistivity anomaly associated with the conductors, possibly representing an area of alteration in bedrock. Uranium mineralization in the Athabasca Basin is often associated with large scale structural / alteration systems.
- 1 hole on the Hodge Lake target -- a high priority 2014 winter target untested due to unfavorable weather conditions at time of program.
- 2 holes at Broach Lake target in the south-east area of property. EM conductors at Broach Lake trend in an East-North-East orientation, which is a similar trend to the EM conductors of the Patterson Lake Corridor to the south on Fission Uranium Corp's PLS property including the PL3-B conductor, which hosts the very large high-grade Triple R uranium deposit 9.5 km to the south-east.
- Ground Geophysics
- 35.2 line-km of SMLTEM ground geophysics survey on two prospective EM conductors identified from previously-flown VTEM airborne survey located in the northern region of the property.
- PNV-3A EM Conductor: 26 line-km SMLTEM ground geophysics survey. This EM conductor is located in the central region of the property. It has an arcuate shape to it which might be reflective of focal point of 2 major litho-structural orientations coming together (NW-SE and NE-SW fabric), which is a structural setting favorable for deposit development.
- PNV-4A EM Conductor: 9.2 line-km SMLTEM ground geophysics survey. This EM conductor is located in the NW area of the property and appears to have a NNW orientation similar to the A1 conductor 7km further to the south, which host the alteration and mineralized system.
Ross McElroy, Chief Geologist and COO for Fission 3.0, commented,
"The summer program delivered some exciting results, suggestive of a large-scale uranium mineralized system at PLN. Specifically, hole PLN14-019 drilled uranium mineralization in basement rock at shallow depth and two other holes encountered highly prospective geology. We have a clear selection of drill targets, which includes follow up the summer program, as well as other high-priority areas."
An Updated map can be found on the Company's website at http://fission3corp.com/projects/pln/maps/drill_exploration/.
All holes are planned to be radiometrically surveyed using a Mount Sopris 2PGA-1000 Natural Gamma probe.
Split core samples from the mineralized section of core will be taken continuously through the mineralized intervals and submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which includes U3O8 (wt %) and fire assay for gold. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron. Assay results will be released when received.
Patterson Lake North Property
The Patterson Lake North property (PLN) lies adjacent and to the north of the Patterson Lake South property, owned by Fission Uranium Corp. (TSX: FCU) where the largest undeveloped high-grade deposit in the Athabasca Basin Region was recently announced after just two years of drilling. (See Fission Uranium news release January 9, 2015.) PLN comprises approximately 27,408 ha and is located approximately 30 km immediately south of the UEX/AREVA Anne and Collette uranium deposits near Shea Creek.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol. Chief Geologist and COO for Fission 3.0 Corp., a qualified person.
Fission 3.0 has a property option agreement with Azincourt Uranium Inc. (TSX VENTURE: AAZ) whereby Azincourt can acquire up to a 50% interest in PLN by incurring $12 million of staged exploration expenditures and paying $4.75 million in cash or Azincourt shares (at Azincourt's election) on or before April 29, 2017. Fission 3.0 is the operator and project manager.