Jul 21 2015
FISSION 3.0 CORP. and its Joint Venture (JV) partner, Canex Energy Corp.,, are pleased to announce that site preparation has begun for its $940,000, seven hole drill program at their Clearwater West property, adjacent to Fission Uranium Corp's PLS property, in Saskatchewan's Athabasca Basin.
Geophysics work has recently been completed and drilling is expected to start the 3rd week of July. The program is a follow up to the Fall 2014 ground geophysics survey and prospecting programs that identified EM conductors and prioritized prospective, shallow targets near the Clearwater/PLS boundary.
Key Program Details
- Seven-hole in 1,050m drill program
- Fission 3.0 is the operator of the Clearwater West project and field work is led by its award winning technical team
- Primary area of interest is cluster of basement EM conductors in the eastern area of project, close to the Clearwater West/PLS border. VTEM survey results and analysis confirm area as highly prospective, and the continuation of the prospective Far East corridor identified on the PLS property
- Ground DC Resistivity work was recently completed and is being used to prioritize the drill hole locations
- Complex orientation of basement EM conductors oriented N-S to ENE represents favorable structural setting for hosting mineralization.
Ross McElroy, COO, and Chief Geologist for Fission 3, commented,
"Exploration at Clearwater West to date has been very positive and we now have enough data to begin drill testing some of our most prospective, shallow targets, which are located on the eastern side of the property close to the south-east border with Fission Uranium's ("Fission") PLS property. Of note, Fission intersected near-surface anomalous radioactivity in a down-hole gamma radiometric bore-hole survey (PLS14-255 with 2532 cps at 63.76m - 64.71m; Fission news release dated August 11, 2014) on its PLS property, a near-by 330m from the PLS-Clearwater West property boundary. Drill targets have been prioritized using the survey techniques and skills we implemented so successfully at the adjacent PLS property and we are looking forward to the start of the drilling."
Technical Details
The winter 2015 geophysic field work consisted of 17.125 line-km of small moving loop EM conducted by Patterson Geophysics in January 2015. The EM profiles were targeted over promising VTEM anomalies. A number of well-defined EM basement conductors were detected on all surveyed profiles. Several conductors on the Depper DC Resistivity grid associated with resistivity anomalies have a higher immediate priority. Good quality conductors on regional lines are also high priority drill targets. The land based targets are the focus of this summer's drill program.
A total of 7 first pass exploration holes will be drilled. Drill holes will test the basement resistivity anomalies defined by the recently completed ground IP Resistivity survey, targeting the adjacent conductor axes as refined by the ongoing MLTDEM survey.
An updated map can be found on the Company's website at http://fission3corp.com/projects/clearwater_west/maps/.
Summary of the Clearwater West Project
Fission 3's experienced and successful management and technical team, with a track record of two major high-grade uranium discoveries in the Athabasca Basin region in three years (Waterbury Lake project and the PLS project), operates and manages Clearwater West. Fission 3 currently holds a 100% interest in Clearwater West.
Canex has entered into a 3-year option to acquire up to a 50% interest in Clearwater West by incurring $5,000,000 of staged exploration expenditures on or before October 10, 2016.
The Athabasca Basin region hosts the world's richest uranium deposits, with a well-established and politically stable, uranium exploration and mining sector. Fission 3 and Canex consider the recent discovery of high-grade uranium in the southwestern region of the Athabasca Basin to demonstrate the prospective merit of this under-explored area.
Clearwater West lies adjacent to the south of Fission Uranium's Patterson Lake South (PLS) property, host to a high-grade, shallow depth uranium discovery along a 2.27 km trend. The best drill hole to date at the PLS discovery includes intersections as high as 38.49% U3O8 over 10.5m in 13.66% U308 over 38.0m and 27.57% U3O8 over 12.0m in 11.19% U3O8 over 31.5m (PLS14-129; Fission Uranium Corp. news release dated February 19, 2014). Fission Uranium has recently started an aggressive 60 hole (20,000m) summer drill program at its PLS property.
Clearwater West is an early stage exploration project prospective for hosting high-grade uranium mineralization. Such mineralization is structurally controlled and typically associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by various geophysical surveys. The property covers historic airborne EM anomalies, which could be the extensions of the EM conductors identified on the PLS property immediately to the north.
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.