Fission Acquires 100% of 15,373 ha Uranium Property With High Grade Showings on Surface Over 3% U3O8
June 3rd, 2013 - News Release
Fission Uranium (FCU-V) is pleased to announce the addition of three new properties, staked by Fission's technical team, in the northwest and northeast Athabasca Basin regions, Canada. The newly acquired properties are referred to as Beaver River, Thompson Lake and Manitou Falls respectively. The new acquisitions are part of Fission's objective to stake ground where Uranium mineralization is highly prospective and shallow, as is the case with its recent high grade discoveries at PLS and Patterson Lake (PLN) properties.
Beaver River and Thompson Lakes properties are located in the Beaverlodge district. Between 1953 and 1982 this area produced 25,142 tons of Uranium from 16 operating mines (Saskatchewan Industry and Resources Misc Report 2003-7). The Manitou Falls property is located within the eastern Athabasca Basin, where it overlies the Mudjatic domain basement rocks.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"While our primary focus remains expanding the PLS discovery, there are still many underexplored areas of the Athabasca Basin and we consider these new properties to be highly prospective additions to our growing portfolio."
Highlights
Beaver River: Six claims totalling 15,373 ha located on the north-central edge of the Basin. The property includes most of the known electro-magnetic (EM) conductors in the area and a number of uranium showings including surface outcrop sample assays of 3.66%, 3.37%, and 2.93% U3O8. The Company considers this property to be highly prospective and aims to begin ground exploration work this summer in order to identify drill targets for a winter drill program.
Thompson Lake: Single claim of 1,188 ha is located approximately 15km west of Uranium City and is situated geologically approximately 10km north of the north-central area of the Athabasca Basin, approximately 5km west of the historic Lorado mine, where 89 tons of uranium were produced. The historic Gulch uranium deposit, reported at 310,000 tons of possible reserves at 0.09% U3O8 (SK ECON, Saskatchewan Mining Deposit Database) lies 2.5km to the south-west on strike of the property 15km from Uranium City. Previous exploration has identified numerous uranium showings including outcrop grab sample assays at this property include 2.23% and 0.11% U3O8.
Manitou Falls: Single claim of 2,941 ha located on the northeastern side of the Athabasca Basin. The eastern side of the Athabasca Basin is significant as it is home to all of Canada's current production of uranium. The property benefits from a large amount of historical data from surveys and ground prospecting work that has identified six radiometric anomalies and multiple conductors.
Updated maps can be found on the Company's website at http://www.fissionuranium.com. |
