newco FCU-V broke out to new high
Fission plans $6.95-million exploration program at PLS
May 21 , 2013 - News Release
Fission Uranium Corp., the operator, and its 50-per-cent joint venture (JV) partner Alpha Minerals Inc. have approved a $6.95-million exploration program at PLS in Canada's Athabasca basin. The program will include approximately 11,000 metres of drilling in 44 holes. In addition ground geophysics surveys will be conducted on two unexplored highly prospective areas on the property. Drilling is expected to start in early July and will focus primarily on the delineation and expansion of the recently discovered high-grade discovery zones R00E, 390E and mineralization of R780E.
The 2013 summer program is an immediate follow-up to the highly successful winter program that discovered high-grade uranium in three separate zones along an 850-metre trend along strike hit mineralization on 82 per cent of its drill targets (see news release dated April 15, 2013).
Ross McElroy, president, chief operating officer and chief geologist for Fission, commented: "The success of the winter program and the results of the recently completed radon survey extension has enabled us to define a very strong set of targets. With three rigs, three barges and the clear goal of expanding our discovery, this is going to be an aggressive program and we're looking forward to getting started."
Fission's team will use a combination of RC drilling for precollaring and two diamond drill core rigs to drill bedrock. Barges will be used to test targets on the R390E and R780E zones as well as testing additional targets along trend within Patterson Lake, both to the southwest and northeast of the currently known mineralized zones. These targets were identified during an extension to the same radon survey that aided with the first discovery holes at the R390E and R780E zones at PLS and include the strongest radon value in water anomaly to date on the property on line 945E (see news release dated May 6, 2013).
Other additional work during this period will include sampling for the purpose of metallurgical testing and establishing an environmental baseline study in order to have independent data recovered over a sufficient time period for future environmental reporting purposes.
Key technical information
- $6.95-million, 11,000-metre (44-hole) program using two diamond core drill rigs and an RC rig and three barges; priority to test for continued expansive delineation of the three high-grade uranium-mineralized zones discovered in the 2013 winter program;
- Approximately 40 holes testing delineation and expansion of three high-grade uranium zones (R00E, R390E and R780E);
- Minimum of four holes testing other targets along trend both northeast and southwest of known zones, including recently identified radon anomalies;
- Ground geophysics including both DC resistivity (43-line-kilometre) and moving loop time domain EM (MLTDEM) (22-line-kilometre) surveys over two high-priority grids:
- Verm grid in southwest area of property:
- Grid covers the Verm tau defined conductivity anomaly, identified from the airborne VTEM survey, which corresponds to a strong 1.2-kilometre-long east-west EM conductor on the north side of the anomaly; exhibits a similar characteristic to the conductive area in the immediate vicinity of the uranium zones at PLS.
- Far East grid in southeast area of property where a tau defined conductivity anomaly is strongest:
- Far East grid high-priority area, located in the southeastern area of the property, in an area with several north-south-oriented EM conductors identified from an airborne VTEM survey; Far East tau anomalies strongest on the PLS property.
- PLS area remaining highly prospective both in the immediate area of the discovery and over several kilometers along the east-northeast-west-southwest strike of the Conductor corridor.
Summary of uranium discovery zones
The R00E, R390E and R780E zones are all along strike of each other along an approximate 850-metre trend. Currently the zones are separated by approximately 300 metres (R00E to R390E) and 360 metres (R390E to R780E) by a lack of drilling.
The R00E zone has been defined by mineralization in 29 drill holes over a strike length of approximately 150 metres between lines 060W and 090E and up to greater than 50-metre width (line 025W), including an intersection of four metres at 20.73 per cent U3O8 within 22.0 metres at 4.8 per cent U3O8 (PLS13-043) (see news release dated May 16, 2013). Additional assays are pending from holes in this zone.
The R380E zone has been defined over a strike length of approximately 60 metres by 11 drill holes, including an intersection of 10.5 metres at 29.26 per cent U3O8 within 53.0 metres at 6.57 per cent U3O8 (PLS13-051) (see news release dated April 22, 2013). Additional assays are pending from holes in this zone.
The R780E has been defined by just three holes on one section line (line 780E). Strike length and width of the zone are yet to be determined. Assays from holes in this zone are still pending.
Patterson Lake South property
Fission is operator of the 31,039-hectare PLS exploration project, which is a 50/50 joint venture held with Alpha Minerals. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine (greater than 60 million pounds of U3O8 produced), and passes through the nearby UEX-Areva Shea Creek discoveries located 50 kilometres to the north, currently under active exploration and development. Updated maps for the upcoming summer program can be found on Fission Uranium's website.
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, PGeol, president and chief operating officer for Fission Energy, a qualified person.
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