Fission Uranium (FCU-V)’s ‘amazing’ drill results continue: analyst
Peter Koven | March 6, 2014
Fission Uranium Corp. continues to demonstrate that its Patterson Lake South discovery in Saskatchewan’s Athabasca Basin is one of the most exciting uranium finds in decades.
Clarus Securities analyst Mike Bandrowski could barely contain his excitement after seeing the latest drill results from the property. He pointed out that all 20 holes returned mineralization, and 13 returned “off-scale” readings of greater than 9,999 counts per second of radioactivity.
“Simply put, [Fission] had a 100% hit rate on these 20 holes, which is an amazing feat given the difficulty drilling the target with 50-100 [metres] of overburden,” he said in a note. He added the results suggest that two separate high-grade zones on the property are actually one large zone.
Fission has drilled 32 of a planned 85 holes in its winter drilling program. As Mr. Banrowski sees it, the drilling “should continue to generate spectacular results for the company and the highly under-explored western part of the Athabasca Basin.”
Keep in mind that Fission shares are already up 39% so far in 2014.
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FCU-V news release March 7, 2014
Fission Uranium Corp. has released results from the latest four holes of the winter program at its PLS property in Saskatchewan's Athabasca basin, Canada. All four holes returned strong, wide intervals of mineralization. Of particular note is hole PLS14-160 (line 540E) which intersected 16.18m Total Composite "Off-Scale" in 85.5m Total Composite Mineralization. The winter program's 100% mineralization hit rate continues.
Holes PLS14-159 (line 345E), PLS14-160 (line 540E), PLS14-161 (line 930E) and PLS14-163 (line 030E) all intersected considerable mineralization. The location of hole PLS14-160 narrows the gap between R390E zone and R585E zone to approximately 60m.
Drilling Highlights include:
PLS14-160 (line 540E)
-- 85.5m total composite mineralization in a 191.5m section (55.0m - 246.5m) including: -- 16.18m total composite off-scale (greater than 9999 cps) radioactivity
PLS14-161 (line 930E)
-- 90.0m total composite mineralization in a 175.0m section (101.5m - 276.5m) including: -- 2.65m total composite off-scale (greater than 9999 cps) radioactivity
Ross McElroy, President, COO, and Chief Geologist for Fission, commented, "Another strong set of results and another reduction in the distance between two of the high-grade zones along our 1.78km strike length. With five diamond drill rigs now active on the property, we are very pleased with the continued high quality of results and rate of progress as we continue to develop this remarkable discovery."
R00E Zone:
The R00E zone is the discovery zone and presently has a defined strike length of 165m (line 075W to line 090E) and a lateral grid north-south width of up to approximately 45m (line 030W), as defined by 31 holes.
R390E Zone:
The R390E zone is located approximately 135m grid east of the easternmost defined edge of the R00E zone and presently has a defined strike length of 255m (line 225E to line 480E) and a lateral grid north-south width of up to approximately 50m (line 390E), as defined by 34 holes.
R585E Zone:
The R585E zone is located approximately 60m grid east of the easternmost defined edge of the R390E zone and presently has a defined strike length of 75m (line 540E to line 615E) and a lateral grid north-south width of up to approximately 20m, as defined by 10 holes.
R780E Zone:
The R780E zone is located approximately 105m grid east of the easternmost defined edge of the R585E zone and presently has a defined strike length of approximately 270m a lateral grid north-south width of up to approximately 95m (line 780E), as defined by 32 holes. The geologic setting of the R780E zone is similar to other zones, consisting of mineralization primarily associated with sequences of steeply south dipping pelitic lithology with localized mylonites and cataclasites.
Fission has completed 36 of the planned 85 holes of the Winter 2014 program designed to assist in delineation of the main mineralized trend between lines 015E and 1080E utilizing 4 diamond drill rigs. A 5th diamond drill rig is being utilized to drill exploration holes outside of the main mineralized trend. |
