Initial programs to identify targets for follow up drilling
TSX VENTURE SYMBOL : FUU
OTCQB SYMBOL : FISOF
KELOWNA, BC, July 9, 2019 /CNW/ - FISSION 3.0 CORP. ("Fission 3" or "the Company") is pleased to announce work programs for its Hearty Bay and Wales Lake projects in the Athabasca Basin region of Saskatchewan, Canada. Both projects are prospective for hosting high-grade uranium and the work programs will be used to identify high-priority areas for drill testing. At Hearty Bay, experts in glaciology and geomorphology will conduct a 10-day surface-based program with the goal of discovering the potential source of parallel high-grade boulder trains with values up to 3.54% U3O8. A similar approach was used by Fission Uranium prior to discovering the major, high-grade deposit at PLS in the Athabasca Basin. At Wales Lake, airborne and ground geophysics surveys will be used to identify conductive trends similar and parallel to those in the Patterson Lake Corridor, which host the nearby Triple R (Fission Uranium Corp) and Arrow (NexGen Energy Ltd.) high-grade uranium deposits.
Hearty Bay: 10-Day Surficial Geological Program
Glaciology and Geomorphological Work: Fission 3 will investigate the Isle Brochet uraniferous boulder trains located within the Hearty Bay project, using similar techniques to those employed by Fission Uranium prior to making the discovery at PLS. The program will include revisiting historic surface trenches and taking numerous ice flow measurements to confirm the ice direction that deposited the uraniferous boulder train at Isle Brochet. These sub-parallel 1km-long dispersal trains first discovered by historic regional prospecting where radioactive sandstone and basement boulders registered from 500 to 10,000 CPS total radioactivity, and assay values returned high-grade results up to 3.54% U3O8. Glaciologists will conduct detailed geomorphological mapping to determine ice-flow direction, to assist with locating source of boulders.
In addition, a lake bottom spectrometer and marine acoustic survey will be conducted by Special Projects Inc. to help trace the boulder train below the lake and also to understand bedrock structures. The Budget Estimate for the S2019 Program at Hearty Bay is $620,000.
About Hearty Bay: The 100% owned Hearty Bay property comprises 3 mineral claims with an area of 6,881 ha. The property is located on the north edge of the Athabasca Basin, 20km west of the Fond-du-Lac uranium deposit and 60km east of the Beaver Lodge uranium district. The Property surrounds the historic Isle Brochet radioactive sandstone boulder trains, 1 km long dispersal trains trending along the main ice direction and containing up to 3.54% uranium. Approximately 600 metres to the northeast several more radioactive boulders of both sandstone and basement origin were discovered. Historic drilling proximal to these boulders did not intersect any significant radioactivity, the source remains undetermined. Strong airborne EM conductors within the property were identified by historic surveys up-ice of the radioactive boulder trains. In the late 1960's and 1970's extensive boulder prospecting during uranium exploration programs identified numerous radioactive boulder trains in the Athabasca Basin, some of which led to the discovery of significant uranium deposits (i.e. Key Lake, Midwest)." The discovery by Fission Uranium Corp. of the Triple R deposit in 2012 was also made as a result of the definition, from a high resolution airborne radiometric survey, of a radioactive boulder train SW of Patterson Lake.
Wales Lake: Airborne and ground geophysics
Airborne VTEM Survey: Geotech Airborne Geophysical Surveys has been contracted to complete a total 1,072 line-km of an airborne helicopter VTEM (Versatile Time Domain Electromagnetic) Max and Magnetic survey over Block B (663 line-km) and east side of Block C (409 line-km). The survey is expected to be completed by early July, 2019. The budget estimate for the VTEM surveying is $236,000. The VTEM survey will look for conductive trends in both of these areas across an apparent change in strike direction based on magnetic data from SE to NE-trending, similar and parallel to those in the Patterson Lake Corridor.
Ground Geophysics: Discovery International Geophysics Inc. recently completed a 3.5 line-km ground SMLTEM (Small Moving Loop Time Domain Electromagnetic) survey over the eastern part of Block A. The SMLTEM survey aims to resolve and detail for possible drill testing of the previously identified conductivity bright spots from a 2017 VTEM airborne survey.
About Wales Lake: The 100% owned Wales Lake property is located in the south-west Athabasca Basin region ~25km to 30km west and south of Fission Uranium Corp's flagship high-grade Triple R uranium deposit on the PLS property. It is comprised of 3 non-contiguous blocks totaling ~35,440 hectares and is accessible by road with primary access from all-weather Highway 955. Similar to Fission Uranium's PLS property, Wales Lake occupies the same stratigraphic position within the Clearwater Domain and represents relatively shallow depth basement hosted target areas outside of the margin of the Athabasca Basin.
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.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol "FUU" and trade on the OTCQB marketplace in the U.S. under the symbol "FISOF".
ON BEHALF OF THE BOARD
Ross McElroy, COO
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SOURCE Fission 3.0 Corp.