New drilling to follow up anomalous radioactivity discovered this summer
KELOWNA, BRITISH COLUMBIA--(Marketwired - Oct. 21, 2015) - FISSION 3.0 CORP. (TSX VENTURE:FUU) ("Fission 3" or "the Company") is pleased to announce that it has entered into an option amending agreement (the "Amending Agreement") with Canex Energy Corp. (formerly Brades Resource Corp.) ("Canex") to extend the deadlines by which Canex can earn up to a fifty (50%) percent interest in the three contiguous mineral claims in the Athabasca Basin of northern Saskatchewan comprising the Clearwater West Property (the "Property").
Under the Amending Agreement, Canex has until April 30, 2016 to incur CDN$2.7 million in expenditures on the Property, cumulative with funds spent to date, to earn an initial twenty (20%) percent interest in the Property, and until April 30, 2017 to incur an additional CDN$2.3 million in expenditures to acquire an additional thirty (30%) percent interest in the Property.
As consideration for Fission 3 extending the option deadlines, Canex has agreed to issue Fission 3 one million common shares in the capital of Canex (the "Canex Shares") valued at CDN$0.075 per Canex Share. Subsequent to the issuance of the shares, Fission 3 will hold 3,704,459 or 12.9% of the issued and outstanding common shares of Canex. The Canex Shares will be subject to a four month hold period. The issuance of the Canex Shares are subject to the approval of the TSX Venture Exchange.
Recent Clearwater West Drilling Highlights
Announced August 4, 2014, hole CWW15-003 intersected 4 discrete narrow intervals (2.5m total composite) of anomalous radioactivity with a maximum peak of 410 cps over 0.5m at 194.5m - 195.0m (which corresponds to a peak value of 2,333 cps over 0.1m) from the down-hole gamma probe survey) between the depths of 109.5m and 195.0m.
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 2.24km 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).
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.
About Fission 3.0 Corp.
Fission 3 is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Fission 3 common shares are listed on the TSX Venture Exchange under the symbol "FUU."
ON BEHALF OF THE BOARD
Ross McElroy, COO
Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release include statements regarding the issuance of the Canex Shares and regulatory approvals, including the TSX Venture Exchange, which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3 disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Fission 3.0 Corp.
778-484-8030 or TF: 778-484-8030