New exploration program follows encouraging previous drilling
KELOWNA, BRITISH COLUMBIA--(Marketwired - June 16, 2014) - FISSION 3.0 CORP. ("Fission 3" or "the Company") (TSX VENTURE:FUU) and its Joint Venture (JV) partner, Azincourt Uranium Inc. (TSX VENTURE:AAZ), are pleased to announce an approximate 1600m drill program at the PLN project in Canada's Athabasca Basin. The program, consisting of four to five drill holes, follows the results of the winter 2014 program that has enabled the refinement of high priority drill targets. The drill contract has been awarded to Bryson Drilling, of Archeville, SK. The drill is being mobilized to the first drill site and drilling is expected to commence early this week. The full program includes geophysics survey activity and is budgeted at $1.5M.
Ross McElroy, COO, and Chief Geologist for Fission, commented,
"This new drill program will focus on a number of high priority targets that have been refined using the data from winter exploration. This is an exciting time for the team and we are looking forward to the work starting this week."
Drilling on A1 Conductor
- One hole testing the up-dip potential from PLN14-101 on the strong A1 conductor
- Two additional holes testing 400m and 800m north respectively along A1 conductor
- Fourth hole contingent on results of first three holes
- A1 EM Conductor Overview: The recently completed winter program tested the A1 conductor (see NR April 24, 2014) and found it to be an expression of a graphitic pyritic pelitic gneiss, an important type of lithology for hosting high-grade uranium in the Athabasca Basin. The conductor intersected in hole PLN 14-10, the northern-most hole along conductor A1, had elevated values of multiple elements known to often be associated pathfinders proximal to high-grade uranium mineralization of the style of basement and unconformity deposits in the Athabasca Basin. Such pathfinder elements include uranium (U), lead (Pb), molybdenum (Mo), cobalt (Co), boron (B), Copper (Cu), Nickel (Ni).
Drilling on A4 Conductor
- One 400m hole targeting a bright spot of high conductance near the conductor's south end
- Conductor Overview: The A4 conductor was defined by a ground TDEM survey carried out in January 2014. To date it has been untested by drilling.
Broach Lake DC Resistivity Survey
- Two prospective east-northeast trending electromagnetic (EM) conductors were identified at Broach Lake from moving loop Time Domain Electromagnetic surveys (TDEM) carried out in February and March, 2014.
- 34.0 line-km DC Resistivity survey recently completed refining conductor targets for future drill testing
N Conductor DC Resistivity survey
- 76.5 line-km DC Resistivity survey currently in progress
- Results from the survey aim to further refine drill targets for testing in future programs
- The N Conductors in the NE part of the property were confirmed by a limited ground magnetotellurics (MT) and TDEM survey, interpreted as multiple parallel west-dipping conductors
Updated maps can be found on the Company's website at http://fission3corp.com/projects/pln/overview/.
Upon completion, all drill holes are radiometrically surveyed using a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for more accurate measurements in high grade mineralized zones.
Drill core samples are submitted for trace element lithogeochemical analysis to look for pathfinder element enrichment signatures indicative of alteration associated with uranium mineralizing processes. Samples have been submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron.
Patterson Lake North Property
The Patterson Lake North property (PLN) lies adjacent and to the north of the Patterson Lake South property, owned by Fission Uranium Corp. (TSX VENTURE:FCU) and where recent drill results have identified high grade uranium in 6 separate pods. (See Fission Uranium news release November 27, 2013.) PLN comprises approximately 27,408 ha and is located approximately 30 km immediately south of the UEX/AREVA Anne and Collette uranium deposits near Shea Creek.
PLN was acquired by Fission 3.0 Corp. as a result of the Fission Uranium/Alpha Minerals agreement in December 2013. Fission Uranium had previously expended approximately $4.7 million on exploration of the property.
Fission 3.0 has a property option agreement with Azincourt Uranium Inc. (TSX VENTURE:AAZ) whereby Azincourt can acquire up to a 50% interest in PLN by incurring $12 million of staged exploration expenditures and paying $4.75 million in cash or Azincourt shares (at Azincourt's election) on or before April 29, 2017. Fission 3.0 is the operator and project manager.
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 may include statements regarding the future operating or financial performance of Fission 3.0 Corp. 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 Corp. disclaim 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.