Three new properties with shallow-depth target potential
KELOWNA, BRITISH COLUMBIA--(Marketwired - March 13, 2014) - FISSION 3.0 CORP. (TSX VENTURE:FUU) ("Fission3" or "the Company") is pleased to announce the addition of three new properties and the expansion of its Manitou Lake property, staked by the same award-winning technical team of both Fission3 and Fission Uranium Corp. (Fission), in the Athabasca Basin, Canada. The newly acquired properties are referred to as Perron Lake, Cree Bay and Grey Island. The new acquisitions are part of Fission's objective to stake highly prospective areas where the target depth of uranium mineralization is expected to be shallow, as is the case with Fission Uranium Corp's PLS property.
The new ground, which consists of nine claims on four properties for a total of 41,938.758 ha, was staked late 2013 to early 2014.
Fission3 now has a portfolio of nine properties in and around the Athabasca Basin (in both Saskatchewan and Alberta) and a property in the Macusani uranium district of south-central Peru. Fission's Athabasca Basin properties are all close to the margin of the Basin and thus the mineralization model is shallow depth.
In addition, Fission3 retains the patent-pending airborne survey invention entitled "System And Method For Aerial Surveying Or Mapping Of Radioactive Deposits". The invention was instrumental in Fission's high-grade uranium boulder field discovery. It relates to an airborne system and method for surveying a geographic area to detect and map the locations of radioactive geological deposits, such as boulders and clusters of rock.
Ross McElroy, COO, and Chief Geologist for Fission, commented,
"There remain many underexplored areas of the Athabasca Basin. These new claims represent highly prospective additions to our growing portfolio of high quality and shallow target depth properties."
- Four contiguous claims totaling 20,826.05ha, located approximately 20km north of the Athabasca Basin. The property lies along the ENE - WSW trending Grease River shear zone, which is a major basin scale tectonic zone.
- Regional historic results of lake sediment sampling taken and compiled by SMDC (1980) in the Tait Lake and North Tait Lake area, show strong uranium anomalies in sediment (>100ppm U) over an area of 30 km2, of which ~75% of this area is within Fission3's claims. This sizeable anomalous area indicates an elevated regional uranium district and a favorable environment for hydrothermal and structure related concentration of uranium in basement rocks such as in both the western and eastern Athabasca Basin occurrences (PLS, Eagle Point, Roughrider).
- Anomalous samples in outcrop are present in the area, including the 'Bradley' occurrence discovered by CanAlaska in 2007, where assays up to 3.53% U3O8 mineralized as pitchblende veins in a 3m wide shear, that is 800m from the southwest property boundary, and is spatially associated with the Grease River Shear Zone.
- Two contiguous claims totaling 9,168.634ha, within the NE area of the Athabasca Basin. The property is located approximately 3km south of the north margin of the Athabasca Basin where the depth to the unconformity is expected to be less than 300m - 400m.
- The Cree Lake claims were staked proximal to the regional Black Lake Fault structural corridor. This major NE oriented structural trend is known to be associated with several uranium occurrences including the historic Nisto uranium deposit located approximately 13km to the NE.
- Historic airborne geophysics surveys interpret the property to be situated in a magnetic low corridor, with several Black Lake Fault parallel lineaments and a number of cross-cutting lineaments as well. These features represent the type of geological environment favorable for hosting hydrothermal and structure related uranium deposits known in the Athabasca Basin.
- Two additional claims totaling 7,589.35ha were staked to the east of and contiguous to the Manitou Falls claim that was previously staked in May 2013 (see news release June 03, 2013). The property now consists of three mineral claims covering 10,529.896ha and is located on the northeastern side of the Athabasca Basin. Coverage includes the interpreted basin margin. The eastern side of the Athabasca Basin is significant as it is home to all of Canada's current production of uranium. The property benefits from a large amount of historical data from surveys and ground prospecting work that has identified six radiometric anomalies and multiple basement EM conductors.
- A single claim of 4,354.724ha within the SE area of the Athabasca Basin. The property is located within 10km of the south margin of the Athabasca Basin, where the depth to unconformity averages ~270m. The property is located approximately 70km north-east of the Key Lake mill.
- The property is attractive from a geophysics perspective, with magnetic low corridors (interpreted to be pelitic gneiss) between magnetic high features (interpreted to be granitic gneiss). Several interpreted basement EM conductors are present on the property, parallel to the magnetic low corridors and flanking magnetic high features. These are classic features in hydrothermal and structure related high grade deposits of the Athabasca Basin.
- Of particular note, the property contains the western half of a 10km long east-west oriented prospective basement EM conductor. A single drill hole on the property drilled by Titan Uranium in 2008, intersected strong bleaching and alteration in the Athabasca sandstone from 118m - 204m and below the unconformity entered a pyritic, graphitic pelite with up to 90% graphite locally. Anomalous uranium values of 2.16 ppm U was reported in a 20m section of sandstone immediately above the unconformity.
Updated claim maps can be found on the Company's website at http://www.fission3corp.com/projects/.
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."
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 3.0 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.