Fission 3.0 Hits Significant Radioactive Mineralization at PLN
July 07 2014 - 3:00AM
Marketwired Canada
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 that the first significant anomalous radioactive mineralization has
been discovered in drill hole PLN14-019, at their PLN project in Canada's
Athabasca Basin. The hole is still in progress at 258m, although no further
intervals of mineralization are expected.
PLN14-019, which tested the prospective A1 electromagnetic (EM) conductor, has
intersected two narrow intervals of anomalous and variable radioactivity with a
maximum peak measured at 1450 cps over 0.5m occurring within a strongly clay
altered graphitic pelitic gneiss. All three other holes (PLN14-016, 017, 018)
intersected anomalous hydrothermal clay altered intervals, associated with
structurally disturbed sections. This further highlights Fission 3's confidence
of the prospectivity and potential of the A1 conductor to host high-grade
uranium mineralization.
Drilling Highlights include:
PLN14-019 (still in progress)
-- A 7.5m section (191.5m - 199.0m) with peak measurements up to a 1450 cps
-- Anomalous radioactivity occurs within a strongly clay altered and
brecciated graphitic gneiss (183.0m to 198.8m)
Ross McElroy, Chief Geologist for Fission 3.0, commented,
"Hitting anomalous radioactivity in basement rocks at PLN is an extremely
exciting step forward for Fission 3.0 and further drilling will focus on
following up the recently intersected mineralization. Winter drill testing had
already highlighted the A1 EM conductor as highly prospective and now these new
holes, particularly PLN14-019, have substantially up-graded the potential of
this key target area."
Drill Program
A1 Conductor
During the winter 2014 program, four holes were drilled along a 1.2km strike
length of the southern half of the A1 conductor (PLN14-010, 011, 012 and 013
(see News Release April 02, 2014). All four holes drilled in the 2014 winter
program intersected locally structurally complex mylonitic graphite and sulphide
rich pelitic gneiss. Of those holes, PLN14-010 was the most promising, showing
the strongest alteration and elevated pathfinder geochemistry.
The four holes drilled so far in the summer 2014 program (PLN14-016, 017, 018
and 019) have focused on the northern strike extent of the A1 conductor. All
four holes have encountered sequences of graphitic and sulphide bearing pelitic
gneiss with localized structural deformation and associated moderate to strong
hydrothermal alteration with hole PLN14-019 showing the most encouraging
anomalous radioactivity. This prospective basement lithology, secondary
alteration and structural features are the preferred geologic setting in which
basement hosted structurally hosted high-grade uranium occurs in the Athabasca
Basin area, analogous to the PL-3B corridor which hosts high grade uranium on
Fission Uranium's nearby PLS property, located approx. 20km to the south.
PLN14-016 was collared as an angle hole reaching the basement unconformity at a
depth of 106.5m. The hole was designed to test the graphitic pelitic gneiss
up-dip and closer to the unconformity from PLN14-010. The graphitic pelitic
gneiss was encountered from 158.6m to 192.7m; gossanous and pitty textures
prevail, with alteration moderately chloritic and hematitic. Crenulations and
apparent brecciation near a fault set from 174.0m to 177.0m. Garnetiferous and
locally weakly graphitic semi-pelitic gneiss containing lesser pelitic,
quartzitic and pegmatitic sections were cored to 317.5m. The drill hole was
terminated at 338.0m in a granitoid without encountering anomalous
radioactivity.
PLN14-017 was collared as an angle hole reaching the basement unconformity at a
depth of 110.5m. The hole was drilled 406m north along strike on the A1
conductor from PLN14-016 targeting an area of high conductance. A garnetiferous
semi-pelite was cored down to 128.3m without recovering any overlaying Athabasca
Sandstone, although sandstone is interpreted interpreted from the downhole gamma
probe. A pelitic gneiss from 128.3m to 151.4m contained a strongly graphitic and
pyritic section. Weakly anomalous radioactivity from 132.0m to 132.5m measured a
maximum peak of 430 cps. Towards the lower contact, clay, chlorite and hematite
alteration increased and is of locally extreme intensity between 151.5m to
154.0m displaying breccias containing chlorite and graphite. Clay altered fault
sets in the semi-pelitic gneiss above pelitic gneiss were similar as observed in
PLN14-016. Below 162.3m the pelitic gneiss is variably silicified containing a
significant pegmatite intersection over 44m wide from 185.5m to 229.5m. The hole
was terminated at 320.0m in quartz-feldspar orthogneiss. Overall alteration is
significantly more intense and pervasive than previous drill holes targeting the
A1 conductor.
PLN14-018 was collared as an angle hole reaching the basement unconformity at a
depth of 122.0m. The hole was drilled 370m north along strike of the A1
conductor from PLN14-017 targeting an area of high conductance. A typical
garnetiferous, hematitic and locally silicified semi-pelite overlays a strongly
conductive graphitic and pyritic pelitic gneiss from 217.0m to 229.5m.
Significant deformation including small scale fracturing, faulting and
brecciated textures are suggestive of a significant structural regime. Near the
lower contact of the pelitic gneiss, alteration intensity increased
significantly, and extreme chloritization associated with dravite(?) breccias
dominate to a depth of 266.2m. Although no anomalous radioactivity was measured,
the style and intensity of hydrothermal alteration and favourable structures
warranted an immediate follow up hole, and thus PLN14-019 was designed.
PLN14-019 was collared as an angle hole reaching the bottom of the overburden at
110.2m. Athabasca sandstone was encountered from 110.2m to 124.0m and the
basement unconformity at 124.0m. Strong to locally extreme clay alteration in
basement below the unconformity to a depth of 127.8m was followed by a bleached
zone within semi-pelitic gneiss and quartzofeldspathic gneiss to 137.9m. A
red-green zone containing 2m of massive specular hematite followed by intense
chlorite alteration was found to be overlain by a significant zone of
brecciation, deformation and discordant foliation from 176.0m to 183.0m with
quartzitic fragments floating in a chlorite matrix. These sets of faults and
shears are contained within a broader structural zone from 164.0m to 190.0m. A
strongly altered and brecciated graphitic pelitic gneiss was intersected from
183.0m to 198.8m and yielded anomalous radioactivity with a peak of up to 1450
cps from 191.5m to 192.0m within a zone of weakly elevated radioactivity from
189.5m to 199.0m. The drill hole is still in progress at 258.0m.
--------------------------------------------------------------------------
Target Hole ID Collar Over-
burden
Easting Northing Az Dip Depth (m)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
A1 Conductor PLN14-016 588623 6409649 52 -76 106.5
--------------------------------------------------------------------------
A1 Conductor PLN14-017 588433 6410008 51 -77 110.5
--------------------------------------------------------------------------
A1 Conductor PLN14-018 588218 6410255 54 -80 122.0
--------------------------------------------------------------------------
A1 Conductor PLN14-019 588242 6410277 54 -70 110.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Target Athabasca Basement Total
Sandstone Unconformity Depth Comments
From - To (m) Depth (m) (m)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
A1 Conductor N/A 106.5 338.0
--------------------------------------------------------------------------
A1 Conductor N/A 110.5 320.0
--------------------------------------------------------------------------
A1 Conductor N/A 122.0 338.0
--------------------------------------------------------------------------
Still in
A1 Conductor 110.2m - 124.0m 124.0 251.0 progress
--------------------------------------------------------------------------
Collar Location (GPS: UTMNAD 83)
An Updated map can be found on the Company's website at
http://fission3corp.com/projects/pln/maps/drill_exploration/.
The approximately 1600m 2014 Summer Drill Program at the PLN project consisting
of five drill holes, follows the results of the winter 2014 program that has
enabled the refinement of high priority drill targets. The full program includes
geophysics survey activity and is budgeted at $1.5M.
Natural gamma radiation in drill core that is reported in this news release was
measured in counts per second (cps) using a hand held Exploranium GR-110G total
count gamma-ray scintillometer. The reader is cautioned that scintillometer
readings are not directly or uniformly related to uranium grades of the rock
sample measured, and should be used only as a preliminary indication of the
presence of radioactive materials. The degree of radioactivity within the
mineralized intervals is highly variable and associated with visible pitchblende
mineralization. All intersections are down-hole, core interval measurements and
true thickness is yet to be determined.
All holes are planned to be radiometrically surveyed using a Mount Sopris
2PGA-1000 Natural Gamma probe.
Split core samples from the mineralized section of core will be taken
continuously through the mineralized intervals and submitted to SRC
Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of
Saskatoon for analysis, which includes U3O8 (wt %) and fire assay for gold. All
samples sent for analysis will include a 63 element ICP-OES, uranium by
fluorimetry and boron. Assay results will be released when received.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
Rich Matthews
Ph: 778-484-8030
TF: 844-484-8030
rich@fission3corp.com
www.fission3corp.com
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