TSX VENTURE SYMBOL: FUU
Drilling to Commence on Wales Lake in
December
KELOWNA, BC, Dec. 11, 2018 /CNW/ - FISSION 3.0
CORP. ("Fission 3" or "the Company") is
pleased to announce its Athabasca
Basin winter exploration drilling program. This winter, the company
plans to drill approximately 4,400 meters in 18 holes on 4 of its
high-priority projects, prospective for hosting shallow, high-grade
mineralization. The projects are located in 3 major regional
districts of the Athabasca Basin:
the emerging PLS area uranium camp in the southwest, the historic
Key Lake area mining camp in the southeast and also the northern
area of the Athabasca Basin. The program will shortly commence
with two holes on the Wales Lake property located in the PLS area,
where surveys have identified high-priority targets.
News Highlights
- Multi-project winter drill program will focus on four key
projects in the Athabasca Basin:
Wales Lake, PLN, Key Lake and Cree Bay
- Successful surveys and ground-prospecting have generated
high-priority targets on each project
- Within the Athabasca Basin
region, the company's properties are all located in areas that are
prospective for near-surface uranium mineralization
- Program will commence in December
2018 at Wales Lake in the PLS Area – a district proven to
host major, high-grade uranium deposits
- Winter drilling will include:
-
- PLN – 5 holes in 1,850m
- Wales Lake – 2 holes in 500m
- Key Lake Area – 9 holes in 1,300m
- Cree Bay – 2 holes in 750m
Ross McElroy, COO, and Chief
Geologist for Fission, commented,
"Having recently completed an $8M financing, Fission 3 has both the funds and
the backing to aggressively explore multiple properties. Our
award-winning technical team has built an exceptional portfolio in
the Athabasca Basin region that
encompasses emerging and historic major uranium mining areas, with
a particular focus on the potential to host shallow, high-grade
mineralization. This winter will see an exciting start to a
strategic and systematic campaign to discover new occurrences of
high-grade uranium mineralization on Fission 3's projects in the
Basin."
Fission 3's Portfolio Strategy. Within the
Athabasca Basin region, the
company's properties are all located in areas that are prospective
for near-surface uranium mineralization in both basement and
unconformity hosted models. The emphasis for land selection has
been on identifying shallow-hosted mineralization potential in
conjunction with underlying structural and alteration features
associated with appropriate lithologic units, with a focus on being
near historic mining districts (such as Beaverlodge / Uranium City in north-western Athabasca Basin region and Key Lake area in
the eastern Athabasca Basin
region) or emerging major mining districts (such as the
south-western Athabasca Basin
region). As such, property locations tend to be proximal to the
Athabasca Basin margins. Most
properties are drill-ready with airborne and some ground geophysics
completed in order to quickly vector in to target selection.
Further Details on Projects and Drill Programs
PLS Area
Located in the southwest region of the Athabasca Basin, the PLS area has been the
focus of 2 of the most significant recent discoveries of high-grade
uranium deposits; Fission Uranium's Triple R and NexGen Energy's
Arrow deposits. The area is considered the most important,
emerging uranium mining district of the Athabasca
Basin. Fission 3 has a portfolio of 3 properties covering
83,763 ha in the region surrounding these major deposits; the
Patterson Lake North package, including Patterson Lake North "PLN"
and Patterson Lake Northeast
"PLN-NE" is located immediately to the north of Triple R, while
Wales Lake and Clearwater West
properties surround the area to the west and south of Triple R.
During the winter season, drilling will focus on PLN and Wales
Lake. While the bulk of drilling will focus on high-priority
targets at PLN, starting in January
2019, for logistics and seasonal considerations, the
drilling will start off with testing two holes in December on Wales
Lake – Block C.
Wales Lake: The 100% owned Wales Lake
property comprises 30 claims in 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. From west to east
the 3 blocks are referred to as A, B and C respectively.
Block A is the westernmost and is located ~30km west of Fission
Uranium's flagship high-grade Triple R uranium deposit. It
comprises 2 claims in ~2,689 ha. Block B is located a further
~6km to the east and comprises 4 claims in ~10,549 ha. Block C is
the both the eastern-most and southern-most as well as the largest
block and is located a further ~7km to the southwest. It comprises
24 claims in ~22,201 ha, and is located ~25km south of the Triple R
deposit.
Wales Lake Drilling: The first 2 holes of a
planned minimum of 4 holes - 1,000m
program for Wales Lake - Block C will be drilled in December, with
additional drilling planned for an upcoming summer program.
High-priority drill targets were developed using both airborne and
ground geophysics surveys that were conducted by the Company.
A helicopter-borne airborne geophysical versatile time domain
electromagnetic "VTEM" survey that was flown in 2017 over Block C
identified numerous electromagnetic "EM" conductors in a
structurally complex setting. The survey showed multiple
parallel and offset conductors in and along the edge of magnetic
low corridors thought to represent either reactivated shear zones
and/or pelitic lithologcial corridors, both known to be favorable
to hosting uranium mineralization. Importantly a major
structural flexure in the geology changes strike from NW-SE to
NE-SW trend as is clearly seen in the magnetic survey. This
feature may represent a setting favorable for developing faulting
and hydrothermal alteration, which are key components to developing
high-grade uranium mineralization. The Triple R deposit, located
~30km to the north of this flexure represents a similar geological
setting. A 21 line-km small moving loop ground EM survey was
completed in November 2018. The ground surveys consisted of
collecting single lines of TDEM data over each of 12 airborne VTEM
targets, to provide the detailed data required to prioritize drill
targets.
PLN Package: The PLN package consists of a total
of 36,537 ha in 37 mineral claims of which Fission 3 has a 90%
interest in 27,408 ha (10 mineral claims) and a 100% interest in an
additional recently staked 9,129 ha (27 mineral claims).
Azincourt Energy Corp. holds a 10% interest in 27,408 ha of the PLN
property.
The property, just inside the Athabasca Basin, is prospective for high-grade
uranium at shallow depth. The property is adjacent to, and
part of the same structural corridor as Fission Uranium's PLS
project, host to the Athabasca's
most significant major, shallow-depth, high-grade uranium
deposit. Previous drill results show large scale
potential. Drilling in 2014 identified a mineralized corridor
associated with the A1 ~700m in strike length, where results
returned significant mineralization and pathfinder elements
(uranium, boron, copper, nickel and zinc) and included hole
PLN14-019 which intercepted 0.5m at
0.047% U3O8 within 6.0m @ 0.012% U3O8.
PLN Drilling: A minimum 8-hole, 3,250m drill program has been approved by the PLN
joint venture for 2019. Five holes in 1,850m will be drilled during the winter
program. All five holes will test the A1 conductor stepping
out 25m and 50m north along strike of prospective hole
PLN14-019, targeting the same relative positioning of the
mineralized pelite.
Key Lake Area
The Key Lake area is an important historic uranium mining
district located in the southeast region of the Athabasca Basin. The Key Lake operations is
owned by Cameco Corp. (83%) and Orano Canada Inc. (17%) and hosted
the former Key Lake mine, which produced 208 million pounds of
uranium between 1975 to 1997 and is home to one of the largest
uranium mills in the world. The key Lake mill processed ore
from the McArthur River uranium deposit, until Cameco announced in
2018 that McArthur River mining would be suspended indefinitely due
to sustained low uranium prices. The area is considered
highly prospective to discover significant new uranium occurrences.
Fission's Key Lake Area Property portfolio consists of the
Ford Lake, Gryphon West, Hobo Lake, Karpinka Lake and Morin Lake properties and totals 24,490 ha in
5 separate, non-contiguous properties. Locally the Key Lake area
lies within the Key Lake Shear Zone ("KLSZ"), which is
characterized as a broad northeast-southwest trending primarily
metasedimentary corridor, and is expressed as a magnetic low in
geophysical surveys. Within the KLSZ corridor numerous basement EM
conductors are present.
Key Lake Drilling: Winter drilling on the
Hobo Lake and Karpinka properties are planned for March. The
current plan calls for 1,300m in 9
holes. Several holes will target major structural jogs in
conjunction with moderate to high conductivity bright spots and
historic gravity lows. These are features commonly associated
with uranium mineralization. Other drill holes will test
nearby elevated boron and associated potential alteration halo, as
well as up-dip historical elevated uranium between graphitic gneiss
and granitic contact near bedrock surfaces from historical
drilling.
Cree Bay: The Cree Bay property consists of
18 claims covering 14,080 ha located on the northern edge of the
northern Athabasca Basin. The town of Stoney Rapids is 20km
to the north and the historic Nisto uranium mine is 13km to the
northeast. Previous work included a high resolution airborne
magnetic and radiometric survey flown in 2015 and a ground DC
resistivity survey in 2017.
Cree Bay Drilling: The current plan
calls for 750m in 2 holes. The Cree
Bay property is on a nearby parallel trend with the Nisto Deposit
where drilling by Forum Energy Metals Corp., (formerly Forum
Uranium Corp.) encountered strong clay alteration and 50m faulted offset associated with a major
structural lineament thought to trend down through the Cree Bay
property. A fence of two holes will be drilled on the same
section targeting basement conductive features and resistivity low
from DC resistivity survey conducted in 2017 on the northeastern
resistivity grid. The resistivity low could indicate clay
alteration associated with reactivated faults, often the focus of
uranium mineralization fluids. A 9 line-km DC Resistivity
ground geophysics survey will be conducted which will extend the
existing northern resistivity grid to the southwest.
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"
Ross McElroy,
COO
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SOURCE Fission 3.0 Corp.