Fission 3.0 and Brades JV Identifies Anomaly Cluster: Potential Uranium Boulder Field or Outcrop at Clearwater West
April 15 2014 - 3:30AM
Marketwired
Fission 3.0 and Brades JV Identifies Anomaly Cluster: Potential
Uranium Boulder Field or Outcrop at Clearwater West
Cluster of radiometric anomalies found near existing EM
Conductors
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 15, 2014) -
BRADES RESOURCE CORP. ("Brades" or "the Company")
(TSX-VENTURE:BRA)(FRANKFURT:B04) and its joint venture partner
FISSION 3.0 CORP. ("Fission 3") (TSX-VENTURE:FUU), are pleased to
announce the results of two surveys at their Clearwater West
property in Saskatchewan's Athabasca Basin. These comprise a high
resolution magnetic and Fission 3's patent-pending radiometric
airborne survey. The property scale survey has identified a
clustering of radiometric anomalies concentrated on the Eastern
10km of the property where compilation of historical data shows
north-east trending electromagnetic (EM) conductors to be present.
The radiometric anomalies identified so far have been prioritized
for ground prospecting follow up this summer.
A property scale airborne VTEM survey, designed to identify
basement EM conductors has also been completed and analysis and
interpretation is in progress.
Ross McElroy, COO, and Chief Geologist for Fission,
commented,
|
|
"These results represent a very
promising start to the first year of exploration at Clearwater West
and warrant follow-up ground prospecting and mapping. We are
particularly encouraged that the radiometric anomalies have been
identified in the same area as the magnetic low corridor and
coincident known EM conductors, possibly related to a structurally
associated metasedimentary corridor as is common in Athabasca Basin
area deposits. It's becoming increasing clear that this is a highly
prospective project." |
Brian Biles, Director of Brades, commented,
|
|
"We are very pleased with the survey
results, particularly because the radiometric anomalies have been
identified in the same area as known EM conductors. This is an
excellent start to the JV's first year of exploration." |
Airborne Magnetic and
Radiometric Survey
A northwest-southeast oriented detailed property scale airborne
high resolution magnetic and radiometric survey was flown at 50m
line spacing for a total of 5,447 line-km. This is same Fission
3/SPI patent pending airborne radiometric survey equipment and
"methodology for finding at surface radiometric occurrences" that
played a key role in the early stages of Fission Uranium Corp's
discovery at the neighboring property of PLS approximately 12km to
the north, whereby the survey identified clustered radiometric
anomalies that led to the discovery of the high-grade boulder field
through ground prospecting.
On the Clearwater West property a number of radiometric
anomalies, rated from moderate to weak have been identified,
concentrated in the eastern 10km of the property. The clustering of
anomalies may possibly represent an expression of a boulder field
of glacial origin, or perhaps represent an outcrop source.
Follow-up prospecting and mapping of these anomalies are being
considered for this up-coming summer program.
VTEM Airborne
Survey
A northwest-southeast oriented property scale airborne VTEM
magnetic and electromagnetic survey was flown at 200m line spacing
for a total of 641.5 line-km. Interpretation of the results is
presently underway. Preliminary interpretation shows that EM
conductors are present on the east side of the property that may
represent on-strike continuation of the EM conductors seen on the
PLS property immediately to the north. Such basement EM conductors,
when associated with structural features and hydrothermal
alteration can represent prime drill targets for uranium
mineralization.
Summary of Year One Exploration at Clearwater West
The $0.7 million budgeted work program for year one consists of
an airborne EM and magnetics survey and a high resolution
radiometric survey utilizing Fission 3's patent-pending airborne
radiometric survey equipment and methodology for finding at surface
radiometric occurrences. This will be followed by local ground
geophysics and geochemical surveys (including radon), to assist in
developing high priority drill targets. An updated map can be found
on the Fission 3 Corp website at
http://fission3corp.com/projects/clearwater_west/maps/.
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 the past three years
(Waterbury Lake project and the PLS project), operates and manages
Clearwater West. Fission 3 currently holds a 100% interest in
Clearwater West.
Brades 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 14, 2016. Year One
minimum exploration requirement is $0.7M.
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 Brades 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). Fission Uranium is
currently conducting an aggressive 30,000m drill program at
PLS.
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.
About Brades Resource Corp.
Brades Resource Corp is a Canadian-based resource company
focused on gold in British Columbia and uranium in Saskatchewan's
Athabasca Basin - the world's largest source of high-grade uranium.
The company has a joint venture with Fission 3.0 Corp. to explore
Fission's Clearwater West property at which Fission's award-winning
technical team will be the Operator. Brades also has a large,
strategically located property at Lorne Lake in the Athabasca Basin
and a gold project in British Columbia.
On behalf of the board, |
Shares issued: 19,331,042 |
Brian Biles, Director |
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.
This news release includes certain statements that
constitute "forward-looking information" within the meaning of
applicable securities law, including without limitation, statements
that address the timing and content of upcoming work programs,
geological interpretations, receipt of property titles and
exploitation activities and developments. Forward-looking
statements address future events and conditions and are necessarily
based upon a number of estimates and assumptions. While such
estimates and assumptions are considered reasonable by the
management of the Company, they are inherently subject to
significant business, economic, competitive and regulatory
uncertainties and risks, including the ability of the Company to
raise the funds necessary to fund the option earn-in on the
Clearwater West property and, accordingly, may not occur as
described herein or at all. Actual results may differ materially
from those currently anticipated in such statements. Factors that
could cause actual results to differ materially from those in
forward looking statements include market prices, exploitation and
exploration successes, the timing and receipt of government and
regulatory approvals, and continued availability of capital and
financing and general economic, market or business conditions.
Readers are referred to the Company's filings with the Canadian
securities regulators for information on these and other risk
factors, available at www.sedar.com. Investors are cautioned that
forward-looking statements are not guarantees of future performance
or events and, accordingly are cautioned not to put undue reliance
on forward-looking statements due to the inherent uncertainty of
such statements. The forward-looking statements included in this
news release are made as of the date hereof and the Company
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.
Brian Biles, DirectorTEL: 604 687
7742brian@bradesresource.comwww.bradesresource.com