Five holes will step out from successful
prior drill holes
TSX VENTURE SYMBOL: FUU
KELOWNA, BC, Jan. 3, 2019 /CNW/ - FISSION 3.0 CORP.
("Fission 3" or "the Company") is pleased to announce
it will shortly be commencing a 1,850m five-hole winter drill program at its PLN
project in the Athabasca Basin
region of Saskatchewan, Canada.
The program will focus on high-priority targets within a
700m mineralized corridor identified
during the previous drill program. All five holes will test the A1
conductor, stepping out 25m and
50m north along strike of PLN14-019,
which intercepted significant uranium mineralization. These five
winter holes are part of an overall 3,250m PLN program approved for 2019.
PLN is located in the south-west area of Saskatchewan's Athabasca Basin, immediately adjacent and to
the north of Fission Uranium's PLS project, which hosts the
high-grade Triple R uranium deposit. With its proximity to
large-scale, high-grade uranium deposits, and with multiple
geological and geophysical interpreted features, including an
extensive drill-identified mineralized corridor, PLN ranks highly
in Fission 3's extensive portfolio.
News Highlights
- PLN 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
- Step out drilling strategy. Drilling will step out from
one of the previously-drilled, mineralized holes (PLN14-19), which
intercepted 0.5m at 0.047% U3O8
within 6.0m @ 0.012% U3O8 during the
2014 drill program.
- Prior drilling has intercepted significant uranium and shown
large-scale potential. The Company's 2014 drill program
identified a mineralized corridor associated with the A1 conductor
~700m in strike length, where results returned significant
mineralization and pathfinder elements.
- Highly-targeted winter holes part of larger program at
PLN. An 8-hole, 3,250m drill
program has been approved by the PLN joint venture for 2019, with 5
holes (1,850m) to be drilled this
winter.
Ross McElroy, COO, and Chief
Geologist for Fission, commented,
"Our prior drilling has already proven that PLN hosts uranium
and, importantly, those results have highlighted the potential for
large-scale mineralization. Winter drilling will focus on the
approximately 700m mineralized trend
and will use a strategy of step outs from one of our previous,
successful holes on the property."
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.
Wales Lake Update: A total of 586m of drilling in 2 holes were completed on the
southwest and northeast areas respectively of Block C of Wales Lake
in December. Both holes targeted basement electromagnetic
conductors that were defined by airborne and ground
geophysics. The drilling indicates that the southwestern area
of Block C appears to have a higher potential for hosting
mineralization.
Hole WL18-001 is an angled hole located on the northwest
striking major conductor trend in the southwestern corner of the
property. The hole was drilled to a depth of 305m and encountered bedrock at 165.5m. Bedrock consisted of alternating
sequences of quartz-chlorite-garnet gneiss and sulphide rich
quartz-feldspar-biotite-garnet gneiss. Basement geology appears to
be roughly flat lying to gently dipping. Intervals of moderate to
strong hematite and chlorite alteration occur throughout.
Several narrow intervals of fault gouge within strongly foliated
regions were encountered throughout. No anomalous radioactivity was
encountered.
Hole WL18-002 is an angled hole located in the northeast corner
of the property. Similar to that seen in WL18-001, the basement
geology appears to be roughly flat lying to gently dipping.
The hole was drilled to a depth of 281m and encountered bedrock at 143m. Bedrock consisted of broad sequences
of orthogneiss and granodiorite/granitoid. Minimal chlorite
alteration is present to a depth of 195.7m. A narrow interval of anomalous
radioactivity associated with a pegmatite vein was encountered from
170.0 to 170.5m. Radioactivity
in drill core peaked at 500 cps and downhole gamma survey peaked at
3,239 cps. It is likely the radioactivity is from thorium in
the pegmatite rather than uranium.
Wales Lake
Hole
ID
|
Block
|
Area
|
Collar
|
Hand-held
Scintillometer Results On
Mineralized Drillcore (>300 cps / >0.5M
minimum)
|
Basement
Unconformity
Depth
(m)
|
Total
Drillhole
Depth
(m)
|
Az
|
Dip
|
From
(m)
|
To
(m)
|
Width
(m)
|
CPS Peak
Range
|
WL18-001
|
Block C
|
SW
|
235
|
-76
|
No Significant
Radioactivity
|
165.5
|
305.0
|
WL18-002
|
Block C
|
NE
|
89
|
-76.6
|
170
|
170.5
|
0.5
|
500
|
143.0
|
281.0
|
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. Block B is located a further ~6km
to the east and Block C is located a further ~7km to the
southwest.
Natural gamma radiation in drill core that is reported in this
news release was measured in counts per second (cps) using a
hand-held RS-121 Scintillometer manufactured by Radiation
Solutions. 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. All intersections are
down-hole, core interval measurements and true thickness is yet to
be determined.
Samples from the drill core are split in half sections on site.
Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split
sample will be sent to SRC Geoanalytical Laboratories (an SCC
ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK. Analysis will include a 63
element ICP-OES, and boron.
All depth measurements reported, including radioactivity and
mineralization interval widths are down-hole, core interval
measurements and true thickness are yet to be determined.
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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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,
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SOURCE Fission 3.0 Corp.