TSX VENTURE SYMBOL: FUU
First pass drill program to focus on 1.2km
area of interest along Virgin River Shear Zone in NE Athabasca Basin
KELOWNA, BC, May 23, 2019 /CNW/ - FISSION 3.0
CORP. ("Fission 3" or "the Company") is
pleased to announce a three-hole (1,225m) drill program at its Cree Bay property,
located in the northeast area of Canada's Athabasca Basin. The program is budgeted
at $500,000 and is expected to take
2.5 weeks to complete, commencing during the last week of May. The
property is located along the SW-NE trending Virgin River Shear
Zone, which is host to the historic past producing Nisto uranium
deposit located ~7km along strike to the northeast. Drilling
will focus on the strongest areas of a localized 1.2km geophysics
resistivity low anomaly coincident with the Virgin River shear zone
conductive trend located in the north east of the property.
High-grade unconformity uranium occurrences in the Athabasca Basin are often formed where
mineralized fluids that have traveled along reactivated basement
faults intersect with the overlying sandstone. Such systems
often produce hydrothermal alteration along the fault corridors and
these alteration halos can plume upwards into the sandstone.
These alteration features may be detected by DC resistivity
geophysics surveys as resistivity lows within a conductive trend,
such as the anomaly that the Company's Cree Bay drill program will
be targeting.
News Highlights
- Summer Program to Commence during the last week of
May 2019: Site preparations
already underway for three-hole (1,225m) program
- All Holes to Focus on Large, Prospective Target: A
1.2km resistivity anomaly was identified by Fission 3 during recent
ground geophysics surveys. Two core holes will test the
primary intense part of anomaly on line 2700N and a third hole is
planned 600m to the southwest to test
the secondary moderate part of the resistivity anomaly on line
2100N
Ross McElroy, COO, and Chief
Geologist for Fission, commented,
"We are looking forward to commencing our drill program at
Cree Bay. This is an attractive property with a primary drill
target of significant size, and it is located just 10km from the
past-producing Nisto uranium mine. The program is the latest
element of Fission 3's ongoing exploration across its large
portfolio in Canada's Athabasca Basin – a region which hosts the
highest-grade uranium deposits in the world."
Cree Bay – Location and Geophysics Survey
Details: The Cree Bay property, located 20km south of
the town of Stony Rapids, consists
of 16 claims totaling 14,080 ha and sits on the inside edge of the
north-eastern Athabasca Basin. The property is located along
the major SW-NE trending Virgin River Shear Zone. Locally the
conductive corridor is bound by the Black Lake Fault to the north
and East Channel Fault to the south. The historic Nisto
uranium mine, is located ~7km to the northeast of the property
boundary, along the Black Lake
fault.
In 2017, Fission 3 completed a ground DC resistivity geophysics
survey over the northeast end of a historic airborne
Electromagnetic (EM) anomaly located in the northeast part of the
property. This anomaly is situated within the Virgin River
Conductive Corridor, where the Athabasca Sandstone cover is
estimated to have a thickness of just over 200m. The ground resistivity survey
identified an associated resistivity anomaly in the lower sandstone
that was open to the south and that was interpreted to indicate a
possible alteration system. In March to April 2019, Fission 3 carried out a 27-line km
ground DC Resistivity Survey. The goal was to close off and
fully define the resistivity anomaly identified in 2017, as such
alteration systems are known to accompany unconformity-type uranium
mineralization.
The Resistivity Surveys have defined a resistivity low anomaly
in the lower part of the Athabasca Sandstone along a strike length
of ~1.2km. Two 3km-long lines of moving loop Time Domain
Electromagnetic (TDEM) were completed over the most intense parts
of the resistivity anomaly, over a 900m strike length between Line 2700N and Line
1800N. The TDEM survey identified basement conductors
adjacent to the resistivity low which may indicate reactivated
structural faulting, and which have the potential to provide
pathways for uranium mineralizing fluids. Cross-faulting is also
interpreted near Line 2700N.
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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forward-looking statements included in this press release are made
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SOURCE Fission 3.0 Corp.