TSX VENTURE SYMBOL: FUU
Key projects include PLN, Cree Bay,
Beaver River and Hearty Bay where
shallow drill targets have been identified through successful
surveys and field work
KELOWNA, BC, May 28, 2020 /CNW/ - FISSION 3.0
CORP. ("Fission 3" or "the Company")
announces that it has completed a major cost-cutting program that
has significantly reduced the Company's G&A. This includes a
cut of 50% to salaries and fees paid to Management, Directors and
all employees, as well as a reduction in the overall number of
staff. In addition, following a review of its premium uranium
exploration portfolio in Canada's
Athabasca Basin region, Fission
3.0 will be prioritizing key projects moving forward. The Company
is also highly encouraged by the 34% increase in uranium spot
prices since March, 2020, and the significant improvement in
uranium market sentiment.
Key Projects
Cree Bay: Located in the NE
Athabasca Basin area, Fission has drill tested two targets
to date and identified a large hydrothermal structural cell that
hosts radiometric anomalies (up to 573 counts per second (cps) at
225.5m in CB19-001). Next steps will
include drilling to focus on the structural features, including the
interpreted basement and unconformity off-set associated with the
strong alteration that was observed in the 2 holes drilled.
Hearty Bay: Located in the in the Beaverlodge Mining
District, in the NW Athabasca
Basin, recent exploration at Hearty Bay focused on prospecting and
tracking the source area of the Wolfe and Jackfish boulder fields
at Isle Brochet. Next steps will include drilling to explore for
the source of the high-grade uranium boulder fields.
Beaver River: Located
just outside of the northern edge of the Athabasca Basin, historic work at Beaver River encountered significant surface
showings of uranium. Importantly, recent groundwork by Fission's
team has discovered high-grade uranium and gold, with an outcrop
assaying 13.9% U3O8 and 2.27 g/t Au, leading to new ground being
staked around the area. Next steps will include defining and drill
testing targets.
PLN: Located near Fission Uranium's award-winning,
high-grade and shallow uranium deposit. Exploration to date has
successfully intercepted uranium mineralization and identified
conductors and new drill targets. Next steps will include
drill testing a number of high priority targets.
Ross McElroy, COO, and Chief
Geologist for Fission, commented,
"With rising spot prices and
positive sentiment, the outlook for uranium explorers has
significantly improved in recent months. Fission 3.0 owns an
exceptional portfolio in the Athabasca Basin, with projects that are
prospective for both high-grade and shallow mineralization.
Following an in-depth technical review we have now prioritized our
key projects moving forward. In addition, thanks to substantial
reductions in G&A, Fission 3.0 is leaner and we are excited to
play an active part in the resurgence of the uranium sector."
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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contained in this press release constitutes "forward-looking
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forward-looking statements included in this press release are made
as of the date of this press release and Fission 3 Corp. disclaim
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SOURCE Fission 3.0 Corp.