TSX VENTURE SYMBOL : FUU
KELOWNA, BC, Aug. 16, 2021 /CNW/ - FISSION 3.0
CORP ("Fission 3" or "the company") is
pleased to announce that it has expanded its
Hearty Bay project in Canada's
northwest Athabasca Basin region,
by staking additional ground which now includes the historic Hearty
boulder train, as well as the historic Wolfe and Jackfish uranium
boulder trains with assay values up to 8.23%
U3O8. The company also reports that it
has commenced a high resolution magnetic and radiometric airborne
geophysical survey over the property to refine and develop drill
targets to locate the source of the high-grade uranium
boulders.
News Highlights:
Hearty Bay:
Property Expanded: Fission 3 has
staked 2 new contiguous mineral claims with a combined area of
1,370 hectares on the west side of its Hearty Bay claim block. The
new claims were staked on August 3,
2021 and cover the historic Hearty boulder field. The
boulder field, first reported by Eldorado Nuclear Ltd. "Eldorado",
in the 1970's describes numerous radioactive boulders but
do not document assay values.
Airborne Survey Underway: A 2,490 line km high
resolution magnetic and radiometric airborne geophysical survey has
commenced. The line spacing of the detailed airborne survey is
50m. This innovative airborne survey
technology was instrumental in making Fission Uranium's high grade
uranium boulder discovery, which lead to the PLS, Triple R deposit.
The survey aims to identify new geologic structures, refine
previously defined marine seismic structural and lithological
targets and has the potential to discover new radioactive boulders
and outcrop.
Project Overview and Previous Work:
The 100% owned
Hearty Bay property now comprises 7 contiguous mineral claims with
an area of 11,173 ha. The property is located on the north edge of
the Athabasca Basin, 20km west of
the Fond du Lac uranium deposit
and 60km east of the Beaverlodge
uranium district. The property surrounds the historic Isle Brochet
high-grade boulder field, consisting of the Wolfe and Jackfish 1 km
long dispersal trains trending in a down-ice direction and
containing reported historic assay values up to 3.54% uranium.
Approximately 600m to the northeast
on the lake bottom a group of radioactive boulders were discovered
reported to contain up to 1.4% U3O8. These boulders were both
sandstone and altered basement rocks which was interpreted to
indicate that the mineralized source was at or near the
unconformity. Historic drilling by Eldorado proximal to these boulders at the
margin of the Athabasca Basin did
not intersect any significant radioactivity, and thus the source
remains undetermined.
Prospecting work conducted by Fission 3 in 2019 on the historic
Wolfe and Jackfish boulder fields at Isle Brochet has identified
and sampled 45 new occurrences of mineralized sandstone and basal
conglomerate boulders, returning radioactivity readings between 190
to >10,000 cps and assay values ranging from 0.07% to 8.23%
U3O8. Over 24% of the boulders returned assay
values of >1% U3O8 with an average of
3.06% U3O8. The sandstone and
conglomerate lithologies suggests the source originates at or near
the Athabasca Sandstone – Basement unconformity, and likely
nearby. Additionally, historic records report the occurrence
of mineralized basement and sandstone lithologies in the boulder
fields. This strongly suggests that the Athabasca Basin margin represents a
high-priority focus for exploration for source.
A 255km marine seismic survey was also conducted by the company
to the NE of Isle Brochet in the main ice direction.
Interpretations suggested several potential drill targets
consisting of possible sandstone outliers bounded by basement
structural features to the northeast and further up ice from where
the historic Eldorado drilling was
focused.
Current Work:
New Staking:
The Company has
recently added to the property by staking two new mineral claims
with a combined area of 1,370 hectares on the west side of the
Hearty Bay Property. The claims cover the historic Hearty boulder
train previously discovered by Eldorado and located about 4km to the west of
the Isle Brochet boulder field.
Low-Level Airborne Magnetic and Radiometric Survey:
A
property scale, 2,490 line-km high-resolution airborne magnetic and
radiometric survey underway. The magnetic data collected from the
survey will allow for a detailed structural interpretation, which
has the potential to aid in refining drill targets. High grade
uranium in the Athabasca Basin
setting is often associated with and located along structural
breaks, acting as both a pathway and a trap for uranium bearing
solutions that create high-grade uranium occurrences such as
postulated as the origin of the Hearty Bay boulder fields. By
combining a structural interpretation with the data collected by
the 2019 marine seismic survey and applying an understanding of the
up-ice transport direction of the Hearty, Wolfe and Jackfish
radioactive boulder fields, the company will be well positioned to
identify high-priority drill targets.
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. a qualified
person and Director with Fission 3.0.
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
"Dev Randhawa"
Dev Randhawa, CEO
Cautionary Statement: Certain information
contained in this press release constitutes "forward-looking
information", within the meaning of Canadian legislation.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects"
or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur", "be achieved" or "has
the potential to". Forward looking statements contained in this
press release may include statements regarding the future operating
or financial performance of Fission 3.0 Corp. which involve known
and unknown risks and uncertainties which may not prove to be
accurate. Actual results and outcomes may differ materially from
what is expressed or forecasted in these forward-looking
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Among those factors 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, except as expressly required by applicable securities
legislation.
SOURCE Fission 3.0 Corp.