Uranium prices dropped below $30 per pound towards the end of April and that dip took a lot of the uranium explorers with it. Only in the past month has the price begun a recovery. Promising drill results followed up with a compliant mineral resource estimate may help Fission weather this rough patch in the uranium market.
[box type=”info” align=”aligncenter” ]Disclaimer: This is an editorial review of a public mining company press release and is not an endorsement. It may include opinions or points of view that may not be shared by the companies mentioned in the release. The editorial comments are highlighted so as to be easily separated from the release text and portions of the release not affecting this review may be deleted. Read more at How to Use this Site.[/box]
KELOWNA, BRITISH COLUMBIA–(Marketwired – Sept. 8, 2014) – FISSION URANIUM CORP. (“Fission” or “the Company“) (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) is pleased to announce results from eleven new angled drill holes of the summer drill program at its PLS property in Canada’s Athabasca Basin. Of particular note is PLS14-286 (line 495E), with a total of 97.2m composite mineralization at shallow depth, including 9.31m total composite >10,000 cps radioactivity. All eleven holes returned wide mineralization, with eight returning intervals of >10,000 cps radioactivity. Fission has hit mineralization on every one of the 54 R780E zone summer program holes drilled to date.
[box type=”note” align=”aligncenter” ]Fission Uranium’s Patterson Lake high-grade uranium discovery is located in the prolific Athabasca basin in northern, Saskatchewan. The property has been one of the few good news exploration stories of the past few years and we’ve covered their exploration activities a few times before. The company is currently carrying out a 20,000 m summer drill program on the property to define the extent of their potential deposit. This release is reporting the latest results from eleven drill holes added to the program. Fission Uranium plans on compiling all the data collected and produce a 43-101 compliant resource estimate by the end of this year. [/box]
Zone R780E, which has a strike length of 930m, continues to widen: with the results of PLS14-282, the lateral horizontal width of the R780E mineralized corridor has expanded to greater than 164m on line 885E. Of additional note, holes PLS14-274 (line 1125E) and PLS14-285 (line 1095E) have further solidified the connection between the recently merged R780E and R1155E zones, with stronger mineralization than previously encountered.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented, “We are seeing yet more lateral widening on multiple section lines of the high-grade R780E zone with this new round of excellent drill results. We remain impressed by the progress of the summer program which continues to enjoy a 100% mineralization hit rate with holes drilled so far.”
As per news release July 28, 2014 Fission has replaced the GR-110 scintillometer, which measured a maximum of 9,999 cps (referred to as off-scale in all previous PLS drill programs) with the RS-121 scintillometer, which measures up to 65,535 cps for higher resolution readings of strongly anomalous radioactivity.
| Hole ID | Zone | Collar | * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) | Sandstone From – To (m) |
Basement Unconformity Depth (m) |
Total Drillhole Depth (m) |
|||||
| Grid Line |
Az | Dip | From (m) |
To (m) |
Width (m) |
CPS Peak Range |
|||||
| PLS14-273 | R780E | 885E | 328 | -69.0 | 133.5 | 148.5 | 15.0 | <300 – 8400 | NA | 61.0 | 452.0 |
| 152.0 | 155.0 | 3.0 | <300 – 1700 | ||||||||
| 166.5 | 168.0 | 1.5 | <300 – 360 | ||||||||
| 176.0 | 199.0 | 23.0 | <300 – 7000 | ||||||||
| 208.5 | 209.5 | 1.0 | 360 – 860 | ||||||||
| 224.5 | 231.5 | 7.0 | <300 – 540 | ||||||||
| 235.5 | 243.0 | 7.5 | <300 – 4400 | ||||||||
| 246.0 | 250.5 | 4.5 | <300 – 1200 | ||||||||
| 270.0 | 270.5 | 0.5 | 350 | ||||||||
| 273.5 | 277.5 | 4.0 | <300 – 1800 | ||||||||
| 315.0 | 317.5 | 2.5 | 340 – 770 | ||||||||
| 332.0 | 332.5 | 0.5 | 760 | ||||||||
| 354.0 | 354.5 | 0.5 | 420 | ||||||||
| 407.0 | 407.5 | 0.5 | 390 | ||||||||
| PLS14-274 | R780E | 1125E | 335 | -65 | 198.0 | 199.5 | 1.5 | 330 – 600 | NA | 69.9 | 417.0 |
| 202.0 | 224.5 | 22.5 | <300 – 19100 | ||||||||
| 232.0 | 233.0 | 1.0 | 550 – 740 | ||||||||
| 238.0 | 240.5 | 2.5 | <300 – 420 | ||||||||
| 278.5 | 280.0 | 1.5 | 320 – 700 | ||||||||
| PLS14-275 | R780E | 1005E | 335 | -69 | 130.5 | 133.0 | 2.5 | <300 – 480 | na | 65.1 | 434.0 |
| 137.0 | 167.0 | 30.0 | <300 – 9400 | ||||||||
| 172.5 | 181.5 | 9.0 | 360 – 19600 | ||||||||
| 205.0 | 216.0 | 11.0 | <300 – 1800 | ||||||||
| 222.5 | 225.0 | 2.5 | <300 – 2400 | ||||||||
| 246.0 | 250.0 | 4.0 | 350 – 11800 | ||||||||
| 263.0 | 264.0 | 1.0 | 350 – 390 | ||||||||
| 304.0 | 305.0 | 1.0 | 340 – 780 | ||||||||
| 309.5 | 320.5 | 11.0 | <300 – 4600 | ||||||||
| 372.0 | 373.0 | 1.0 | 390 – 450 | ||||||||
| PLS14-276 | R780E | 570E | 338 | -73 | 69.5 | 82.0 | 12.5 | 410 – 53900 | NA | 59.8 | 338.0 |
| 94.5 | 95.0 | 0.5 | 320 | ||||||||
| 98.5 | 100.5 | 2.0 | 330 – 27300 | ||||||||
| 103.5 | 112.0 | 8.5 | <300 – 7000 | ||||||||
| 115.0 | 118.0 | 3.0 | 420 – 8100 | ||||||||
| 130.0 | 132.0 | 2.0 | 310 – 5200 | ||||||||
| 134.5 | 138.0 | 3.5 | <300 – 5100 | ||||||||
| 160.0 | 174.5 | 14.5 | <300 – 1700 | ||||||||
| 188.0 | 202.0 | 14.0 | <300 – 2900 | ||||||||
| 210.0 | 222.5 | 12.5 | <300 – 1100 | ||||||||
| 239.0 | 240.0 | 1.0 | 5700 – 9000 | ||||||||
| 252.0 | 252.5 | 0.5 | 390 | ||||||||
| 279.0 | 279.5 | 0.5 | 520 | ||||||||
| PLS14-278 | R780E | 825E | 331 | -67 | 68.5 | 79.0 | 10.5 | <300 – 20900 | NA | 59.5 | 344.0 |
| 89.0 | 91.0 | 2.0 | <300 – 580 | ||||||||
| 102.0 | 108.5 | 6.5 | <300 – 490 | ||||||||
| 111.0 | 111.5 | 0.5 | 440 | ||||||||
| 114.5 | 130.5 | 16.0 | <300 – 8800 | ||||||||
| 230.5 | 234.5 | 4.0 | 370 – 2000 | ||||||||
| 288.0 | 288.5 | 0.5 | 390 | ||||||||
| PLS14-279 | R780E | 705E | 339 | -70 | 130.5 | 161.0 | 30.5 | <300 – 48000 | NA | 59.3 | 371.0 |
| 163.5 | 170.0 | 6.5 | <300 – 32000 | ||||||||
| 172.5 | 181.5 | 9.0 | <300 – 14800 | ||||||||
| 188.5 | 190.5 | 2.0 | 1000 – 6100 | ||||||||
| PLS14-282 | R780E | 885E | 344 | -71 | 71.0 | 76.0 | 5.0 | <300 – 1400 | NA | 62.3 | 569.0 |
| 81.0 | 82.0 | 1.0 | 390 | ||||||||
| 89.5 | 94.5 | 5.0 | <300 – 820 | ||||||||
| 149.5 | 151.5 | 2.0 | 320 – 490 | ||||||||
| 157.5 | 162.5 | 5.0 | <300 – 5200 | ||||||||
| 168.0 | 168.5 | 0.5 | 370 | ||||||||
| 172.5 | 174.5 | 2.0 | 400 – 1600 | ||||||||
| 181.0 | 192.5 | 11.5 | <300 – 1100 | ||||||||
| 214.0 | 219.0 | 5.0 | 310 – 6200 | ||||||||
| 223.0 | 226.0 | 3.0 | 450 – 1900 | ||||||||
| 238.0 | 242.5 | 4.5 | <300 – 820 | ||||||||
| 247.0 | 266.0 | 19.0 | <300 – 19300 | ||||||||
| 282.0 | 283.5 | 1.5 | <300 – 470 | ||||||||
| 300.0 | 301.5 | 1.5 | <300 – 470 | ||||||||
| 313.0 | 313.5 | 0.5 | 560 | ||||||||
| 334.5 | 336.0 | 1.5 | 380 – 610 | ||||||||
| 371.0 | 374.0 | 3.0 | <300 – 430 | ||||||||
| 397.0 | 398.5 | 1.5 | <300 – 490 | ||||||||
| 469.5 | 470.0 | 0.5 | 330 | ||||||||
| 492.5 | 493.0 | 0.5 | 370 | ||||||||
| 496.5 | 497.0 | 0.5 | 340 | ||||||||
| 518.0 | 518.5 | 0.5 | 320 | ||||||||
| PLS14-283 | R780E | 840E | 334 | -70 | 115.0 | 115.5 | 0.5 | 360 | NA | 63.0 | 389.0 |
| 129.0 | 137.0 | 8.0 | <300 – 1100 | ||||||||
| 140.5 | 143.5 | 3.0 | <300 – 460 | ||||||||
| 146.5 | 189.5 | 43.0 | <300 – 15600 | ||||||||
| 192.5 | 198.5 | 6.0 | <300 – 15400 | ||||||||
| 212.5 | 213.0 | 0.5 | 460 | ||||||||
| 225.0 | 226.5 | 1.5 | 410 – 33000 | ||||||||
| 229.5 | 234.0 | 4.5 | <300 – 850 | ||||||||
| 257.0 | 269.0 | 12.0 | <300 – 61700 | ||||||||
| 297.5 | 298.5 | 1.0 | 330 – 430 | ||||||||
| 310.5 | 312.0 | 1.5 | 610 – 1200 | ||||||||
| 354.5 | 355.0 | 0.5 | 350 | ||||||||
| PLS14-285 | R780E | 1095E | 314 | -70 | 257.0 | 264.0 | 7.0 | 320 – 4700 | NA | 66.2 | 500.0 |
| 268.0 | 279.5 | 11.5 | <300 – 10600 | ||||||||
| 283.5 | 284.5 | 1.0 | 1600 – 17400 | ||||||||
| 287.5 | 314.0 | 26.5 | <300 – 16700 | ||||||||
| 327.0 | 328.5 | 1.5 | <300 – 810 | ||||||||
| 331.5 | 334.0 | 2.5 | <300 – 690 | ||||||||
| 346.5 | 347.5 | 1.0 | 760 – 810 | ||||||||
| 372.0 | 376.0 | 4.0 | <300 – 720 | ||||||||
| 387.5 | 388.0 | 0.5 | 340 | ||||||||
| 425.5 | 426.0 | 0.5 | 2300 | ||||||||
| PLS14-286 | R780E | 495E | 336 | -71 | 60.8 | 117.5 | 56.7 | <300 – 54700 | 60.8 – 61.1 | 61.1 | 293.0 |
| 120.0 | 122.0 | 2.0 | <300 – 510 | ||||||||
| 127.0 | 165.0 | 38.0 | <300 – 8100 | ||||||||
| 172.5 | 173.0 | 0.5 | 390 | ||||||||
| PLS14-287 | R780E | 855E | 332 | -71 | 149.0 | 174.5 | 25.5 | <300 – 3800 | NA | 60.3 | 413.0 |
| 179.5 | 182.5 | 3.0 | <300 – 410 | ||||||||
| 198.5 | 201.5 | 3.0 | <300 – 840 | ||||||||
| 221.5 | 227.0 | 5.5 | <300 – 3800 | ||||||||
| 240.0 | 241.0 | 1.0 | 570 – 1200 | ||||||||
| 244.0 | 248.0 | 4.0 | <300 – 2800 | ||||||||
| 284.0 | 284.5 | 0.5 | 1000 | ||||||||
| 287.0 | 289.0 | 2.0 | 440 – 1900 | ||||||||
| 361.0 | 361.5 | 0.5 | 360 | ||||||||
| 377.0 | 377.5 | 0.5 | 490 | ||||||||
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. The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.
[box type=”note” align=”aligncenter” ]A radiation scintillometer is an instrument used to measure the radioactivity in materials. Pitchblende is a mixture of uranium oxides that can be detected by this device. The device measures radioactivity in counts per second (cps) as reported in these drill results . These results show areas of elevated radioactivity that imply uranium mineralization, but only an assay will determine the actual uranium content. Scintillometer readings cannot be used for resource estimates, but are useful for identifying target intervals for assay. [/box]
Samples from the drill core will be split in half sections on site. Where possible, samples will be 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 for analysis which includes U3O8 (wt %) and fire assay for gold, while the other half will remain on site for reference. Analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron.
[box type=”note” align=”aligncenter” ]Diamond drill core is split in half, with one half being kept on site (or in a storage facility) for future reference while the other half is shipped to be assayed and for geochemical analysis. Depending on the drill program and budget, geologists sample where the mineralization begins and ends. Fission uranium has decided to standardize the sampling procedures by sampling every 0.5m throughout the drill hole. This prevents any missed mineralized intervals and the geochemical data can be used for correlating geologic units and interpreting the formation of the deposit. [/box]
All depth measurements reported, including radioactivity and mineralization interval widths are down-hole, core interval measurements and true thickness are yet to be determined.
[box type=”note” align=”aligncenter” ]The results reported are only the drill intercepts and do not reflect the true thickness of mineralization.[/box]
PLS Mineralized Trend Summary
Uranium mineralization at PLS has been traced by core drilling over 2.24km of east-west strike length in four separate mineralized “zones” from line 615W (PLS13-124) to line 1620E (PLS14-196). From west to east, these zones are; R600W, R00E, R780E and R1620E. The former R390E, R585, R945E and R1155E zones have been merged into the R780E zone by successful 2014 winter and summer drilling. The R780E zone now stands at 930m of continuous strike length within a mineralized lateral corridor up to 150m wide (line 870E). Mineralization remains open along strike both to the western and eastern extents. Mineralization is both located within and associated with a metasedimentary lithologic corridor, bounded to the south by the PL-3B basement Electro-Magnetic (EM) Conductor.
Patterson Lake South Property
The 31,039 hectare PLS project is 100% owned and operated by Fission Uranium Corp. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.
[box type=”note” align=”aligncenter” ]Infrastructure can make or break a mining discovery, especially when working in remote areas. To Fission Uranium’s benefit, the company has full access to the PLS property via an all-weather highway. With all the recent activity happening in the area due to the PLS discovery, will allow for continual upkeep of the area. [/box]
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. President and COO for Fission Uranium Corp., a qualified person.
About Fission Uranium Corp.
[box type=”note” align=”aligncenter” ]Fission Uranium is currently trading at $1.14. The 52-week range is between $0.975 and $1.73. Like many uranium explorers, their stock price has been roughly tracking uranium prices.
Uranium prices dropped below $30 per pound towards the end of April and that dip took a lot of the uranium explorers with it. Only in the past month has the price begun a recovery. Promising drill results followed up with a compliant mineral resource estimate may help Fission weather this rough patch in the uranium market. [/box]
Fission Uranium Corp. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol “FCU” and trade on the OTCQX marketplace in the U.S. under the symbol “FCUUF.”
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