Fission and Alpha have released scintillometer data for hole PLS13-080, the first hole of the summer program at the 780E zone. The hole was drilled as a follow-up 10 meters south of PLS13-060 that was drilled during the winter program. PLS13-080 encountered 13.41 meters of off scale mineralization within a 48.5 meter "main" interval of mineralization starting from a depth of 122 meters. Additional mineralization was encountered in the hole at depth showing prospectivity to depths greater than 300 meters. This hole is the best hole yet at the 780E zone and the companies state that the mineralization appears comparable in character to mineralization seen at the high grade 390E zone.
The geological implications of PLS13-080 are potentially very significant. The hole extends high grade mineralization out to the 780E zone, which is a first in the drilling completed to date. The 780E zone was previously "highly prospective" but the zone has now been verified by what appears to be a high-grade intersection. An E-W cross-section through PLS highlights the distribution of mineralization along the PL-3B conductor trend, showing thick, high grade intervals over a strike length of greater than 850 meters. Infill drilling is still underway within and between discovery zones.
780E could represent a step-change in the scale of the PLS resource, bringing the mythic "50 million pound" target size into striking distance. Given the remaining untested strike and how early it is in the summer drilling program (this is the 11th of 44 planned holes), it is sufficient to say that I believe the implications are clearly very positive for the PLS project. I seriously doubt this is the last high-grade hole that will come out of the 780E zone, as a hole like that simply cannot occur in isolation.
The trading today on both Fission and Alpha is baffling once again. Today's news is probably the most significant data point to come out of PLS this summer so far, but as I type this, Fission is up 1c and Alpha is up a nickel. I think that the market is slow to digest data in general, but I would have thought that this data would have sent both stocks to new highs. As has been the case time and time again, I believe the drill data continues to backfill the valuation while setting up even bigger blue-sky as the program continues.
A copy of the full press release is included below:
|Fission Uranium Corp.|
TSX VENTURE : FCU
August 12, 2013 06:30 ET
Fission Hits 13.41m Total Composite "Off-Scale" Radioactivity in 48.5m of Mineralization at R780E Zone
KELOWNA, BRITISH COLUMBIA--(Marketwired - Aug. 12, 2013) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to announce results for hole PLS13-080 at R780E Zone, the first hole drilled on the R780E zone this program. With 13.41m composite off-scale (>9999 cps) mineralization, including 7.6m continuous off-scale, PLS13-080 has returned the widest continuous and strongest results encountered so far at R780E Zone.
The hole, which is located approximately 10m grid south of PLS13-060 (line 780E), has delivered mineralized intersections that appear similar to many of those encountered at the R390E Zone, such as hole PLS13-038 which assayed 4.92% U3O8 over 34.0m (see news release March 24, 2013).
PLS13-080 Drilling Highlights include:
- Multiple zones of basement mineralization from 122.5m - 318.5m
- Main Zone - 48.5m (122.5m - 171.0m) wide broad zone of variable radioactivity from weak-to-strong comprised of 4 intervals each separated by narrow intervals of barren rock (1.5m - 2.5m wide) including:
- 39.0m wide interval (128.0m - 167.0m) of well-developed mineralization including:
- 13.41m total composite total off-scale (>9999 cps) radioactivity in several discrete intervals including:
- 7.6m of continuous off-scale (>9999 cps) radioactivity.
- Several narrower intervals of mineralized anomalous radioactivity from 201.5m - 318.5m, including:
- 11.5m wide interval (236.0m - 247.5m) of weak to locally strong radioactivity, including:
- 0.3m of off-scale (>9999 cps) radioactivity.
- Extends the width of the R780E zone to approximately 45m on line 780E.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"Hole PLS13-080 is by far the most significant drill hole at R780E to date, showing similar results to those at R390E. All three zones (R00E, R390E and R780E), which have been traced on-strike over a +855m ENE trending corridor, now have drill holes with wide and robust mineralization."
The R780E zone discovery was the result of follow-up by drilling of a radon in water anomaly identified during the January - February 2013 survey conducted by RadonEx Exploration Management. The radon anomaly is on trend to the E-NE from the R00E and R390E zones, and is situated within a resistivity low corridor proximal to an inferred north-south cross cutting structure.
Hole PLS13-080 (line 780E) was collared as a vertical hole and completed to a depth of 347.0m. The hole is the 4th hole drilled on the R780E zone and is collared approximately 10m grid south of PLS13-060 (which intersected multiple zones of basement mineralization including 7.0m @ 1.22% U3O8 (see news release June 5, 2013). The drill-hole is located south of the PL-3B EM conductor axis, which differs from mineralization found so far at the R00E and R390E zones north of the PL-3B conductor. Multiple zones of mineralization were intersected in the basement lithology between 122.5m - 318.5m, ranging in width from 0.5m to 48.5m. The main interval of mineralization is over a width of 48.5m (122.5m - 171.0m) which is characterized by variably weak to strong radioactivity throughout, with occasional narrow intervals (1.5m - 2.5m wide) of barren rock. A total composite of 13.41m of "off-scale" (>9999 cps) radioactivity is present in several discrete intervals ranging in width from 0.1m to 7.6m. A lower zone of weak to strongly radioactive mineralization is present over 11.5m width (236.0m - 247.5m), including a 0.3m interval of "off-scale" radioactivity. With mineralization present down to 318.5m, this represents the deepest mineralization to date on the PLS property. The top of the basement rocks were encountered at 54m depth. From 54m - 171m the rocks consist primarily of clay altered and steep to moderately dipping foliated quartzitic gneiss. From 171m - 347m the rocks comprise alternating sequence of quartzitic gneiss / pelitic gneiss / pelitic granofel.
|Collar||* Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >1.0M minimum)||Sand-
|Hole ID||Grid Line||Az||Dip||From
|CPS Peak Range|
|PLS13-080||780E||344||-89||122.5||171.0||48.5||<300 - >9999||N / A||54.0||347.0|
|134.0||166.6||32.6||1100 - >9999|
|173.5||177.0||3.5||<300 - 2000|
|236.0||247.5||11.5||<300 - >9999|
|290.0||294.5||4.5||<300 - 1000|
|298.0||301.0||3.0||<300 - 5400|
|* Scintillometer Instrument: GR-110G|
A $6.95M, 44 hole, 11,000m drill program and ground geophysics surveys continues at PLS.
Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. 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.
All holes are planned to be radiometrically surveyed using a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for more accurate measurements in high grade mineralized zones. The Triple Gamma probe is preferred in zones of high grade mineralization.
Split core samples from the mineralized section of core will be taken continuously through the mineralized intervals and submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which includes U3O8 (wt %) and fire assay for gold. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron. Assay results will be released when received.
Patterson Lake South Property
The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Uranium Corp. and Alpha Minerals Inc (AMW). Fission is the Operator. 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. Updated maps and scintillometer table for the R780E zone can be found on the Company's website at https://www.fissionuranium.com/projects/patterson-lake-south-sk/.
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.
Fission Uranium 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 "FCU" and trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF."
ON BEHALF OF THE BOARD
Ross McElroy, President and COO
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 potential spin-out and listing of Fission Uranium and the future operating or financial performance of Fission and Fission Uranium 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 the Company and Fission Uranium 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.