Fission 3.0 and Azincourt Accelerate Year Two Exploration at PLN
April 24 2014 - 3:00AM
Marketwired
Fission 3.0 and Azincourt Accelerate Year Two Exploration at PLN
KELOWNA, BRITISH COLUMBIA--(Marketwired - Apr 24, 2014) -
FISSION 3.0 CORP. (TSX-VENTURE:FUU) ("Fission 3.0" or "the
Company") and its Joint Venture (JV) partner, Azincourt Uranium
Inc. (TSX-VENTURE:AAZ), are pleased to announce Azincourt has
agreed to continue funding exploration work into Year Two of its
earn-in Option at the PLN project. Exploration work has resumed
well ahead of the June 19 anniversary date.
Program Highlights
- Initial exploration program completed in 2014 proved the
prospectivity of the conductive/structural systems that were drill
tested, identified a brand new 8.5 km northern conductor system
target and refined targets throughout the entire project area.
- $3 million minimum expenditure commitment for Year Two.
- A total of 110.5 line-km of DC Resistivity surveys: 1) 76.5
line-km on the N Conductor and 2) 34.0 line-km on the Broach Lake
Conductor systems. Surveys are underway.
- Diamond Drill holes planned for Summer/Fall as follow-up on the
A1 and A4 conductors and on any land-based resistivity targets
generated on the N and Broach Lake conductors.
Ross McElroy, COO, and Chief Geologist for Fission,
commented, |
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"First year results at PLN were very encouraging and have
given us some highly useful data. We are continuing to refine our
list of quality targets on three highly prospective conductors and
we're looking forward to the next drill program." |
Drill
Targets
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A1 Conductor |
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The A1 conductor tested by 4 holes in the
winter 2014 drill program and found to be a graphitic pyritic
pelitic gneiss. The conductor intersected in PLN 14-10, the
northern-most hole along conductor A1, had the most interesting
pathfinder geochemistry of the holes drilled this winter. Anomalous
values of Uranium (2-41 ppm U), Lead (7-89 ppm Pb), Molybdenum
(2-125 ppm Mo) Nickel (70-862 ppm Ni), Cobalt (14-147 ppm Co),
Copper (80-1390 ppm Cu) and Boron (10-183 ppm B) were present over
an approximately 65m interval (230m to 295m), the interval that
corresponds to the A1 conductor . These pathfinder elements are
known to be anomalous associated and proximal with high-grade
uranium mineralization of the style in the Athabasca Basin. |
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An additional hole is planned up dip from
hole PLN 14-10 to test this conductor closer to the unconformity.
The pathfinder geochemistry of the drill core also becomes more
elevated towards the northwest, which suggests that is
prospectively also increases towards the northwest. Two drill holes
are planned to test 400m and 800m to the north of PN 14-10 along
conductor A1, where the conductance remains high and the conductor
untested. |
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A4 Conductor |
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The A4 conductor was defined by a ground
TDEM survey carried out in January 2014. A drill hole is planned to
test this conductor at a conductive bright spot near its south
end. |
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N Conductor |
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The N conductor in the NE part of the
property was identified from a 2013 airborne VTEM survey and
subsequently confirmed by a limited ground MT and TDEM survey.
Preliminary interpretation indicates multiple west-dipping
conductors. Drill targets will be refined by the current DC
resistivity survey and EM surveys where necessary. |
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Broach Lake Conductors |
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Two prospective conductors were identified
at Broach Lake from moving loop TDEM surveys carried out in
February and March 2014. Drill targets will be refined by the
contemplated resistivity survey and EM surveys where
necessary. |
Upon completion, all drill holes are radiometrically surveyed
using a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for
more accurate measurements in high grade mineralized zones.
Drill core samples are submitted for trace element
lithogeochemical analysis to look for pathfinder element enrichment
signatures indicative of alteration associated with uranium
mineralizing processes. Samples have been submitted to SRC
Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited
Facility) of Saskatoon. All samples sent for analysis will include
a 63 element ICP-OES, uranium by fluorimetry and boron.
Patterson Lake North Property
The Patterson Lake North property (PLN) lies adjacent and to the
north of the Patterson Lake South property, owned by Fission
Uranium Corp. (TSX-VENTURE:FCU) and where recent drill results have
identified high grade uranium in 6 separate pods. (See Fission
Uranium news release November 27, 2013.) PLN comprises
approximately 27,408 ha and is located approximately 30 km
immediately south of the UEX/AREVA Anne and Collette uranium
deposits near Shea Creek.
PLN was acquired by Fission 3.0 Corp. as a result of the Fission
Uranium/Alpha Minerals agreement in December 2013. Fission Uranium
had previously expended approximately $4.7 million on exploration
of the property.
Fission 3.0 has a property option agreement with Azincourt
Uranium Inc. (TSX-VENTURE:AAZ) whereby Azincourt can acquire up to
a 50% interest in PLN by incurring $12 million of staged
exploration expenditures and paying $4.75 million in cash or
Azincourt shares (at Azincourt's election) on or before April 29,
2017. Fission 3.0 is the operator and project manager.
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 |
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"Ross
McElroy" |
Ross McElroy, COO |
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Investor RelationsRich MatthewsPh: 778-484-8030TF:
844-484-8030rich@fission3corp.comwww.fission3corp.com
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