Kelowna, British Columbia--(Newsfile Corp. - March 8, 2022) - FISSION 3.0 CORP (TSXV: FUU) (OTCQB: FISOF) ("Fission 3" or "the Company") is pleased to announce the commencement of a follow-up ground geophysical time domain electromagnetic (EM) survey on its 100%-owned Cree Bay property located in the northeast area of the Athabasca Basin in Saskatchewan. The EM survey is being carried out to move Cree Bay to the drill-ready stage by defining distinct targets for future drilling aimed at discovering high grade uranium.
A broad prospective target area was defined by the first pass 2019 exploration drill program which consisted of two diamond drill holes. Both drill holes intersected wide broken clay altered and bleached fault zones high-up in the sandstone with anomalous boron concentrations (an important uranium pathfinder element) up to 141 ppm and a corresponding broad envelope of uranium enrichment (up to 9ppm). These elevated geochemical pathfinder elements are significant because they were intersected ~350m above the basement unconformity where the Athabasca Basin's background geochemical composition is normally very low. Anomalous radioactivity with a maximum of 573 counts per second (cps) was measured with the down hole gamma probe (Mount Sopris PGA-1000) just below the altered and faulted sandstone (see F3 news release dated June 26, 2019).
The depth to the basement unconformity was ~200m greater than expected, indicating the possible presence of nearby basement structures with major fault offset, which can be a favourable setting for hosting high grade uranium mineralization. Intermittently graphite altered sandstone was intersected below the altered fault zones down to the unconformity at a depth of 568.3m, suggestive of hydrothermal alteration which supports the potential for a major discovery.
Since both holes were drilled on the same section line and intersected the same anomalous fault zone, a broad target area (~300m) for potential follow up drilling was defined where it roughly projects to intersect the basement unconformity, approximately 600m down dip. (See the drill cross section and maps on the Fission 3.0 website: https://www.fission3corp.com/)
Because the basement unconformity was deeper than expected, the previous ground geophysics was not able to image deep enough. The current 10.5 line kilometer Sideline Moving Loop ground time domain EM survey, budgeted at $80,000, aims to prepare Cree Bay for future drilling to explore for high grade uranium within this target area. It has been specifically designed to pinpoint potential conductive basement faults at these greater depths, providing discrete drill targets which may represent reactivated structures with the potential to provide pathways for uranium mineralizing fluids.
About Cree Bay:
The Cree Bay property is located along the major NE trending Virgin River Shear Zone, which is host to the historic past producing Nisto uranium deposit located ~13km along strike to the NE. The Cree Bay property, located 20 km south of the town of Stony Rapids, consists of 16 claims totaling 14,080 ha and sits on the inside edge of the north-eastern Athabasca Basin.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world's largest high-grade uranium discoveries. Fission 3.0 currently has 16 projects in the Athabasca Basin. Several of Fission 3.0's projects are near large uranium discoveries, including Arrow, Triple R and Hurricane deposits.
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 Raymond Ashley, P.Geo., Vice President, Exploration of Fission 3.0 Corp., a qualified person.
ON BEHALF OF THE BOARD
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/115948