KELOWNA, BRITISH COLUMBIA--(Marketwired - April 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,
"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
A1 Conductor
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.
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.
A4 Conductor
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.
N Conductor
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.
Broach Lake Conductors
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
"Ross McElroy"
Ross McElroy, COO
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Investor Relations
Rich Matthews
Ph: 778-484-8030
TF: 844-484-8030
rich@fission3corp.com
www.fission3corp.com