Core drilling and Radon sampling now underway
KELOWNA, BRITISH COLUMBIA--(Marketwired - Jan. 21, 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 that a $1.0M, 8 to 10 drillhole winter drill, radon survey and ground geophysical program, focusing on high priority targets, has commenced at their PLN Property. A Radon in Water survey, using the same frozen ice conditions approach used successfully at Fission Uranium Corp's adjacent Patterson Lake South (PLS) project, is included in the program and will assist in refining drill locations over Hodge Lake, Harrison Lake and Broach Lake target areas.
- 8 - 10 high priority drill targets planned in 2500m - 3000m of drilling
- Drill holes to test following areas:
- North-northwest trending central conductive meta-sedimentary belt
- Geophysical anomalies under Hodge Lake
- Prospective north-northwest trending conductor
- A radon in lake water survey to measure radon covering 3 areas in 400 samples. The survey will comprise primarily samples of measurements of radon in water at Hodge Lake, Harrison Lake and Broach Lake
- Ground TDEM on the Broach Lake and Regional Side Line Moving Loop EM.
Ross McElroy, COO, and Chief Geologist for Fission, commented,
"We have defined a number of high priority targets and we are excited to be starting the drilling. Favorable geology, close proximity to Fission Uranium's high-grade discovery at PLS and prior exploration all make Patterson Lake North a highly prospective property and we'll be working closely with our JV partner, Azincourt, as we move forward."
Drill Program
Bryson Drilling has been awarded the contract to drill 8 to 10 diamond drill core holes in 2500 - 3000m. All holes are based on geophysics targets. Three main areas will be tested:
- North-northwest trending central conductive meta-sedimentary belt
- Geophysical anomalies under Hodge Lake
- Prospective north-northwest trending conductor)
Initial targets will focus on the northwest-southeast (NW-SE) trending A1, A1B and A3 basement EM conductors located in the west-central area of the property. In addition drill targets along the B basement EM conductor located in the central area of the project area will be tested. Eight drill targets so far selected consist of:
- Five drill holes to test the north-northwest trending central conductive meta-sedimentary belt.
- Three high priority drill targets (PLN14-A, B and C) have been selected on the NW-SE trending A1 EM conductor
- One high priority drill target (PLN14-D) has been selected on the NW-SE trending A1B conductor in association with an interpreted NE trending structure. The A1B conductor is interpreted to be a faulted-off segment of the A1 conductor
- One high priority drill target (PLN14-E) has been selected on the NW-SE trending A3 conductor. The hole targets an interpreted cross-fault at its southern extent.
- Two drill holes (PLN14-F and PLN 14-G) will test the geophysical anomalies on Grid B under Hodge Lake. The drill holes on this grid will test the interpreted limbs of a suspected folded graphitic pelitic geological unit (interpreted syncline) where they are cross cut by interpreted structures with associated alteration. These are both areas where historic drilling intersected anomalous basement alteration and pathfinder geochemistry. The ground geophysics was completed on those grids last year. MLTDEM and DC Resistivity was completed on Grid B and MLTDEM on Grid G4.
- Radon survey sampling will be carried out over the Grid B on Hodge Lake in the central part of the property to further refine drill locations
- Drill hole PLN 14-H will test the prospective north-northwest trending conductor that will be defined by the planned ground EM survey (20 km grid).
- The Fission team plans to "pre-collar" the drill holes with an RC drill, similar to its successful practice at the Patterson Lake South project immediately to the south.
RADON SAMPLING
An EIC (Electret Ionization Chamber) survey to measure radon, will be conducted by RadonEx Exploration Management, of St Lazare, Quebec. The survey will comprise primarily samples of measurements of radon in water and at various locations, radon in water and lake sediment. The survey will be used to help refine drill targets in the various high priority areas.
Hodge Lake
Hodge Lake is located in the south-central part of the property. Approximately 150 samples will be taken from a grid at 20m station on 60m to 100m line spacing covering two parallel NNE trending EM conductors, each 1.0km in length.
Harrison Lake
Harrison Lake is located in the west-central part of the property. This area is host to multiple parallel southwest trending EM conductors. Approximately 100 samples will be taken from a grid at 20m stations on 60m line spacing.
Broach Lake
Broach Lake is located in the south-east part of the property. Approximately 150 samples will be taken dependent first on the results of the ground moving loop electromagnetic (EM) survey yet to be completed.
GROUND GEOPHYSICS (Time Domain Electromagnetic (TDEM) Surveys)
Discovery Geophysics has been contracted to complete 65 line-km of Time Domain Electromagnetic (TDEM) surveys on 3 separate grids:
- A4 Extension- Located to the north-east of the A1 EM conductor. A 15.0 line-km survey will be completed to follow-up an approximately 2km long, northwest - southeast trending conductor trend
- Broach Lake - Located in the southwest side of the property. A 33.0 line-km survey covering is expected to commence later in January.
- Regional Side - located in the north area of the property, where a recently completed Magnetotellurics survey identified a series of west dipping basement EM conductors. 17.0 line-km of moving loop will cover this area and is expected to commence later in January.
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. and COO for Fission 3.0 Corp., a qualified person.
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, 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 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.
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Fission 3.0 Corp.
Rich Matthews
Investor Relations
TF: 778.484.8030 or TF: 844.484.8030
rich@fission3corp.com
www.fission3corp.com