Four holes hit near-surface mineralization during first pass drilling
KELOWNA, BRITISH COLUMBIA--(Marketwired - June 21, 2016) - Fission 3.0 Corp. (TSX VENTURE:FUU) ("Fission 3") is pleased to announce preliminary drill results from the first six holes at its Macusani property in Southeastern Peru, including MAC16-003, which intersected 0.50m of mineralization with a peak of 3,100 cps within approximately 1.5m from surface. Four of the six holes intersected mineralization within approximately 15m from surface, all of which were located on the Llama South prospect at Macusani, where surface outcrops returned anomalies up to 2.5% Uranium. The initial drill operation permits expired on June 15 and thus the program is temporarily suspended and expected to resume late August, 2016, pending an expected permit extension.
Results Highlights
- Hole MAC16-003: Near-surface mineralization intersected over a 0.50m interval (1.50m to 2.00m) with radioactivity averaging 2,100 cps with a peak of 3,100 cps
- Hole MAC16-005: Near-surface mineralization intersected over a 3.50m interval (2.00m to 5.50m) with radioactivity averaging 700 cps with a peak of 920 cps and a 2nd mineralized 0.50m interval (6.00m to 6.50m) with peak radioactivity of 1,260 cps
- Shallow mineralization: Four holes intersected mineralization within approximately 15m from surface
- Promising Radioactivity Counts: Anomalous radioactivity peak of 3,100 cps (hole MAC16-003)
- Location Prospective for High Grades: All holes drilled at the Llama south prospect, where high-grade surface outcrops have been discovered
Ross McElroy, President, COO, and Chief Geologist for Fission, commented
"These early results are highly encouraging. We've hit mineralization in four of our first six holes and at a very shallow depth, with anomalous radioactivity of up to 3,100 cps. Considering the Llama South target is on trend with two nearby uranium deposits with recent resource estimates - Plateau Uranium's Corachapi Complex and Corani Complex - this first pass drilling at Macusani further demonstrates the potential of this area and is an excellent start to our exploration program."
Table 1: Llama South Prospect
| Collar | Hand Scintilometer Radioactivity (>300 Cps) | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Target | Az | Dip | From (m) |
To (m) |
Width (m) |
CPS Average |
CPS Peak |
Drillhole Depth (m) |
| MAC16-001 | Llama South | 0 | -90 | No anomalous radioactivity | 56.3 | ||||
| MAC16-002 | Llama South | 305 | -65 | No anomalous radioactivity | 56.0 | ||||
| MAC16-003 | Llama South | 305 | -55 | 1.5 | 2.0 | 0.5 | 2100 | 3100 | 55.2 |
| MAC16-004 | Llama South | 225 | -65 | 15.0 | 15.5 | 0.5 | 630 | 39.4 | |
| MAC16-005 | Llama South | 225 | -55 | 2.0 | 5.5 | 3.5 | 700 | 920 | 71.9 |
| 6.0 | 6.5 | 0.5 | 1620 | ||||||
| MAC16-006 | Llama South | 305 | -75 | 13.0 | 15.0 | 2.0 | 440 | 520 | 52.1 |
Natural gamma radiation in drill core as stated in this news release is recorded in the field, measured in counts per second (cps) using a hand held GR-130G Scintillometer manufactured by Radiation Solutions. 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 can be highly variable. All intersections are down-hole. All depths reported of core interval measurements including radioactivity and mineralization intervals widths are not necessarily representative of true thickness and true thicknesses are yet to be determined.
Samples from the drill core will be split in half sections on site. Where possible, samples will be standardized at 0.5m down-hole intervals. One-half of the split sample will be sent to Bureau Veritas Commodities Canada Ltd in Lima Peru for preparation and the pulps will be sent onwards to their lab (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Vancouver, BC for analysis which includes U3O8 (wt %) and U ppm, while the other half remains on site for reference. All analysis includes a 40 element ICP?ES & ICP?MS, including gold, silver and all REE's. Uranium analysis will be by ICP-MS and lithium by ICP-ES.
The Macusani Project
The Macusani property is located within southeastern Peru. Fission 3.0 Corp. holds the rights to 9 claim blocks encompassing 51 km². The district is mining-friendly, has a mild climate and has solid infrastructure, including all-weather roads and low-cost power.
Within the area, the stratigraphy is dominated by the sub-horizontal Pliocene Quenamari Formation, which is mainly composed of ignimbrite layers. Uranium anomalies occur on plateaus that are composed of the Upper Yapamayo Member of the Quenamari Formation. Sampling to date has shown that the most significant uranium anomalies appear to be restricted to this assemblage. Mineralization within the area is dominated by very high grade Autinite veins along 'enriched fault planes', with lesser disseminated mineralization. The significant fault planes can vary from up to 2 m thick, while multiple enriched fault planes occur in shear zones up to 150 m across.
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
Fission 3.0 Corp.
Cautionary Statement: Fission 3.0 Corp.
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Fission 3.0 Corp.
Rich Matthews
Investor Relations
TF: 778-484-8030
rich@fission3corp.com
www.fission3corp.com