Winter Program to Follow up Multiple Shallow Depth Targets
KELOWNA, BC--(Marketwired - January 22, 2015) - FISSION 3.0 CORP. (TSX VENTURE: FUU) ("Fission 3" or "the Company") and its Joint Venture (JV) partner, Brades Resource (TSX VENTURE: BRA), are pleased to announce a $1.04m, 10 hole Winter drill program, geophysics and surveys at their Clearwater West property in Saskatchewan's Athabasca Basin. The geophysics is now underway and the drilling, which has been approved by the JV Management, is expected to start later this winter. The program is a follow up to the Fall 2014 survey and prospecting programs that identified EM conductors and prioritized prospective targets near the Clearwater/PLS boundary. Of note, Fission Uranium recently intersected shallow depth anomalous radioactivity on trend just 330m from the Clearwater West/PLS boundary.
Key Program Details
- 10 hole/1,000m Drill Program
- Ground DC Resistivity survey already underway to prioritize the drill hole locations.
- Overburden is expected to be shallow (<10m deep as tested in nearby drill holes on trend on Fission Uranium Corp's PLS Far East conductor system).
- Primary area of interest is cluster of basement EM conductors in the eastern area of project. VTEM survey results and analysis confirm area as highly prospective.
- Complex orientation of basement EM conductors oriented N-S to ENE represents favorable structural setting for hosting mineralization.
- Ground Geophysics will include 16 line-km of Small Loop Time Domain Electromagnetic survey (SMLTEM)
Ross McElroy, COO, and Chief Geologist for Fission, commented,
"Exploration at Clearwater West has progressed rapidly. Surveys and ground prospecting, during Fall 2014 have helped us identify and prioritize a number of high priority targets close to the border with PLS and, just 330m away, Fission Uranium intersected near-surface anomalous radioactivity. We've now reached the stage at which drill testing these high profile targets is the logical next step."
Technical Details
A $187,000 ground geophysical program consisting of 19.5 line kms of small moving loop TDEM has commenced on January 13, 2015. Four lines of TDEM on the Depper Grid, comprising 7 kms, cover the five IP Resistivity targets interpreted from the IP Resistivity survey that was completed there on Dec 17th. The remaining 11.5 line kms cover 8 separate VTEM conductors, at areas of increased conductivity, which will be used to refine future drill hole targets.
A total of 10 first pass exploration holes are proposed for the winter 2015 program. On the Depper Grid, 5 exploration drill holes will test the basement resistivity anomalies defined by the recently completed ground IP Resistivity survey, targeting the adjacent conductor axes as refined by the ongoing MLTDEM survey. Additional exploration drill holes will test 5 other conductors defined from the VTEM survey flown in early 2014, targeting areas of increased conductivity along each of them and where the conductor axes will be refined by the ongoing MLTDEM surveys for final drill targeting.
2014 Summary
A boulder prospecting program was undertaken in late fall 2014 in order to follow up anomalous radioactivity that was detected by a 2013 high-definition aeromagnetic and spectrometer survey. In total, 129 sites on the ground were followed up by prospecting and ground trothing the airborne anomalies. Prospecting was accomplished by experienced field crew utilizing GR110 handheld scintillometers. Priority for prospecting was given to 6 clustered anomalies, thought to potentially represent boulder fields, which were located down-ice of 2014 VTEM Basement conductors. All anomalous radioactivity from the airborne high-definition survey was found from the prospecting to be caused by exotic granitic boulders in the overburden and thus are of limited interest.
An updated map can be found on the Company's website at http://fission3corp.com/projects/clearwater_west/maps/.
Summary of the Clearwater West Project
Fission 3's experienced and successful management and technical team, with a track record of two major high-grade uranium discoveries in the Athabasca Basin region in the past three years (Waterbury Lake project and the PLS project), operates and manages Clearwater West. Fission 3 currently holds a 100% interest in Clearwater West.
Brades has entered into a 3-year option to acquire up to a 50% interest in Clearwater West by incurring $5,000,000 of staged exploration expenditures on or before October 14, 2016. Year One minimum exploration requirement is $0.7M.
The Athabasca Basin region hosts the world's richest uranium deposits, with a well-established and politically stable, uranium exploration and mining sector. Fission 3 and Brades consider the recent discovery of high-grade uranium in the southwestern region of the Athabasca Basin to demonstrate the prospective merit of this under-explored area.
Clearwater West lies adjacent to the south of the Patterson Lake South property, owned by Fission Uranium Corp. (TSX: FCU) where the largest undeveloped high-grade deposit in the Athabasca Basin Region was recently announced after just two years of drilling. (See Fission Uranium news release January 9, 2015.)
Clearwater West is an early stage exploration project prospective for hosting high-grade uranium mineralization. Such mineralization is structurally controlled and typically associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by various geophysical surveys. The property covers historic airborne EM anomalies, which could be the extensions of the EM conductors identified on the PLS property immediately to the north.
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. Chief Geologist and COO for Fission 3.0 Corp., a qualified person.
The Company also announces that current President of Fission 3.0 Corp., Phil Morehouse MBA, has been appointed to the Board of Directors.
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
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Fission 3.0 Corp.
Investor Relations
Rich Matthews
Ph: 778-484-8030
TF: 844-484-8030
rich@fission3corp.com
www.fission3corp.com