Fission Uranium Corp T.FCU

Alternate Symbol(s): FCUUF

Energy

Fission Uranium Corp. is a Canada-based resource company. The Company’s principal business activity is the acquisition and development of exploration and evaluation assets. The Company is a resource issuer specializing in uranium exploration and development in Saskatchewan’s Athabasca Basin in Western Canada. The Company’s primary asset is the Patterson Lake South (PLS) project, which hosts the Triple R deposit, high-grade and near-surface uranium deposit that occurs within 3.18 kilometers (km) mineralized trend along the Patterson Lake Conductive Corridor. The property comprises approximately 17 contiguous claims totaling approximately 31,039 hectares and is located geographically in the south-west margin of Saskatchewan’s Athabasca Basin, notable for hosting the highest-grade uranium deposits and operating mines in the world. The Company also has the West Cluff property comprising three claims totaling 11,148-hectares in the western Athabasca Basin region of northern Saskatchewan.

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Fission Uranium Corp

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Post by ppprecieson Jul 18, 2013 5:09pm

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Post# 21616700

Cantor Fitzgerald says:

Source: Cantor Fitzgerald

Fission Uranium | FCU-TSXV $0.86 | Market Cap $132M

Alpha Minerals | AMW-TSXV $4.77 | Market Cap $109M

Here we go again – First hole of Summer program hits 85.5m with 19m of off-scale radioactivity

Event: Fission Uranium and Alpha Minerals have announced partial results from the first hole drilled for the 2013 summer drilling program at Patterson Lake South.

Bottom line: Positive. The joint venture is picking up right where they left off with the first hole already intersecting a long interval with a significant portion of it exhibiting off-scale radioactivity.

Hole PLS13-072 has thus far returned 85.5m, beginning 62m below surface, of variably radioactive mineralization that includes a total of 18.93m of off-scale radioactivity (>9999 counts per second or “cps”).
- The off-scale portions of the drill hole are characterized by intervals of 0.1m to 4.6m wide each.
- The hole is still being drilled and is currently at a depth of 185.1m.
- As a rule of thumb, scintillometer readings of 5000 cps roughly equates to 1% U3O8. The scale is not linear and the relationship past 5000 cps is generally parabolic. The global median U3O8 grade is 0.08%.
The hole is testing the western extension of the R390E zone and is located 15m grid west of PLS13-061, which was previously the western-most hole for the zone. That hole reported 63m of 0.66% U3O8 and 849.88 g/t Au from the winter drilling campaign.
- We now estimate that the R390E zone has a length of 80m, which is up from 65m.
Holding all things constant and increasing the R390E zone length by 15m leads to our back of the envelope resource estimate for Patterson Lake South now standing at 30.4M lbs - 11.9M lbs for the R00E zone and 18.5M lbs for the R390E zone at an average grade of U3O8 at 1.56%.