F3 Uranium Corp. V.FUU

Fission aims to write new chapter in Athabasca success story

[hockeyguy123]

https://www.northernminer.com/news/fission-aims-to-write-new-chapter-in-athabasca-success-story/1003055300/

McElroy explains that his exploration plan going forward hinges on three key areas. Firstly, he wants to test the "main conductor" (A1) farther to the north, as the "best holes" from the maiden program lay along the northern edge of drilling towards the central portion of A1. Secondly, Fission will target conductors towards the eastern regions of PLN around Hodge Lake. The third area involves additional geophysics on the N conductors, which sit on the northern region of PLN and were discovered in late 2013.

“We did some radon work on the A conductors, and it was compelling,” adds McElroy. “We're starting to see some interesting anomalies associated with the conductor itself. It's not necessarily a target mechanism for drilling, but it does tell you that the conductor does have uranium fluid moving into it, and that's a key part since it's one way to see if you want to waste time drilling a specific target. At this point the radon is supportive, but the geophysics has been the base of the targeting.”

Fission locked-down a second option agreement on its Clearwater West project in early February with junior Brades Resource Corp. (TSXV: BRA). Fission chairman and CEO Dev Randhawa explains he had a prior relationship with Brades director Brian Biles, and felt there was little risk associated with the deal since Clearwater was a greenfield project where Fission had yet to spend significant exploration dollars.

Clearwater covers three contiguous claims over 118-sq.km directly south of PLS. Brades must spend $5 million in exploration work over three years to earn a 50% interest in the project, with capital obligations during year one totalling $700,000. The companies started work at Clearwater in early 2014 with Fission's patent-pending radiometric airborne survey technology.

The property-scale survey reportedly uncovered a clustering of radiometric anomalies concentrated on the eastern 10 km of the property where historic data identified north-east trending (EM) conductors. The anomalies have been prioritized for ground prospecting follow up this summer.

“We identified a number of anomalies that could possibly be uranium boulders and/or outcrop,” McElroy comments. “They have an interesting pattern and they're clustered near conductors. There is a particularly strong trend of conductors on the eastside that are a continuation of conductors we have at PLS. It's adjacent to one of the best uranium discoveries out there, and we're seeing good radiometrics along strong conductors with the right magnetic signature. It has a lot going for it, especially for such a grass-root asset.”

Fission 3.0 has been struck by an industry-wide decline in uranium stocks to start the year. The company closed at a 52-week low of 8¢ per share at the time of writing on 3.2 million share trade volumes. Fission 3.0 maintains 154 million shares outstanding for a $15.4 million press-time market capitalization.

“So much of it is out of our control, with the biggest recent issue being the uranium price collapse," Randhawa concludes, pointing to the recent drop from US$35 per lb. U3O8 to US$29 per lb. U3O8 "We were fortunate to raise money last year at a much higher share price so we have the capital to move forward. I don't think it says anything about our projects, and we're definitely not alone amongst uranium stocks trending downward."