Fission announced assay results from another nine holes in the R00E Zone at its 50% owned PLS property. Based on scint results alone we had expected these to be the best batch from R00E, and we were not disappointed. Highlight hole PLS13-043 intersected 4.8% U3O8 over 22m, including 20.73% over 4m, for a GT of 105.6. That is now the best hole to-date from R00E. Holes -49 and -52 also impressed. The other six holes were relatively low grade, but in some cases, over significant widths. Overall the results were accretive to the zone, with R00E improving to 1.33% U3O8 over 16.7m at a 0.1% cut-off. That's a 33% grade and 12% GT improvement, adding maybe 1 MM lbs. We estimate R00E now totals ~7.6 MM lbs from ~6.8 MM lbs prior, bringing the total mineral inventory at PLS up to ~28 MM lbs (based on our assumptions). Mineralization remains open in all directions at R00E, with expansion potential both ways along strike.
We still expect assays from another 22 holes - eight from R390E, seven from R00E, three from R780E and four from regional east targets. Hole -59 is one we are specifically looking forward to as it could be the best yet out of R00E. The hole hit 26.5m of mineralization, 9.9m off-scale (>9,999cps) including a 6.5m continuous off-scale interval. Significant results here would confirm eastern strike potential, an area that so far has been overshadowed by the western end of R00E.
Fission continues to impress with positive exploration results at PLS. This project has become almost a focal point of the sector, its high grades and considerable upside potential, foreshadowing that it might ultimately prove to be one of the most important uranium discoveries in the Athabasca Basin. We do not believe the stock yet reflects the potential of this project.
Grade and GT improves. At a 0.1% U3O8 cut-off GT rose by 12% to 22.2 from 19.8 before (Table 1). Grades improved 33% to 1.33% off-setting a 16% drop in overall thicknesses to 16.7m from 19.8m. At a 1% cut-off R00E improves to 2.52% U3O8 over 19.4m, a 1% thickness and 43% grade improvement from before. That only takes into account seven of the nineteen assayed holes from R00E.
Thick intercepts on L045W. Hole -43 was the highlight hole from today's press release, and the best yet from R00E Zone. Actual results were very well predicted by scint readings. Hole -47 was relatively weak, but -45 impressed with a thick 21m interval grading 0.23% U3O8. We still expect potentially significant results from -41, which hit two zones of mineralization totaling 24.5m, including 4.15m off-scale.
Western extent potential. Three holes tested the western extent of R00E on line 060W - -47, -49 and -50 (Figure 1). Hole -49 was the highlight, hitting 1.93% U3O8 over 18.5m, including 8.04% over 2.5m. Holes -47 and -50, located 10m north and south of -49 intersected relatively narrow and low grade mineralization, potentially bounding the width of this area to 20m. Pinching and swelling of this nature is not unusual and could be fault induced. We would not cap strike here yet.
Still dropping south-east. Three holes have now confirmed the potential for a new high grade feeder zone at R00E, located south east towards host conductor PL-3B. Holes -52 and -54 today on line 015E, and -37 on 025W released on 10-Apr-13 (see note). Both -52 and -54 intersected mineralization, with -54 hitting both a lower and upper zone of thick high grade uranium: Upper Zone - 0.87% U3O8 over 10.5m at 62m depth; Lower Zone - 3.56% U3O8 over 18m at 64.5m depth, including a 4.5m intersect grading 11.95% at 84m depth. Hole -54, albeit a bit shallower looks very similar to -37 which had both a lower and upper zone of high grade uranium. Further drilling along this steeply dipping fault could bode well for eastern strike extension.