Be interesting to see how much growth we see in the 600w zone. Let's just keep on adding up those Lbs.
quakes99 wrote: The last batch of assays was released on October 20th, over 2 weeks ago, so we should be seeing another batch this coming week. The Summer program completed these numbers of holes:
22 at central R780E zone of Triple R
19 at R600W land-based zone at western extent
4 at R1620E zone at far east extent of Triple R
17 Regional exploration holes
Of those there were 41 mineralized holes that appear to merit being assayed, and so far we've seen results released for 24, leaving at least 17 yet to come.
For R780E there are just 4 holes outstanding... with hole PLS15-427 the remaining high-grade hit to report. It was one of the 3 hits in the newly discovered R1125E high grade zone, on Line 1110E showing over 30,000 CPS in a 19m interval. Here's the Gamma Log profile:
For R600W there are 13 holes outstanding, 3 of which had strong high-grade hits:
PLS15-418 - 46m peaking over 40,000 CPS
PLS15-434 - 23m peaking over 40,000 CPS
PLS15-439 - 26m peaking over 60,000 CPS
One of the best holes at R600W that is similar to its neighbour PLS15-352 which assayed over
28% in a 12m interval. The assay for this hole should be another barn-burner!
Here's PLS15-352 for comparison.
The show's not over yet.
Good time to go check out the Corebox 3D model which highlights the last batch of assays.
https://www.corebox.net/properties/patterson-lake-south/exploration
The Corebox view gives you great insights on how the mineralized zones line up. Here's a view of Corebox today showing R600W on the left and R00E on the right. I've added some boundary lines to show how well the shallow open-pit zone at R600W correlates with the same at R00E. I hope Ross can fill in that 400m gap between zones this Winter! Also note the 2nd deeper lens at R600W that is becoming more pronounced as more results are added to the model. The next batch of assays should add further highlights in that zone.
Add to that President/COO and Chief Geologist Ross McElroy's recent Blog which gives his perspective on where we are going on the exploration side:
October 26, 2015
The PEA changed things for Fission. It answered a lot of questions in ways that we all understand… dollars and time. US$14.02/lb OPEX, 1.4 years payback, 14 year mine life, pre-tax NPV of $1.81 Billion. In doing so, it added what every explorer needs before they will be taken seriously by the Majors and the big funds: Baseline economics and project validation. It’s why we keep reminding people that the Triple R is not only large and high-grade, it’s continuous and shallow enough for an open pit.
The hallmark of Athabasca deposits is high-grade mineralization. But what is the point of having grades 10x to 15x higher than everywhere in the world if your mining costs are so high you can’t afford to mine it? Unless you have the ultra-high grades of McArthur River or Cigar Lake, that is the problem with deep deposits. But for Triple R, it’s incredibly shallow and that’s why it’s the envy of the industry.
Before joining the junior sector I spent many years working for the Majors and I can tell you that having viable economics puts us into an entirely new class as far as they are concerned. From here on, building on our economic base case is going to be a critical part of our drill programs. Yes, we have some extremely exciting regional results that are a high-priority follow up for us but it’s the economics of the Triple R deposit that trump everything.
With that in mind, we have a large, aggressive, fully-funded 2016 winter - spring drill program planned (est. 15,000m). Let’s review where we left off when the summer drilling ended and what we’re looking to do. First, the zone growth:
- The R600W zone (which is not yet part of the Triple R resource estimate or PEA) has seen a rapid growth rate. It won’t surprise you that this is a key area for us because, as it continues to grow, it will likely add not only pounds to the resource, but meaningful pounds that have the potential to enhance the already-robust PEA.
- The first high grades were discovered at the R1620E zone, located immediately to the east along trend of the Triple R deposit. This area has yet to see much drilling.
- Last but far from least, the Triple R has once again grown. Recently we drilled and received assays showing that a new high-grade area has opened up at the eastern end of the Triple R deposit. The all–important R780E remains open in many directions and its growth has the potential to improve the deposit’s size and thus economics even further.
Now the regional exploration. I know a lot of shareholders were delighted when we drilled anomalous radioactivity on Forest Lake towards the end of this summer. No high-grade uranium mineralization (yet) but there is smoke. Where there is smoke, we look for fire. Speaking of smoke, the regional results that have us really excited are the ones we got while drilling the Patterson Lake Corridor.
Let’s talk about the PLG-1B EM conductor. This basement conductor, shown by drilling to be a graphitic shear zone, is parallel to and located less than 500m north of the PLG3-B conductor, which hosts the Triple R deposit.
Three encouraging holes were drilled on this conductor approximately 470m north of the R600W zone. All three holes had very encouraging alteration and 2 holes registered anomalous radioactivity in the down-hole gamma survey, of almost 8,000 cps. For anyone unfamiliar with uranium exploration drilling, once the drill hole is completed, we lower a gamma probe into the borehole and record the radiometric result. We also measure the drill core with a similar (but handheld) instrument called a scintillometer.
Hole PLS15-419 showed a maximum of 7,965 cps at 153.5m and hole PLS15-425 showed a maximum of 4,168 cps at 100.8m. Those numbers are anomalous and highly encouraging. As we mentioned in the news release, the radioactivity was not identified in the recovered core, however, it’s not uncommon when drilling through clay-rich zones to have areas of core ‘washed out’ and thus lose some recovery.
With radiometric numbers like that, you can bet we will be following up on this area in particular when it comes to our future regional exploration drilling.
PLS is unique, even among Athabasca Basin deposits and we have the 3rd party economic study conducted by the most respected name in the business (RPA) to prove it. Strengthening our economic base-case for the Triple R, bringing new resources into the mine plan and following up with our highest priority regional targets in the hunt for another mineralized trend. That, in a nutshell, is our focus going forward. Just today we had key members of our technical team conducting further reviews of our data as we plot the upcoming targets. As the weather starts to turn in the Athabasca Basin, site preparations will get underway and then the real fun starts. Stay tuned.
Ross McElroy, President, COO and Chief Geologist of Fission Uranium
Seems highly likely we'll see some Assay results Sunday night, imho. :-)
Enjoy your due diligence!
PS.
STILL no NexGen Corebox 3D model for Arrow. I wonder why? ;-)