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Fission Uranium (V.FCU) climbs 15% over two days as merger vote looms

Stockhouse Editorial
0 Comments| November 15, 2013

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Kelowna-based uranium explorer Fission Uranium (TSX:V.FCU, Stock Forum) has kicked over the last few days, in the wake of good drilling results and a nearing vote that should affirm the merger between it and Alpha Minerals (TSX:V.AMW, Stock Forum).

On Thursday, the Fission JV hit 43.0m @1.93% U3O8, including 5.0m @9.91% U3O8 in the R390E zone of their Athabasca-based Patterson Lake South project. Two days earlier, they confirmed a sixth zone with 16.8m total composite mineralization at the R600W zone.

Ross McElroy, President, COO, and Chief Geologist for Fission, said, "Having discovered the sixth zone at PLS just one week ago, we're delighted to see R600W already expanding. It is also very encouraging to find substantial mineralization with stronger radioactivity, and at a more shallow depth, than the zone discovery hole for this zone."

That level of upward activity is being seen on the Alpha Minerals chart too, as that stock has climbed from $5.35 a day ago to a high of $6.10 today before settling in at $5.95, a jump of 11%.

Fission is seen by many as a bellwether of the Athabasca’s uranium fortunes, with several microcaps holding property in the area, such as and microcap players Aldrin Resources (TSX:V.ALN, Stock Forum) and Makena Resources (TSX:V.MKN, Stock Forum), hoping that big finds on the Fission JV land will bode well for their fortunes.

Other players in the area include Cameco (TSX:T.CCO, Stock Forum), NexGen (TSX:V.NXE, Stock Forum), Azincourt (TSX:V.AAZ, Stock Forum).

FULL DISCLOSURE: Fission Uranium is a Stockhouse Publishing client.


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