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Aldrin (V.ALN) kickstarts uranium drilling at Fission (V.FCU) closeology play

Stockhouse Editorial
0 Comments| March 25, 2014

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Aldrin Resource Corp. (TSX: V.ALN, Stock Forum) said Tuesday it has commenced drilling on a Saskatchewan property adjacent to a high profile uranium find that is being explored by Fission Uranium Corp. (TSX: V.FCU, Stock Forum).

Aldrin is still in the early stages of exploration at its Triple M Property. The drill program, planned for up to 4,000 metres, is designed to test for coincident geological, structural, gravity, basement conductor, magnetic and radon anomalies.

The program aims to follow up on previous airborne surveys, which yielded strong basement conductor anomalies that Aldrin says are precisely parallel to high-grade uranium mineralization outlined by Fission at Patterson Lake South.

“We have built very strong drill targets, and now we are ready to test them,’’ said Harrison Cookenboo, Aldrin’s vice-president of exploration and development, in a press release.

Aldrin can earn a 70% stake in the Triple M property, which covers 12,001 hectares and two separate contiguous blocks to the west and south of Patterson Lake South. The property is accessible by highway, year round, Aldrin has said.

Aldrin shares were down 8% to 11.5 cents on Tuesday, leaving a market cap of $12.5 million, based on 108.9 million shares outstanding. The 52-week range is 17 cents and 6.5 cents.

Fission shares were up 1.2% to $1.68 on Tuesday, leaving a market cap of $555.2 million, based on 330.5 million shares outstanding. The 52-week range is $1.71 and 52 cents.

Disclosure: Aldrin Resources and Fission Uranium are Stockhouse clients.


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