A Uranium Value Play Unlike Any Other

The New Green Revolution can mean a lot of things to a lot of different people…and investors. It can mean tackling greenhouse gas emissions, carbon capture, and meeting the EU’s aim of being climate-neutral by 2050. But most of all, it means real world solutions to real world problems. And that equates to practical and proven solutions to meet these lofty climate objectives.

And while solar and wind seem to come to mind first in terms of carbon-neutral energy sources, it’s actually clean, zero-emission nuclear energy that will provide the most efficient, sustainable, and reliable means of electrical energy to power the world into the 21st century and beyond. 24-hours a day, seven days a week.

In fact, according to a recent UxC Nuclear Fuel Market Webinar, global nuclear capacity needs to double by 2050 to achieve Intergovernmental Panel on Climate Change (IPCC) 1.5oC goals. And since science proves ‘truth to power’ every time, nuclear energy, and the uranium that is used to generate it, wins out every time.

And no where on planet earth is uranium as plentiful and of such high-grade (10 to 20 times above the global average) than in the Athabasca Basin in Northern Saskatchewan and Alberta. Now, a Kelowna, BC-based company has identified multiple, highly prospective uranium mining projects in this historic and prolific region.

Fission 3.0 Corp. (TSX-V.FUU, OTC: FISOF, Forum) is a project generator model with one of the most successful uranium exploration teams in history. This is the very successful technical team that discovered the Fission Uranium’ shallow and high grade, Triple R deposit and the Waterbury discovery. Fission 3.0 has de-risked many of its properties in the Athabasca Basin by using the same innovative airborne technology that was used to find the uranium boulders that led to the Triple R deposit. The technology allowed them to pick and stake properties with a good possibility of major uranium discoveries.

And this portfolio of 14 properties is in some of the Athabasca Basin’s best neighbourhoods for uranium mining. The location, location, location real estate moniker also applies to uranium.

Fission 3.0 has large tracts of land in close proximity to other major, proven uranium discoveries in one of world’s most mining-friendly jurisdictions. The company’s properties were staked based on the technology that was used in discovering the boulder field which lead to the famous Patterson Lake South (PLS) Triple R deposit.

At present, Fission 3.0 has identified 4 out of its 14 properties as key moving forward.


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Summary of Fission 3.0’s Key Prospects in the Athabasca Basin.

1. PLS Area Projects

With 38 claims covering 39,946 hectares and located immediately adjacent and to the north of Fission Uranium’s PLS high grade Triple R uranium deposit, the company’s flagship PLN Project is the most advanced of the Fission 3.0 portfolio with two area projects under the PLS umbrella – Clearwater West and Wales Lake.

The project is located in the southwest area of the Athabasca Basin, where recent massive high-grade discovery at Fission Uranium’s PLS property and NexGen Energy Ltd’s (TSX.NXE) Rook Properties look to turn the southwest Athabasca Basin into the next major area of development for new uranium mining operations. PLN is located immediately north of the PLS project and is accessed by Highway 955, which transects the property and ultimately connects the future operations to the rest of the province.

The large PLN property is strategically located between Fission Uranium’s PLS property to the south and UEX Corp’s (TSX.UEX) Shea Creek deposit to the north. The target-rich property is also very much about location, location, location. Key points of significance of the PLN property are:

• From 2013 – 2019 airborne electromagnetic and radiometric surveys combined with ground DC Resistivity, Time Domain electromagnetic and prospecting provided uranium targets for 16 drill-holes. Intersections included 0.047% U3O8 over 0.5m and 0.012% U3O8 over 6.0m along the prospective A1 EM conductor. All holes encountered strong hydrothermal alteration. The A1 conductive corridor is 8.5 kilometres long and remains prospective to the south.

• Multiple drill targets remain untested on the property.

• Broach Lake conductor trend which is five kilometres north and parallel to the PLS Structural Corridor, host to the Triple R and Arrow uranium deposits.

• Chimney Target on the folded ‘N’ Conductor system. The chimney is a resistivity low zone, interpreted to indicated clay alteration in the lower part of the sandstone immediately above the wide complex ‘N’ Conductor system. Such alteration features are known to be associated with high grade unconformity uranium mineralization.

• Follow up drilling of the prospective A1 conductor trend towards the south.

• And, last but not least, a great Joint Venture opportunity.

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2. Lazy Edward Bay

Part of the Key Lake Road Projects, Lazy Edward Bay is located in the southeastern margin of the Athabasca Basin, halfway between the historic Key Lake Mine and Cameco’s Centennial deposit. The Key Lake operation, approximately 50 kilometres to the east, was one of the largest and most significant uranium deposits in the Athabasca Basin. The Key Lake site remains an important center and the gateway to the eastern Athabasca Basin, with an operating mill where the McArthur River ore is processed.

Being near the edge of the basin, the depth to targets at Lazy Edward Bay are shallow, offering a huge advantage in developing less expensive exploration. Historic work at Lazy Edward Bay has identified very prospective geology with a number of the hallmarks required to host high-grade uranium deposits, and this gives the Fission 3.0 technical team great reason for optimism and thus a high ranking of priority for the potential of the property. Some of the key points of merit to Lazy Edward Bay are:

• 11 mineral claims with an area of 1,828 hectares.

• Shallow drill-ready targets with less than 150 meters of sandstone (easy to drill).

• Relatively inexpensive to drill.

• High potential for a near surface unconformity-type, high-grade uranium discovery.

• Historic drilling by Uranerz Energy Corp. in 1989 intersected sandstone and basement rocks with the key indicators for nearby high-grade uranium.

• Area 1 – East of Horse Conductor Trend: Historic Hole LE-73 drilled, intersected an altered shear zone returning up to 170ppm uranium with associated strongly altered bleached brecciated and sheared basement rocks.

Limited drilling on this trend with only five drill holes over 3,300 metres strike length. Recommended to test up and down dip from this intersection as well as along strike.

• Area 2 – Main Horse Conductor Trend: Historic hole LE-72 intersected strongly bleached, limonitic and fractured sandstone that returned 40ppm uranium along with 550 ppm boron within sandstone fault gouge. A high priority drill target is the projected intersection of this altered fracture zone in the sandstone with the unconformity, approximately 45 metres east of the historic drill hole LE-72. The nearest holes are 450 metres to the south and 680 metres to the north. Additional drilling is also warranted along the main Horse Conductor Trend.

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3. Cree Bay

With 16 claims totaling a very sizeable 14,080 hectares, Cree Bay is located on the inside edge of the northern Athabasca Basin within the Virgin River Conductive Corridor and is accessed by Highway 905, which connects the village of Stoney Rapids, 20 kilometres to the northwest, and the operating McClean Lake mill, approximately 130 kilometres to the east. The historic Nisto uranium deposit is located about 13 kilometres to the north of Cree Bay. Previous work shows the property sits on a major northeast / southwest trending structural corridor and drilling in 2019 has identified significant off-set and hydrothermal alteration associated with the fault zone. Such features are key hallmarks of large structural hosted high-grade uranium deposits of the Athabasca Basin. Some key points of importance to the Cree Bay property are:

• The town of Stony Rapids is 20 kilometres to the north. The property overlies part of the Black Lake Fault Zone which is highly prospective for unconformity-type uranium deposits and transects the entire Athabasca Basin. The historic Nisto uranium mine (96 tonnes mined at 1.38% in the late 1950’s) is located along the structure 13 kilometres to the northeast of the Fission 3.0’s Cree Bay property and Cameco’s Centennial deposit is located along it, near the south side of the Athabasca Basin.

• From 2015 to 2019 the property was flown over and mapped with high resolution magnetic and radiometric surveys, which were followed up with DCIP Resistivity and Time Domain EM ground geophysics. The DCIP Resistivity resolved a strong resistivity anomaly, similar to that drilled by Forum Energy Metals Corp. (TSX-V.FMC) at their Fir Island Project just to the north and on trend with Cree Bay, where Forum intersected strong alteration with uranium and boron enrichment associated with a 50 metres offset in the unconformity. Orano Canada Inc. (the benchmark supplier in the field of operations support for nuclear sites) has signed an option agreement with Forum to earn a 51% interest by spending $3 million on or before Dec 31,2021 and a 70% interest by spending an additional $3 million before Dec 31, 2023.

• A two-hole drill program by Fission 3.0 in 2019 encountered a broad envelope of significant faulting and strong hydrothermal alteration in the sandstone in both holes with anomalous uranium enrichment and elevated boron (an important uranium pathfinder). This points to a prospective drill target area where these interesting faults in the sandstone are projected to intersect the unconformity. There are also indications of significant offset (200 metres) in the unconformity from regional historical drilling which is a favorable setting for hosting high-grade unconformity uranium mineralization, such as at the MacArthur River deposit.

• Next suggested step is to perform targeted Direct Current and Induced Polarization (DCIP) resistivity ground and borehole geophysics.

• Moderately budgeted at approximately $150,000 for ground geophysical program.

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4. Hearty Bay

Boasting six mineral claims totaling 11,173 hectares, the Hearty Bay project is located in the northwest side of the Athabasca Basin in the Beaverlodge / Uranium City district. This area has great historic significance, as it is the birthplace of uranium mining in Saskatchewan. Throughout the 1950’s and 1960’s, 52 mines operated here. Hearty Bay hosts a uraniferous boulder-field, where glaciation has transported the high-grade uranium from a suspected nearby source located to the northeast. Analogies can be drawn between Fission Uranium’s Triple R deposit at PLS and the Hearty Bay project. At PLS, surface uranium boulders were traced to source approximately four kilometres to the northeast of the boulder field to the Triple R deposit. Hearty Bay may represent a similar style target.

In August 2019, Hearty Bay returns assay results of up to 8.23% U308. Some of the highlights include:

• Strong Mineralization with important geological characteristics: Boulder field sampling returned assays from sandstone and basal conglomerates up to 8.23% U3O8 and likely represent rocks at or near the sandstone / basement unconformity.

• Identification of a potential source location. Using a marine acoustic seismic survey it identified a potential source location to the northeast of the boulder fields.

• Priority Drill Target Area: Marine acoustic survey completed up-ice direction from the boulder fields has identified bedrock geological structural features, which may play a role in controlling the occurrence of uranium mineralization. This is a now a priority area for drill testing.

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The property surrounds the historic Isle Brochet radioactive sandstone boulder trains, one-kilometer long dispersal trains trending along the main ice direction with historic assay values up to 3.54% uranium in sandstone boulders, and where in 2019 Fission 3.0 recovered sandstone boulders with geochemical analyses up to 8.23% U3O8 Approximately 600 metres to the northeast of the island, several more radioactive boulders of both sandstone and basement origin were discovered on the lake bottom containing up yo 1.4 U3O8. Historic drilling by Esso Minerals, just up-ice from these boulders to the northern margin of the Athabasca Basin, failed to locate the source.

It has been hypothesized that the source of the uraniferous boulders is further up-ice and northeast from where the historic drilling was stopped. A historic airborne Input Electro-magnetic survey flown in 1980 demonstrated the potential for conductors to trend into the suspected source area for the mineralized boulders near the north shore of Lake Athabasca, and no historic drilling was done in this area. Key points of note:

• In 2019, Fission 3.0 commissioned a 217 kilometre high-resolution marine seismic survey to be conducted up-ice of the uraniferous boulder trains. Partial interpretation of the data defined three drill targets that are interpreted as fault intersections with potential overlying Athabasca Sandstone outliers. These features represent drill targets that may be associated with the source of the uraniferous boulder trains on Isle Brochet.

• On August 3, 2021 Fission 3.0 staked 2 new contiguous mineral claims with a combined area of 1,370 hectares on the west side of the Hearty Bay claim block. The new claims cover the historic Hearty boulder field, first reported by Eldorado Nuclear Ltd in the 1970’s describe numerous radioactive boulders but do not document assay values. The flying of a property scale 2,490 line-km high resolution magnetic and radiometric airborne geophysical survey over the property also commenced in August 2021. The survey aims to identify new geologic structures, refine the previously defined marine seismic structural and lithological targets, and has the potential to discover new radioactive boulders and outcrop.

• Next recommended steps are to complete the detailed interpretation of the marine seismic data and to conduct modern airborne or ground electromagnetic surveys to define additional drill targets. Electromagnetic conductors can indicate reactivated shear zones along which pods of uranium mineralization are known to occur in the Athabasca basin. Once the additional targets in the suspected source area are defined, then they will be drill tested.

*Of note to investors, Fission 3.0’s Murphy Lake Project is also one they are very bullish on. In fact, IsoEnergy Ltd. (TSX-V.ISO) wanted the property, but Fission 3.0 beat them to it. The property comprises eight mineral claims with an area of just over 600 hectares and is located in the eastern Athabasca Basin on the west edge of the favourable Wollaston-Mudjatik lithologic trend.


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Meet the Team

The Company's seasoned management team is headed up by CEO & Chairman Dev Randhawa. Also on the board of Directors is Ross McElroy, who was COO and Chief Geologist of the team that founded Fission Uranium Corp. (FCU) (TSX.FCU, OTCMKTS: FCUUF, Forum) – the company that made the Patterson Lake South (PLS) high-grade discovery. The same team also founded Fission Energy Corp. that made the J-Zone high-grade discovery in the Athabasca Basin and built Fission into a TSX Venture 50 Company. Fission 3.0 is the third generation of Fission and is run by one of Canada’s leading uranium exploration teams.


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From the CEO

In conversation with Stockhouse Editorial, Chairman & CEO Dev Randhawa – an experienced C-level executive with a strong track record of building and managing high growth companies in the resource exploration sector – discussed why Fission 3.0’s portfolio of world-class uranium properties, Project Generator business model, along with expertise, vision, and location, makes the company so enticing to metals & mining investors.

On why nuclear energy and uranium is so important to the planet’s present and future energy needs:

“We have to have baseload, carbon free energy. That's the bottom line. And to me the best place in the world, outside of Kazakhstan, is the Athabasca Basin, because it has the highest grades. Our experienced team has gone out to fly the whole area, with high resolution imaging, looking for boulders everywhere to identify high-grade targets. When you think about, it seems obvious, right? If you want to find uranium, find other uranium.

First of all, we need all the energy we can get. If you look at the demand for electricity, it's going to be up 75% in another decade. For example, we have got the middle-class in India and China growing - we need energy, we need it all. There was a lot of push, obviously, to have more green energy, but one thing that as Bill Gates will say, there is only one form of carbon-free energy, that is baseload power, and that one, is nuclear. I think especially if these Small Modular Reactors get developed, which is what Gates is working on, it may also solve a lot of problems.


The Bottom Line

As the increase demand for nuclear energy escalates, nuclear reactor builds are now at a 25 year high with uranium prices expected to recover and rise as demand grows. With a total of 14 properties – an immense portfolio for a small cap company – a highly experienced management team, and its unique project generator business model…Fission 3.0 checks a lot of boxes when it comes to determining an undervalued stock. In short, a sound value play for investors who are new to the sector or want to add uranium to their metals & mining portfolio.

Savvy retail investors know it is never a bad idea to follow the ‘smart money’, and with over a million dollars in private equity financing to date, Fission 3.0 looks to be headed toward a successful 2021 and beyond. Stay tuned to Stockhouse for more information on this intriguing uranium exploration and project generator company.


For more information, visit www.fission3corp.com.

To view Fission 3.0’s latest corporate presentation, click here.



FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.