VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2014) - BRADES RESOURCE CORP. ("the company") (TSX VENTURE:BRA) and its Joint Venture (JV) partner, Fission 3.0 Corp. (Fission 3) are pleased to announce the results of a Versatile Time Domain Electromagnetic (VTEM Max) airborne survey at their Clearwater West property in Saskatchewan's Athabasca Basin. Several high priority basement hosted conductive anomalies have been identified, including those with coincident radiometric anomalies identified from the previously announced airborne radiometric survey (see news release Apr 15, 2014).
Survey Highlights
- 24 discrete conductive target areas located
- The most significant anomalies are located on eastern side of the property where a total of seven high priority conductive target areas have been identified
- Five high-priority conductive bedrock target areas have coincidental anomalous radiometric associations as identified by Fission 3's patent-pending radiometric airborne survey (see news release Apr 15, 2014)
- Prospecting for mineralized boulders as well as ground geophysics including orientation Electromagnetic (EM) and DC-Resistivity surveys will be used to establish drill targets.
Brades Director, Dr. Harrison Cookenboo, Ph.D., P.Geo., commented:
"We are very pleased with the exciting progress Fission 3.0 is making on the Clearwater West property. The conductor anomalies identified from the VTEM Max survey, combined with the strong radiometric anomalies announced last month, highlight the potential for uranium discovery on the property, where Brades holds an option to earn 50% interest."
High-grade uranium mineralization in the Athabasca Basin region is generally controlled by structural and hydrothermal processes, often associated with a graphitic metapelitic gneiss. These features tend to have distinctive conductive signatures. A VTEM survey can often be effectively used to identify such features, discriminating them as electromagnetic (EM) conductors in a conductive lithostratigraphic package.
Aeroquest Airborne was contracted by Fission 3 to conduct a property-scale helicopter-borne VTEM Max airborne survey over the entire Clearwater West property. This survey is widely considered to be a leading airborne time domain electromagnetic survey, with a proven capability to identify conductive packages in bedrock. A total of 620 line-km of survey was flown at 200m line-spacings at an orientation of 135°.
Fission 3.0 reports VTEM conductor responses from the survey comprising numerous parallel predominantly NE-SW strike direction trends. A total of 24 conductive target areas were identified across the property (target areas A to X inclusive). Target areas on the eastern half of the property appear stronger and shallower compared to the west, and are considered the highest priority for ground survey follow-up, leading to generating drill targets.
On the eastern side of the property, 3 larger grouped areas are evident (Areas 1, 2 and 3 approximately 3 x 4km in size each) which show strong evidence of NW-SE conductive trends, associated with the NE-SW conductor strike trends. Within these 3 areas, 7 discrete targets are ranked as high priority, due to their favorable and strong conductive expression:
- Area 1: Targets B, C
- Area 2: Targets H, J and K
- Area 3: Targets A, G
Radiometric associations are coincident with six conductive anomalies; B, C, J, H, A and T. Five conductive anomalies (B, C, J, H and A) are considered high priority, while T is considered moderate priority.
Future exploration plans being considered, include prospecting, mapping the radiometric anomalies and ground geophysics surveys. Among the ground surveys being considered are orientation Electromagnetic (EM) and DC-Resistivity surveys, which will be used to help establish drill targets.
Fission 3.0 is making on the Clearwater West property. The conductor anomalies identified from the VTEM Max survey, combined with the strong radiometric anomalies announced last highlight the potential for uranium discovery on the property, where we hold an option to earn 50% interest.
Updated map of the priority targets can be found on the Brades Resource website. www.bradesresource.com.
Summary of the Clearwater West Project
Fission 3's experienced and successful management and technical team, with a track record of two major high-grade uranium discoveries in the Athabasca Basin region in the past three years (Waterbury Lake project and the PLS project), operates and manages Clearwater West. Fission 3 currently holds a 100% interest in Clearwater West.
Brades has entered into a 3-year option to acquire up to a 50% interest in Clearwater West by incurring $5,000,000 of staged exploration expenditures on or before October 14, 2016. Year One minimum exploration requirement is $0.7M.
The Athabasca Basin region hosts the world's richest uranium deposits, with a well-established and politically stable, uranium exploration and mining sector. Fission 3 and Brades consider the recent discovery of high-grade uranium in the southwestern region of the Athabasca Basin to demonstrate the prospective merit of this under-explored area.
Clearwater West lies adjacent to the south of Fission Uranium's Patterson Lake South (PLS) property, host to a high-grade, shallow depth uranium discovery along a 2.24km trend. The best drill hole to date at the PLS discovery includes intersections as high as 38.49% U3O8 over 10.5m in 13.66% U308 over 38.0m and 27.57% U3O8 over 12.0m in 11.19% U3O8 over 31.5m (PLS14-129; Fission Uranium Corp. news release dated February 19, 2014). Fission Uranium has recently completed a 30,000m drill program at PLS.
Clearwater West is an early stage exploration project prospective for hosting high-grade uranium mineralization. Such mineralization is structurally controlled and typically associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by various geophysical surveys. The property covers historic airborne EM anomalies, which could be the extensions of the EM conductors identified on the PLS property immediately to the north.
About Brades Resource Corp.
Brades Resource Corp is a Canadian-based resource company focused on gold in British Columbia and uranium in Saskatchewan's Athabasca Basin - the world's largest source of high-grade uranium. The company has a joint venture with Fission 3.0 Corp. to explore Fission's Clearwater West property at which Fission's award-winning technical team will be the Operator. Brades also has a large, strategically located property at Lorne Lake in the Athabasca Basin and a gold project in British Columbia.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund the option earn-in on the Clearwater West property and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.