Five holes will step out from successful prior drill holes
TSX VENTURE SYMBOL: FUU
KELOWNA, BC, Jan. 3, 2019 /CNW/ - FISSION 3.0 CORP.
("Fission 3" or "the Company") is pleased to announce it will shortly be commencing a 1,850m five-hole winter drill program at its PLN project in the Athabasca
Basin region of Saskatchewan, Canada. The program will focus on high-priority targets within a
700m mineralized corridor identified during the previous drill program. All five holes will test
the A1 conductor, stepping out 25m and 50m north along strike of
PLN14-019, which intercepted significant uranium mineralization. These five winter holes are part of an overall 3,250m PLN program approved for 2019.
PLN is located in the south-west area of Saskatchewan's Athabasca Basin, immediately adjacent and to the north of Fission Uranium's PLS project, which hosts the
high-grade Triple R uranium deposit. With its proximity to large-scale, high-grade uranium deposits, and with multiple
geological and geophysical interpreted features, including an extensive drill-identified mineralized corridor, PLN ranks highly
in Fission 3's extensive portfolio.
News Highlights
- PLN is prospective for high-grade uranium at shallow depth
- The property is adjacent to, and part of the same structural corridor as Fission Uranium's PLS project, host to the
Athabasca's most significant major, shallow-depth, high-grade uranium deposit
- Step out drilling strategy. Drilling will step out from one of the previously-drilled, mineralized holes (PLN14-19),
which intercepted 0.5m at 0.047% U3O8 within 6.0m @ 0.012% U3O8
during the 2014 drill program.
- Prior drilling has intercepted significant uranium and shown large-scale potential. The Company's 2014 drill program
identified a mineralized corridor associated with the A1 conductor ~700m in strike length, where results returned significant
mineralization and pathfinder elements.
- Highly-targeted winter holes part of larger program at PLN. An 8-hole, 3,250m drill
program has been approved by the PLN joint venture for 2019, with 5 holes (1,850m) to be drilled
this winter.
Ross McElroy, COO, and Chief Geologist for Fission, commented,
"Our prior drilling has already proven that PLN hosts uranium and, importantly, those results have highlighted the
potential for large-scale mineralization. Winter drilling will focus on the approximately 700m
mineralized trend and will use a strategy of step outs from one of our previous, successful holes on the property."
PLN Package: The PLN package consists of a total of 36,537 ha in 37 mineral claims of which Fission 3 has a
90% interest in 27,408 ha (10 mineral claims) and a 100% interest in an additional recently staked 9,129 ha (27 mineral
claims). Azincourt Energy Corp. holds a 10% interest in 27,408 ha of the PLN property.
The property, just inside the Athabasca Basin, is prospective for high-grade uranium at
shallow depth. The property is adjacent to, and part of the same structural corridor as Fission Uranium's PLS project, host
to the Athabasca's most significant major, shallow-depth, high-grade uranium deposit.
Previous drill results show large scale potential. Drilling in 2014 identified a mineralized corridor associated with the
A1 ~700m in strike length, where results returned significant mineralization and pathfinder elements (uranium, boron, copper,
nickel and zinc) and included hole PLN14-019 which intercepted 0.5m at 0.047%
U3O8 within 6.0m @ 0.012% U3O8.
Wales Lake Update: A total of 586m of drilling in 2 holes were completed
on the southwest and northeast areas respectively of Block C of Wales Lake in December. Both holes targeted basement
electromagnetic conductors that were defined by airborne and ground geophysics. The drilling indicates that the
southwestern area of Block C appears to have a higher potential for hosting mineralization.
Hole WL18-001 is an angled hole located on the northwest striking major conductor trend in the southwestern corner of the
property. The hole was drilled to a depth of 305m and encountered bedrock at 165.5m. Bedrock consisted of alternating sequences of quartz-chlorite-garnet gneiss and sulphide rich
quartz-feldspar-biotite-garnet gneiss. Basement geology appears to be roughly flat lying to gently dipping. Intervals of moderate
to strong hematite and chlorite alteration occur throughout. Several narrow intervals of fault gouge within strongly
foliated regions were encountered throughout. No anomalous radioactivity was encountered.
Hole WL18-002 is an angled hole located in the northeast corner of the property. Similar to that seen in WL18-001, the
basement geology appears to be roughly flat lying to gently dipping. The hole was drilled to a depth of 281m and encountered bedrock at 143m. Bedrock consisted of broad sequences
of orthogneiss and granodiorite/granitoid. Minimal chlorite alteration is present to a depth of 195.7m. A narrow interval of anomalous radioactivity associated with a pegmatite vein was encountered
from 170.0 to 170.5m. Radioactivity in drill core peaked at 500 cps and downhole gamma survey
peaked at 3,239 cps. It is likely the radioactivity is from thorium in the pegmatite rather than uranium.
Wales Lake
Hole ID
|
Block
|
Area
|
Collar
|
Hand-held Scintillometer Results On
Mineralized Drillcore (>300 cps / >0.5M minimum)
|
Basement Unconformity
Depth
(m)
|
Total Drillhole
Depth
(m)
|
Az
|
Dip
|
From (m)
|
To (m)
|
Width (m)
|
CPS Peak Range
|
WL18-001
|
Block C
|
SW
|
235
|
-76
|
No Significant Radioactivity
|
165.5
|
305.0
|
WL18-002
|
Block C
|
NE
|
89
|
-76.6
|
170
|
170.5
|
0.5
|
500
|
143.0
|
281.0
|
Wales Lake: The 100% owned Wales Lake property comprises 30 claims in 3 non-contiguous blocks totaling
~35,440 hectares and is accessible by road with primary access from all-weather Highway 955. Similar to Fission Uranium's
PLS property, Wales Lake occupies the same stratigraphic position within the Clearwater Domain and represents relatively shallow
depth basement hosted target areas outside of the margin of the Athabasca Basin. From west to east the 3 blocks are
referred to as A, B and C respectively. Block A is the westernmost and is located ~30km west of Fission Uranium's flagship
high-grade Triple R uranium deposit. Block B is located a further ~6km to the east and Block C is located a further ~7km to
the southwest.
Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a
hand-held RS-121 Scintillometer manufactured by Radiation Solutions. The reader is cautioned that scintillometer readings are not
directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication
of the presence of radioactive materials. All intersections are down-hole, core interval measurements and true thickness is yet
to be determined.
Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample will be sent to SRC Geoanalytical Laboratories (an SCC
ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK. Analysis will include a 63 element
ICP-OES, and boron.
All depth measurements reported, including radioactivity and mineralization interval widths are down-hole, core interval
measurements and true thickness are yet to be determined.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set
out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol.
Chief Geologist and COO for Fission 3.0 Corp., a qualified person.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development
of uranium properties and is headquartered in Kelowna, British Columbia. Common Shares are
listed on the TSX Venture Exchange under the symbol "FUU."
ON BEHALF OF THE BOARD
"Ross McElroy"
________________________
Ross McElroy, COO
Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information",
within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates",
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that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the
potential to". Forward looking statements contained in this press release may include statements regarding the future operating
or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be
accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking
statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future
expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and
other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made
as of the date of this press release and Fission 3 Corp. disclaim 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.
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.
SOURCE Fission 3.0 Corp.
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