Drill Tracker Weekly: Fission Adds Additional High-grade Uranium To 600W Discovery


Drill Tracker Weekly is not exclusive to Resource Investing News and is published with permission from Mackie Research Capital Corporation. It highlights drilling results in context with our database of over 10,000 drilling and trenching results. The purpose of this report is to highlight drilling and trenching results that stand out from the pack and compare them to their peer group. This report does not constitute initiation of coverage or a recommendation.

Fission Uranium (TSX:FCU)

Price: $1.14

Market cap: $435 million

Cash estimate: $29 million

Project: Patterson Lake South

Country: Canada

Ownership: 100 percent

Resources: 79.6 M pounds @ 1.58% U3O8 (indicated); 25.8 M pounds @ 1.30% U3O8

Project status: Resource definition, PEA in summer 2015

fission chart Fission Uranium announced results from an additional 10 angled holes its 100% owned Patterson Lake South project in the southwestern Athabasca Basin in Saskatchewan. This included high-grade uranium from its recently discovered 600W Zone. The new zone is located 555 metres west of the Company's basement hosted Triple R resource announced on January 9, 2015. Highlights from the current angled drillhole include 31.5 metres grading 11.09% U3O8 starting at a core depth of 102 metres, including a higher grade interval of 28.32% U3O8 over 12.0 metres. The 600 Zone has been intersected from 585W, where a narrow zone of strong mineralization was intersected at 300 metres depth to line 645W were near surface drilling has intersected 56 metres of anomalous mineralization with locally high scintillometer readings. (Assays pending) In January 2015, the Company announced a preliminary 43-101 compliant indicated resource estimate of 79.6 million pounds at a grade of 1.58%U3O8 including high-grade core of 44.2 million pounds at 18.21% U3O8. The 43-101 resource also included an inferred resource estimate of 25.8 million pounds grading 1.30% U3O8. The Drill Tracker Chart for Fission plots the previous drillholes based on the starting depth of the mineralization showing the abundant number of near surface holes above 150 metres depth. The near surface basement hosted mineralization is contained within four separate zones extending over 2.25 kilometres of strike length. Additional targets occur to the south in the Forrest Lake Corridor which has a similar geophysical signature. The 780 Zone is located beneath the 6 metre deep Paterson Lake. The Company plans to complete a PEA for summer 2015.

fission chart 2

Discovery hole Patterson Lake South (Nov 2012): 8.5 metres @ 1.07% U3O8

Discovery hole 600W (March 2015): 9.0 metres @ 14.74% U3O8

Current holes (600W discovery): 31.5 metres @ 11.09% U3O8 including: 12.0 metres @ 28.32% U3O8