Drill Tracker Weekly: Fission Extends Basement-hosted Mineralization At 600W Zone


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: $440 million

Cash estimate: $29 million

Project: Patterson Lake South

Country: Canada

Ownership: 100 percent

Resources: 79.6 million pounds @ 1.58% U3O8 indicated; 25.8 million pounds U3O8 inferred

Project status: Resource definition, PEA in summer 2015

fission 1 Fission Uranium announced results from an additional 7 angled holes from its 100% owned Patterson Lake South project in the southwestern Athabasca Basin in Saskatchewan. The near surface basement hosted deposit is well situated along the all-weather gravel road to the Cluff Lake Mine. Highlights from the 600W zone included a 15 metre step-out hole returning 40.5 metres grading 2.06% U3O8 starting at a core depth of 107 metres, including a higher grade interval of 14.84% U3O8 over 3.5 metres. Based on sections provided on the Company's web site, the steeply dipping 600W zone has an estimated true thickness of 10 metres starting at the interface with the overburden. The mineralization is hosted within the relatively competent silicified semi-pelitic gneiss and the graphitic pelitic gneiss. An additional drill hole on line 480E extended the mineralization 20 metres to depth with 31 metres grading 3.5% U3O8 starting at a depth of 74 metres including a higher-grade interval of 8 metres of 11.57% U3O8. 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. The 780 Zone is located beneath the relatively shallow 6 metre deep Paterson Lake. The basement hosted mineralization is expected to have more competent wall rocks that the unconformity hosted deposits which have historically had water control issues along the more porous sandstone contacts. The Company plans to complete a PEA for summer 2015.

fission 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: 40 metres @ 2.06% U3O8, including 3.5 metres @ 14.84% U3O8