Fission 3.0 Discovers New High Priority Targets at Clearwater West
May 27, 2014 (Source: Marketwired) — FISSION 3.0 CORP. (TSX VENTURE:FUU) (“Fission 3” or “the Company“) and its Joint Venture (JV) partner, Brades Resource, (TSX VENTURE:BRA), 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).
- 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)
The survey results will be followed-up by ground geophysics, including orientation Electromagnetic (EM) and DC-Resistivity surveys in order to establish drill targets.
Ross McElroy, COO, and Chief Geologist for Fission 3, commented,
“We’re very pleased with these results, particularly because a number of the highest priority targets are additionally associated with those identified by the airborne radiometric survey (see news release Apr 15, 2014). Overall, we consider this new data to be strong confirmation of Clearwater West’s prospectivity and a clear step forward as we work towards developing drill targets.”
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.
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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°.
VTEM conductor responses from the survey consist of 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, consist of prospecting and mapping the radiometric anomalies. In addition ground geophysics surveys being considered include orientation Electromagnetic (EM) and DC-Resistivity surveys to help establish drill targets.
An updated map can be found on the Company’s website at http://fission3corp.com/projects/clearwater_west/maps/.
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.
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, 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”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>