Fission 3.0 Corp. (TSX VENTURE:FUU) ("Fission 3") is pleased to announce that, subject to the completion of formal documentation, it has entered into an agreement with Azincourt Resources Inc. whereby Azincourt may earn an additional 10% in the Company's PLN (Paterson Lake North) property by incurring exploration expenditures of not less than one million dollars within one year. A drill program is currently being prepared and will include five holes in 2000m, focusing on high-priority targets within a 700m mineralized corridor, identified during the previous drill program. This new drill program follows success at Fission 3.0's Macusani project in Peru, with 13 of 16 holes intercepting uranium and lithium at shallow depth (see NRs dated 06/21/16, 10/17/16 and 12/21/16) and where, at its large and proximal area portfolio, Plateau Uranium announced on March 2nd, 2017, heap-leach test results showing uranium and lithium recoveries of 98-99% and 61 to 73% respectively.
- $1M Budget, to be funded by Azincourt Resources
- 5 drill holes, 2000m of drilling. Targets include:
- 2 x A1 Conductor (drilling in Mar 2017)
- 2 x Broach Lake Conductor (drilling in summer of 2017)
- 1 x N Grid
- 6 line-km of ground EM survey (Small Moving Loop Electromagnetic) survey
- Prospective for high-grade uranium at shallow depth
- Significant mineralization and pathfinder elements showing large-scale potential
- Adjacent to, and part of the same structural corridor, as Fission Uranium's PLS project, host to the world's only major, high-grade uranium deposit that is near-surface
- Previous drill program identified a mineralized corridor approximately 700m in length
- Hole PLN-019 intercepted 0.5m at 0.047% U3O8 within 6.0m @ 0.012% U3O8
Ross McElroy, COO, and Chief Geologist for Fission 3, commented,
"This drill program and renewed partnership with Azincourt is the latest, exciting step for Fission. It comes soon after hitting near-surface uranium and lithium mineralization in multiple holes at our Macusani project, in Peru, which is adjacent to Plateau Uranium's Macusani projects that host large, shallow uranium and lithium deposits. Thanks to the prior drill programs we have conducted at PLN, we have already identified a 700m mineralized corridor and will be focusing all five holes on this area."
The Patterson Lake North ("PLN") property was acquired by staking in 2004 and became part of the Fission 3.0 Corp. portfolio as part of the Fission Uranium/Alpha Minerals agreement in December 2013. The property comprises 27,408 ha and is located immediately adjacent and to the north of Fission Uranium's PLS high-grade uranium discovery.
A 2013 summer/fall geophysical program budgeted at $0.53 million consisted of a VTEM Max airborne electromagnetic survey conducted over the northern half of the property, time-domain electromagnetic (TDEM) and magnetotellurics (MT) ground geophysical surveying, prospecting, rock and soil sampling, and relogging and historical drill core. The airborne EM survey successfully discovered and outlined an eight-km long north-south trending package of conductive basement rocks.
A 2014 winter exploration program budgeted at $1.0 million consisted of 7 drill holes totalling 1988 metres, ground geophysical surveying and radon sampling. Drilling encountered a lithological setting with structural complexity similar to that of the primary conductor at Fission Uranium's PLS project.
A subsequent 2014 summer exploration program comprised 2,130m of drilling in 6 holes, along with 95.2 km of DC Resistivity surveying. Drill hole PLN14-019, targeting the A1 conductor, returned 0.047% U3O8 over 0.5m. During Nov 2014 a borehole EM survey confirmed an EM conductor off-hole of drill hole PLN14-020.
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., COO and Chief Geologist for Fission 3.0, a qualified person.