ir@fissionuranium.com
www.fissionuranium.com
TSX SYMBOL: FCU
OTCQX SYMBOL:
FCUUF
FRANKFURT SYMBOL: 2FU
Strong results from all seven
holes
KELOWNA,
BC, Nov. 8, 2022 /CNW/ - FISSION URANIUM
CORP. ("Fission" or "the Company") is
pleased to announce assay results from the summer 2021
"metallurgical & geotechnical testwork" drilling on the R840W
zone at its' PLS project, in the Athabasca Basin region of Saskatchewan, Canada (see News Release
September 07, 2021). Four
metallurgical holes and three geotechnical holes were completed as
part of the Phase 1 feasibility study field work. Assays confirm
that all 7 holes intersected wide intervals of mineralization, with
6 holes returning strong, high-grade intervals. The drilling
was part of the technical work required for the feasibility study,
which Fission expects to complete by the end of 2022 to early 2023.
Of particular note, hole PLS21-MET-004 (line 615W),
intersected a continuous interval measuring 34.0m @ 19.12% U3O8,
including 26.0m @ 24.59%
U3O8. With a total composite grade x
thickness value "GT" of 650.7, this positions it as one
of the strongest holes drilled to date at the PLS project.
Ross McElroy,
President and CEO for Fission, commented, "These assays are a
reminder of the incredible strength of mineralization we have here
at PLS – with numbers that place the Triple R in an elite group of
deposits worldwide. We have now received all outstanding drill
assay results from holes drilled as part of our feasibility study,
which remains on track for completion at the end of 2022 to early
2023. Our team continues to work hard advancing the project and I'm
very pleased with our continued progress and results."
Drilling Highlights
- All outstanding drill assay results for feasibility study are
complete
- A total of 6 out of 7 holes intersected high-grade
mineralization
- Hole PLS21-MET-004 is one of the best holes ever drilled at the
PLS project
PLS21-MET-004 (line 615W) Total composite GT value of
650.7
- 34.0m continuous
mineralization @ 19.12% U3O8 (between
98.5m to 132.5m), including
-
- 26.0m @ 24.59%
U3O8 (between 102.5m to 128.5m)
PLS21-MET-003 (line 675W)
- 47.5m continuous
mineralization @ 2.55% U3O8 (between
99.0m to 146.5m), including
-
- 9.0m @ 11.77%
U3O8 (between 131.0m to 140.0m)
PLS21-MET-002 (line 765W)
- 65.5m continuous
mineralization @ 1.21% U3O8 (between
106.0m to 171.5m), including
-
- 4.0m @ 4.60%
U3O8 (between 135.0m to 139.0m)
- 4.5m @ 9.36%
U3O8 (between 165.5m to 170.0m)
R840W Zone Metallurgical
Holes
Four large diameter HQ holes were collared and drilled
vertically spaced over 180m of strike
length to collect representative mineralized rock samples to be
used for metallurgical testwork. The testwork is to verify the
process required to extract U3O8 efficiently
and economically, and understand the grade variability and
mineralogy impact on processing factors such as recovery of the
R840W zone compared to the R780E zone.
R840W Geotechnical Testwork
Holes
Three holes were collared as angle holes to collect rock samples
to be used for geotechnical testwork. The testwork will verify the
rock strength and ground conditions likely to be encountered, and
provide data to be used in the design of ground support, tunnel and
stope dimensions and mining sequencing. Additionally, samples
were collected from the crown pillar area to analyse overall mining
stability at the overburden/bedrock interface, to optimize ore
recovery while maintaining overall mine stability.
Table 1: R840W Zone - Composited Mineralized Intervals –
Metallurgical Holes
Zone
|
Hole
ID
|
Grid
Line
|
Azimuth
|
Dip
|
From
(m)
|
To
(m)
|
Interval
(m)
|
U3O8
(wt%)
|
R840W
|
PLS21-MET-001
|
795W
|
218
|
-89.9
|
124.50
|
142.00
|
17.50
|
0.18
|
|
|
|
|
|
144.50
|
145.00
|
0.50
|
0.06
|
|
|
|
|
|
147.50
|
166.00
|
18.50
|
3.41
|
|
|
|
|
|
157.50
|
162.00
|
4.50
|
12.66
|
|
PLS21-MET-002
|
765W
|
54
|
-89.7
|
106.00
|
171.50
|
65.50
|
1.21
|
|
|
|
|
|
135.00
|
139.00
|
4.00
|
4.60
|
|
|
|
|
|
165.50
|
170.00
|
4.50
|
9.36
|
|
|
|
|
|
174.50
|
181.50
|
7.00
|
0.35
|
|
PLS21-MET-003
|
675W
|
321
|
-88.7
|
99.00
|
146.50
|
47.50
|
2.55
|
|
|
|
|
|
131.00
|
140.00
|
9.00
|
11.77
|
|
PLS21-MET-004
|
615W
|
271
|
-89.7
|
98.50
|
132.50
|
34.00
|
19.12
|
|
|
|
|
|
102.50
|
128.50
|
26.00
|
24.59
|
|
|
|
|
|
137.00
|
140.00
|
3.00
|
0.15
|
Composite
Parameters
|
|
1.
|
Minimum Thickness:
0.50m
|
|
2.
|
Grade Cut-Off: 0.05m
U3O8 (wt%)
|
|
3.
|
Maximum Internal
Dilution: 2:00m
|
Table 2: R840W Zone –
Composited Mineralized
Intervals – Geotechnical Testwork Holes
Zone
|
Hole
ID
|
Grid
Line
|
Azimuth
|
Dip
|
From
(m)
|
To
(m)
|
Interval
(m)
|
U3O8
(wt%)
|
R840W
|
PLS21-RM-001
|
870W
|
360
|
-73.8
|
161.00
|
172.50
|
11.50
|
3.10
|
|
|
|
|
|
166.50
|
167.50
|
1.00
|
18.50
|
|
|
|
|
|
176.00
|
178.00
|
2.00
|
0.09
|
|
|
|
|
|
180.50
|
181.00
|
0.50
|
0.05
|
|
|
|
|
|
185.50
|
193.50
|
8.00
|
1.58
|
|
|
|
|
|
189.00
|
190.50
|
1.50
|
7.37
|
|
|
|
|
|
205.50
|
207.50
|
2.00
|
0.06
|
|
|
|
|
|
215.00
|
217.50
|
2.50
|
0.13
|
|
PLS21-RM-002
|
645W
|
180
|
-70.8
|
110.00
|
115.00
|
5.00
|
0.11
|
|
|
|
|
|
153.00
|
153.50
|
0.50
|
0.12
|
|
PLS21-RM-003
|
915W
|
130
|
-68.5
|
179.00
|
179.50
|
0.50
|
0.07
|
|
|
|
|
|
188.00
|
188.50
|
0.50
|
0.05
|
|
|
|
|
|
199.50
|
200.00
|
0.50
|
0.11
|
|
|
|
|
|
203.00
|
207.00
|
4.00
|
0.30
|
|
|
|
|
|
210.00
|
219.00
|
9.00
|
0.37
|
|
|
|
|
|
217.50
|
218.00
|
0.50
|
4.66
|
|
|
|
|
|
222.50
|
227.00
|
4.50
|
3.72
|
|
|
|
|
|
223.50
|
226.00
|
2.50
|
6.54
|
Composite
Parameters
|
|
4.
|
Minimum Thickness:
0.50m
|
|
5.
|
Grade Cut-Off: 0.05m
U3O8 (wt%)
|
|
6.
|
Maximum Internal
Dilution: 2:00m
|
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 is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC
17025: 2005 Accredited Facility) in Saskatoon, SK for analysis which includes
U3O8 (wt %) and fire assay for gold,
while the other half remains on site for reference. All analysis
includes a 63 element ICP-OES analysis and boron. All
analysis includes a 63 element ICP-OES, uranium by fluorimetry and
boron. All depths reported of core interval measurements including
sample and interval widths are down-hole and are not always
representative of true thickness. The orientation of the
mineralized intervals tend to follow that of lithologic contacts,
and generally dip steeply to the south. Within the Triple R
deposit, individual zone wireframe models constructed from assay
data and used in the resource estimate indicate that all 5 zones
have a complex geometry controlled by and parallel to steeply
south-dipping lithological boundaries as well as a preferential
sub-horizontal orientation.
PLS Mineralized Trend & Triple
R Deposit Summary
Uranium mineralization of the Triple R deposit at PLS occurs
within the Patterson Lake Conductive Corridor and has been traced
by core drilling over ~3.18 km of east-west strike length in five
separated mineralized "zones" which collectively make up the Triple
R deposit. From west to east, these zones are: R1515W, R840W, R00E,
R780E and R1620E. Through successful exploration programs completed
to date, Triple R has evolved into a large, near surface, basement
hosted, structurally controlled high-grade uranium deposit.
The discovery hole was announced on November
05, 2012 with drill hole PLS12-022, from what is now
referred to as the R00E zone.
The R1515W, R840W and R00E zones make up the western region of
the Triple R deposit and are located on land, where overburden
thickness is generally between 55 m
to 100 m. R1515W is the
western-most of the zones and is drill defined to ~90 m in
strike-length, ~68 m across strike and ~220 m vertical and where
mineralization remains open in several directions. R840W is
located ~515 m to the east along strike of R1515W and has a drill
defined strike length of ~430 m. R00E is located ~485 m to
the east along strike of R840W and is drill defined to ~115 m in
strike length. The R780E zone and R1620E zones make up the
eastern region of the Triple R deposit. Both zones are
located beneath Patterson Lake where
water depth is generally less than six metres and overburden
thickness is generally about 50
m. R780E is located ~225 m to the east of R00E and has
a drill defined strike length of ~945 m. R1620E is located
~210 m along strike to the east of R780E, and is drill defined to
~185 m in strike length.
The Company completed and filed a prefeasibility "PFS" study on
November 07, 2019 titled
"Pre-Feasibility Study on the Patterson Lake South Property Using
Underground Mining Methods, Northern
Saskatchewan, Canada". The report summarizes the
Pre-Feasibility Study ("UG PFS"), which outlines an
underground-only mining scenario for PLS which to date has only
considered the R00E and R780E zones.
Mineralization along the Patterson Lake Corridor trend remains
prospective along strike in both the western and eastern
directions. Basement rocks within the mineralized trend are
identified primarily as mafic volcanic rocks with varying degrees
of alteration. Mineralization is both located within and
associated with mafic volcanic intrusives with varying degrees of
silicification, metasomatic mineral assemblages and hydrothermal
graphite. The graphitic sequences are associated with the PL-3B
basement Electro-Magnetic (EM) conductor.
Patterson Lake South
Property
The 31,039 hectare PLS project is 100% owned and operated by
Fission Uranium Corp. PLS is accessible by road with primary access
from all-weather Highway 955, which runs north to the former
Cluff Lake mine and passes the
nearby Nexgen Arrow deposit located 3km to the east and UEX-Areva
Shea Creek discoveries located 50km 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., President and
CEO for Fission Uranium Corp., a qualified person.
About Fission Uranium
Corp.
Fission Uranium Corp. is a Canadian based resource company
specializing in the strategic exploration and development of the
Patterson Lake South uranium property - host to the class-leading
Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. Fission's
common shares are listed on the TSX Exchange under the symbol "FCU"
and trade on the OTCQX marketplace in the U.S. under the symbol
"FCUUF."
ON BEHALF OF THE BOARD
"Ross
McElroy"
____________________________
Ross McElroy, President and
CEO
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 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: risks related to the
Offering, risks related to Fission's limited business history,
risks related to the nature of mineral exploration and development,
discrepancies between actual and estimated mineral resources, risks
related to uranium market price volatility, risks related to the
market value of the common shares of Fission, risks related to
market conditions, risks related to the novel coronavirus
(COVID-19) pandemic, including disruptions to the Company's
business and operational plans, risks related to the global
economic uncertainty as a result of the novel coronavirus
(COVID-19) pandemic 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 the
Company disclaims 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.
SOURCE Fission Uranium Corp.