Fission Energy Corp. (CVE:FIS)(OTCQX:FSSIF) and its 50 percent joint venture partner, ESO Uranium Corp, said Monday that a 14-hole, 2,100 metre drill program will start shortly at the Patterson Lake South property in the southwest part of Saskatchewan's Uranium-rich Athabasca Basin.
A drill rig has already been mobilized to the site.
The program is a continuation of last year's efforts to locate the bedrock source area of the high-grade Uranium
boulder field discovery made last June, which is believed to occur
below the unconformity in a basement hosted system, the parties said.
will test a number of geophysical targets identified by an on-going
ground Time Domain Electromagnetic (TDEM) and a DC-Resistivity survey
being conducted on the Patterson Lake conductor corridor.
This corridor is located immediately adjacent and to the east-northeast of the high-grade Uranium boulder field, which has yielded boulder assays as high as 39.6% Uranium and 31.4% Uranium since its discovery during the summer 2011 exploration season.
is believed the up-ice direction of the boulder field parallels the
greater than 6km strike length of multiple bedrock EM conductors found
within the Patterson Lake Corridor and that this area represents a
highly prospective source location of the uraniferous boulders," Fission Energy said in a statement.
Hardrock Diamond Drilling of Penticton, British Columbia, has been contracted to complete the drill program.
Samples have been submitted to SRC Geoanalytical Laboratories for analysis, with results to be provided when available.
joint venture also said Monday that a property-scale airborne VTEM
magnetic and electromagnetic survey is now 100 percent complete.
is the operator of the Patterson Lake South exploration project, which
is accessible by road with primary access from all weather Highway 955,
which runs north to the former Cluff Lake mine, where more than 60
million pounds of Uranium has been produced.
Earlier this month, the Uranium
explorer said the joint venture staked six new claims along the south
boundary of Patterson Lake South, boosting the size of the asset to
around 31,000 hecatres in 17 mineral claims.
The six new claims, which were staked to cover possible south-trending extensions of the wide, high grade Uranium boulder field discovered by the joint venture in June of last year, total around 8,170 hectares.
In mid-December, the company announced trenching results from
Patterson Lake South, where the highest grade samples included 31.4
percent and 31.2 percent U308 (Uranium).
These assays were received from the 49 radioactive boulders
discovered during the trenching program carried out in October 2011.
These boulders occur in the high grade boulder field that has been
traced for a north-south length of approximately five kilometres by up
to 0.9 kilometres wide.
Fission is engaged in the acquisition and exploration of Uranium properties in Alberta, Saskatchewan and Quebec in Canada, as well as the Macusani District in Peru.
Its flagship Waterbury Lake project is located immediately west of Hathor Exploration’s (TSE:HAT) Roughrider Uranium deposit, which is in the heart of the Athabasca Basin district that hosts over 110 million pounds of Uranium.
Hathor was recently subject to a takeover battle in late 2011 between mining giants Cameco Corp. (TSE:CCO)(NYSE:CCJ) and Rio Tinto
(NYSE:RIO)(LON:RIO), with the latter emerging as the winner with its
$654 million friendly bid trumping Cameco's $625 million offer.