Tuesday, 28 February 2012

Fission Energy says drill rig mobilized at PLS property

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.

Drilling 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.

"It 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.

The joint venture also said Monday that a property-scale airborne VTEM magnetic and electromagnetic survey is now 100 percent complete.

Fission 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.

No comments:

Post a Comment