Fission Energy Corp. (CVE:FIS)(OTCQX:FSSIF) said Wednesday that it has found significant anomalous radioactivity in the final hole of a winter drill program at the joint venture Patterson Lake South property in Saskatchewan.
The company said that hole
PLS12-016 intersected "multiple intersections of anomalous and variable
radioactivity", including 2.50 metres measuring less than 300-799 counts
per second (cps), 7.50 metres of variable radioactivity to a maximum
peak of 1,725 cps, and 5.00m measuring less than 300-378 cps.
hole was collared 823 metres east of previous hole PLS12-013, which
encountered 19.50 metres of anomalous radioactivity, along an EM
conductor identified from the 2012 airborne survey to the west of
The Patterson Lake South property is a 50/50 joint venture with Fission and partner ESO Uranium Corp (CVE:ESO).
the results today, the winter drill program, which began in February,
has now been completed. The program was 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 final hole of the winter program, Fission said a weakly anomalous
intermittent radiometric anomaly was identified in the overburden,
extending into the basement, from 55.00 to 76.00 metres. Increasingly
moderate to strong clay alteration in the basement rock below the
overburden was also encountered intermittently from 111.60 to 210.10
Two additional drill holes, PLS12-014 and PLS12-015,
drilled along the same EM conductor, both intersected variable narrow
intervals of weakly anomalous radioactivity, Fission added. Hole
PLS12-015 also encountered "increasingly strong" alteration below the
In February, the companies
started the 2,100 metre drilling program on the property, testing
favorable basement bedrock beneath the glacial sedimentary cover to the
"up-ice" area, which is east-northeast of the high grade Uranium boulder field found last June.
The high-grade Uranium boulder field has yielded boulder assays as high as 39.6% and 31.4% Uranium since its discovery.
the three drill holes reported Wednesday showed anomalous radiometric
anomalies with associated alteration along 823 metres of strike on the
same EM conductor, the joint venture partners said.
anomalies present a very significant and encouraging target for
follow-up drilling to be carried out by a planned summer drill program,"
the parties said in a statement.
The winter drill program has further refined the boundaries of the Uranium
boulder field target area to the west of Patterson Lake, with the
results from prior hole PLS12-013 and hole PLS12-16 providing a
"meaningful indicator" for identifying the potential high grade
mineralized source of the Uranium boulder field, Fission said.
is underway to carry out Sonic-reverse circulation drilling during the
summer, as well as continued follow-up of the anomalous area found in
this past winter program, which has so far only been partially tested.
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.
In February, 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, total around 8,170 hectares.
Fission is focused on 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 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.
Earlier this week, Fission said it has agreed to acquire industry peer Pitchstone Exploration
through a plan of arrangement. Under the terms of the deal, Fission
will issue 0.2145 common shares of the company for each common share of
Pitchstone is a Uranium
explorer focused in three districts in Canada and Namibia. The
company's property portfolio features 13 projects in the eastern
Athabasca Basin of Saskatchewan, five of which are 100 percent owned.