Uranium

TSXV:FUU

Fission 3.0

Exploring for Uranium in Saskatchewan’s Athabasca Basin

FUU:CA
TSXV:FUU

Overview

Fission 3.0 (TSXV:FUU,OTCQB:FISOF,FSE:2F3A) is a leading uranium project generator developing a portfolio of properties in Saskatchewan's Athabasca Basin, home to over 60 years of mining exploration and development, producing grades anywhere from 10 to 20 times higher than the global average at nearly two percent U3O8. The company follows a business model of exploration, development and de-risking on the path towards production.

Fission 3.0 has a proven track record of successfully identifying and developing uranium projects. The company is led by CEO Dev Randhawa and COO Ross McElroy, who have been instrumental in the discovery and development of a number of significant uranium projects, including Fission Uranium's Triple R deposit. Randhawa and McElroy founded Fission Energy, which became Fission Uranium (TSX:FCU,OTCQX:FCUU), after selling a portfolio of properties and their 60 percent ownership in the Waterbury Lake deposit in Jan 2013. Fission Energy went on to discover the Triple R deposit which it holds to this day (132mm lbs of 2 percent U3O8). Fission 3.0 was formed later (December 2013 ) when Fission Uranium decided to spin out all other existing properties in the Fission Uranium portfolio into Fission 3.0 so that it could focus solely on the Triple R discovery.

Fission 3.0 is leveraging its experience and familiarity with the Athabasca Basin to develop a significant portfolio of uranium projects in the region, including 18 projects in or around the Basin. The company has divided its projects into four main location areas in the region: the Beaverlodge Area Projects, the PLS Area Projects, the Key Lake Road Projects and the NE Athabasca Basin.

The company is focused on its exploration efforts in Saskatchewan's Athabasca Basin, believed to have produced 13.2 percent of the world's uranium. Saskatchewan's rich resources and mining-friendly government have helped drive exploration work in the area for a number of years. According to the Fraser Institute's 2018 annual survey, Saskatchewan was ranked the second-friendliest mining jurisdiction in the world. The Athabasca Basin's rich uranium deposits and high grades have resulted in a number of major uranium projects, including Cameco's Cigar Lake and McArthur River projects, NexGen's (TSX:NXE, NYSE:NXE) Arrow deposit, Denison Mines' Phoenix project, and many others. The projects in the Athabasca Basin have provided the area with excellent infrastructure that Fission 3.0 intends to leverage as it develops its portfolio of projects.

Fission 3.0 is currently focusing its 2020 exploration efforts on the Cree Bay project in the northeast portion of the Athabasca Basin, which is located only 15 kilometers away from the past-producing Nisto uranium mine. The project comprises 16 mineral claims totaling 14,080 hectares, the latest of which overlie the Black Lake Fault, which is associated with Cameco's (TSX:CCO, NYSE:CCJ) Centennial deposit. In addition to Cree Bay, Fission 3.0 has committed to focusing its 2020 exploration efforts on the Hearty Bay and Beaver River projects. All three projects are 100-percent owned by Fission 3.0.

After production cuts were announced by major uranium producers including Cameco and Kazatomprom in 2020, industry stakeholders have speculated a supply deficit could occur moving forward. “With rising spot prices and positive sentiment, the outlook for uranium explorers has significantly improved in recent months. Fission 3.0 owns an exceptional portfolio in the Athabasca Basin, with projects that are prospective for both high-grade and shallow mineralization. Following an in-depth technical review we have now prioritized our key projects moving forward," said Ross McElroy, COO and Chief Geologist for Fission 3.0.

Fission 3.0's Company Highlights

  • Developing a portfolio of 18 projects in Saskatchewan's Athabasca Basin including a collection of properties surrounded by producing uranium mines
  • Focused on three highly prospective uranium projects: Cree Bay, Hearty Bay and Beaver River
  • Each project benefits from the policies and mining support that caused Saskatchewan to be ranked the 9th best mining jurisdiction in the world in 2019
  • Prospecting at Hearty Bay has identified 45 new occurrences of radioactive boulders, including those returning assay samples of up to 8.23 percent U3O8
  • Drilling at Beaver River's Trigger Zone returned 13.9 percent U3O8, 2.27 g/t gold, 5.93 percent U3O8 and 1.55 g/t gold
  • CEO & Chairman Dev Randhawa and COO & Chief Geologist Ross McElroy lead the same group that made both the Patterson Lake South (PLS) high-grade discovery and the J-Zone high-grade discovery in the Athabasca Basin
  • Leveraging extensive exploration experience and expertise as demonstrated by Fission Uranium at the Triple R deposit
  • Company management and technical team has established significant partners and relationships with those working in the Athabasca Basin
  • Fission 3.0 acquired two new properties, Grey Island and Flowerdew, in the Athabasca Basin region of Saskatchewan expanding the company's total 16 properties, comprising of 212,446 hectares in the region.

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