Drill Tracker Weekly: Fission Discovers New Parallel Zone at Depth in 600W Zone

Drill Tracker Weekly is not exclusive to Resource Investing News and is published with permission from Mackie Research Capital Corporation. It highlights drilling results in context with our database of over 10,000 drilling and trenching results. The purpose of this report is to highlight drilling and trenching results that stand out from the pack and compare them to their peer group. This report does not constitute initiation of coverage or a recommendation.

Fission Uranium (TSX:FCU)

Price: $1.00

Market cap: $386 million

Working capital: $29 million

Project: Patterson Lake

Country: Canada

Ownership: 100 percent

Resources: Indicated: 79.6 million pounds at 1.58 percent U₃O₈ Inferred: 25.8 million pounds at 1.30 percent U₃O₈

Project status: Resource definition, PEA in summer 2015

• Fission Uranium announced the discovery of a new zone at depth 25 metres north of R600 W. Additional results from seven holes in the 780E Zone have expanded the footprint and filled in gaps in the core high-grade core of the 780E zone. The 100% owned Patterson Lake South project is located in the southwestern Athabasca Basin in Saskatchewan. The near surface basement hosted deposit is well situated along the all-weather gravel road to the Cluff Lake Mine. 

• Highlights from the 600W zone included an isolated interval at 307 metres depth of 2.5 metres of mineralization well within the less commonly mineralized semi-pelitic gneiss grading 3.26% U₃O_8. The intersection is important as it opens up the potential for a new parallel high-grade zone to the north of the main zone in R600W. Based on sections provided on the Company’s web site, the steeply dipping interval will be significantly narrower than the estimated true thickness of 10 metres in the main 600W zone.

• Additional drilling in the 780E Zone included a number of high-grade intervals including; 8.0 metres grading 11.91% U3O8, 3.0 metres of 15.33% U3O8 and 4.0 metres of 14.72% U3O9. The drilling has extended the high-grade core by 10-15 metre increments in several directions

• In January 2015, the Company announced a preliminary 43-101 compliant indicated resource estimate of 79.6 million pounds at a grade of 1.58% U₃O₈ including high-grade core of 44.2 million pounds at 18.21% U₃O_8. The 43-101 resource also included an inferred resource estimate of 25.8 million pounds grading 1.30% U₃O_8. The Drill Tracker Chart for Fission plots the previous drillholes based on the starting depth of the mineralization showing the abundant number of near surface holes above 150 metres depth.

• The near surface basement hosted mineralization is contained within four separate zones extending over 2.25 kilometres of strike length. The 780 Zone is located beneath the relatively shallow 6 metre deep Paterson Lake. The basement hosted mineralization is expected to have more competent wall rocks that the unconformity hosted deposits which have historically had water control issues along the more porous sandstone contacts.

Discovery Hole Patterson Lake South (Nov 2012) 8.5 meters at 1.07 percent U₃O₈

Discovery Hole 600W (March 2015): 9.0 meters at 14.74 percent U₃O₈

Current Holes (New Zone in 600W): 2.5 meters at 3.26 percent U₃O₈

Risk Analysis

Data contained in DRILL TRACKER WEEKLY is based on early stage exploration activity. The results are obtained at the very early stages of exploration and therefore, individual results may not be reproducible with additional trenching or drilling, nor may the results ultimately lead to the discovery of an economic deposit. Delineation of a resource body requires an extensive data gathering exercise according to guidelines set out in National Instrument 43-101 before investors can be reliably assured of a competent body of mineralization that may be of economic interest. DRILL TRACKER WEEKLY is designed to highlight individual trench or drill results, which stand out as being materially anomalous and are particularly worth of note – a type of early warning flag for a particular property that warrants further attention. Hence, DRILL TRACKER WEEKLY does not provide a recommendation to buy, sell or hold a specific equity – it is an information reference source to help quantify the meaning and relevance of early stage exploration results. 

Relevant Disclosures Applicable to: Drill Tracker Weekly

The research analyst or a member of the research analyst’s household owns and/or has options to acquire shares of the subject issuer. At the date of this release the author, Wayne Hewgill, owns shares in the following companies in this report: Fission Uranium Corporation (TSX:FCU)

Analyst Certification

I, Wayne Hewgill certify that the information in this report is sourced through public documents that are believed to be reliable but accuracy and completeness as represented in this report cannot be guaranteed. The author has not received payment from any of the companies covered in this report. This report makes no recommendations to buy, sell or hold. Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.