The Conversation (0)
Fission Uranium announced results from an additional seven angled holes at its Patterson Lake South project in Saskatchewan’s Athabasca Basin. The near-surface, basement-hosted deposit is well situated along the all-weather gravel road to the Cluff Lake mine.
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: $1.14
Market cap: $440 million
Cash estimate: $29 million
Project: Patterson Lake South
Country: Canada
Ownership: 100 percent
Resources: 79.6 million pounds @ 1.58% U3O8 indicated; 25.8 million pounds U3O8 inferred
Project status: Resource definition, PEA in summer 2015
- Fission Uranium announced results from an additional 7 angled holes from its 100% owned Patterson Lake South project 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 a 15 metre step–out hole returning 40.5 metres grading 2.06% U3O8 starting at a core depth of 107 metres, including a higher grade interval of 14.84% U3O8 over 3.5 metres. Based on sections provided on the Company’s web site, the steeply dipping 600W zone has an estimated true thickness of 10 metres starting at the interface with the overburden. The mineralization is hosted within the relatively competent silicified semi-pelitic gneiss and the graphitic pelitic gneiss.
- An additional drill hole on line 480E extended the mineralization 20 metres to depth with 31 metres grading 3.5% U3O8 starting at a depth of 74 metres including a higher-grade interval of 8 metres of 11.57% U3O8.
- 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%U3O8. The 43-101 resource also included an inferred resource estimate of 25.8 million pounds grading 1.30% U3O8. 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.
- The Company plans to complete a PEA for summer 2015.
Discovery hole Patterson Lake South (Nov 2012): 8.5 metres @ 1.07% U3O8
Discovery hole 600W (March 2015): 9.0 metres @ 14.74% U3O8
Current holes: 40 metres @ 2.06% U3O8, including 3.5 metres @ 14.84% U3O8
Risks 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: Fission Uranium Corp. (TSX.FCU), Balmoral Resources Ltd. (TSX.BAR)
- Balmoral Resources Ltd. is currently covered at Mackie Research Capital Corp. by analyst Peter Campbell
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.
Related reading:
Ross McElroy on Fission’s Latest Assay Results and Upcoming Summer Drill Program