Fission Uranium announced results from 16 holes of basement-hosted uranium mineralization at the 780E zone at its 100-percent-owned Patterson Lake South project. It’s located in the Southwestern Athabasca Basin in Saskatchewan.

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: $1.17

Market cap: $430 million

Cash estimate: $30 million

Project: Patterson Lake South (PLS)

Country: Canada

Ownership: 100 percent

Resources: 79.6 million pounds at 1.58 percent U3O8 indicated; 25.8 million pounds at 1.3 percent U3O8 inferred

Project status: resource definition, PEA in summer 2015

Image courtesy of Big Charts.

  • Fission Uranium announced results from 16 holes of basement-hosted uranium mineralization at the 780E zone at its 100-percent-owned PLS project in the Southwestern Athabasca Basin in Saskatchewan.
  • Highlights from the current angled drilling include 33.5 meters grading 1.19 percent U3O8 starting at a depth of 60 meters; that includes a higher-grade interval of 14.09 percent U3O8 over 3.5 meters. Assays are pending from additional “off-scale” mineralization.
  • In January 2015, the company announced a preliminary 43-101 compliant indicated resource estimate of 79.6 million pounds grading 1.58 percent U3O8, including high-grade core of 44.2 million pounds at 18.21 percent U3O8. The 43-101 resource also includes an inferred resource estimate of 25.8 million pounds grading 1.3 percent U3O8. The Drill Tracker chart for Fission plots the previous drill holes based on the starting depth of the mineralization, highlighting the abundant number of near-surface, high-grade holes.
  • The near-surface, basement-hosted mineralization is contained within four separate zones extending over 2.27 kilometers of strike length. Additional targets occur to the south in the Forrest Lake Corridor, which has a similar geophysical signature. The 780 zone is located beneath the 6-meter-deep Paterson Lake, which will have to be dammed prior to a potential open pit. The high-grade mineralization is located along the contact between a graphic pelitic gneiss and a silicified semi-pelite (metamorphosed, fine-grained sedimentary rock).
  • The company plans to complete a PEA on the 100-percent-owned project for summer 2015.

Discovery hole (PLS, December 2012): 18 meters at 1.78 percent U3O8

Current holes (780E zone): 33.5 meters at 1.91 percent U3O8, including 6 meters at 8.14 percent U3O8

Pending “off-scale” assays: 8.01 meters >10,000 cps with a total composite zone of 105 meters of mineralization; 12.1 meters > 10,000 cps


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

  1. 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 company: Fission Uranium Corp. (TSX.FCU)
  2. Integra Gold Corp. (ICG) is currently under coverage at Mackie Research Capital by analyst Peter Campbell
  3.  In March 2014, Peter Campbell visited the Lamaque Gold Project in Val-d’Or, Québec. Travel to and from the site in Val d’Or were paid by Integra Gold Corp. 

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. 


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