VANCOUVER — Another drill season is underway for partners Fission Uranium (TSXV: FCU; US-OTC: FCUUF) and Alpha Minerals (TSXV: AMW; US-OTC: ESOFF) at the fifty-fifty Patterson Lake South (PLS) joint venture located in the southern reaches of Saskatchewan’s Athabasca basin, and the companies’ rate of drilling success looks to be carrying over to yet another campaign.
Results from a US$6.9-million exploration program — budgeted for 11,000 metres over 44 holes — have been rolling in fast and furious since mid-July, and on Aug. 15 the partners announced a fourth zone of uranium mineralization and off-scale radioactivity on strike from three previously discovered zones — namely R00E, R390E and R780E — along a trend that now runs for over a kilometre.
The new zone at PLS, referred to as R945E, lies 165 metres east of zone R780E, which had previously represented the easternmost extension on the property. Discovery hole 13-84 returned 2.7 metres of total composite off-scale mineralization, within 18 metres of total mineralization. The companies report that the hole is progressing at a depth of 302 metres.
“With the discovery of this [mineralization], we have now identified a [fourth] mineralized zone [along strike],” commented Fission Uranium president and COO Ross McElroy. “The significant breadth of mineralization in this drill hole will be aggressively followed up. Taken as a whole, this is further evidence that PLS is host to an extensive mineralized system.”
The R945E discovery was triggered by a radon-in-water anomaly identified during a radon-in-water and radon-in-sediment survey program in April. Fission-Alpha note that “the radon anomaly is the strongest radon-in-water anomaly ecountered to date.”
Hole 13-84 was vertical, with the upper part of the lithologic sequence comprised of alternating quartzitic and pelitic gneiss before transitioning into more pelitic-gneiss dominated sequences, and finishing at depth in alternating pelitic, semi-pelitic and quartzitic gneiss.
And the discovery is just the latest of a number of stepout successes the companies have reported over the past several weeks. On Aug. 12, they released assays from the first drill hole of the season at R780E. Hole 13-80 was collared 10 metres south of hole 13-60, which intersected multiple zones of basement mineralization, including 7 metres grading 1.22% uranium oxide.
With 13 metres of composite off-scale mineralization — including 7.6 metres of continuous off-scale — hole 13-80 returned the strongest, most continuous results so far at R780E.
The main interval of mineralization runs from a depth of 122 to 171 metres, and is characterized by variably weak-to-strong radioactivity, with occasional narrow intervals — between 1.5 and 2.5 metres in width — of barren rock. With mineralization down to 319 metres, hole 13-80 is the deepest mineralization to date at PLS.
On Aug. 8, the partners reported results from a stepout program at PLS’ westernmost mineralized zone, R00E.
Four closely spaced holes were drilled into the zone, with the companies’ geological interpretation showing most mineralization in a steeply south dipping footwall of east- to northeast-trending pelitic gneiss between a semi-pelitic rock to the north and a quartz-feldspar gneiss to the south.
Hole 13-74 tested the western extent of R00E while holes 13-76, 13-77 and 13-79 tested the central area of the zone.
The companies reported that all four collars intersected varying degrees of mineralization. The release was highlighted by hole 13-79, which intersected 18.5 metres of mineralization, including a 4.6-metre section of continuous off-scale radioactivity.
Hole 13-77 cut two wide, mineralized intervals of weak-to-moderate radioactivity separated by 3 metres of barren rock.
Fission’s shares have jumped 76%, or 58¢, since the mid-July program at PLS, and closed up 11%, or 13¢, following news of the R945E discovery on Aug. 15 — closing out the day at $1.34. The company had 150 shares outstanding at press time for a $197-million market capitalization.
Meanwhile, Alpha has jumped 71% — or $2.84 per share over the past four weeks — and gained 10%, or 60¢, en route to a $6.84 daily close. The company has 23 million shares outstanding for a $160-million market capitalization.
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