VANCOUVER — Fission Uranium (TSXV: FCU; US-OTC: FCUUF) has drilled the best intercept to date at its Patterson Lake South (PLS) project in Saskatchewan — again.
For the third time since its winter program got underway Fission’s drills have pulled an intercept offering unprecedented radioactivity or uranium content. This time the hot hit came in hole 187, which returned 53.5 metres of off-scale radioactivity within 146 composite metres of mineralization.
Not only does the result represent the longest off-scale interval at the project, it was collared in the gap between the two largest zones at PLS, which means it merges them into one zone with a strike of 780 metres. Moreover, mineralization started at just 59 metres downhole.
“The sheer strength and scale of results from PLS continues to impress us,” said Ross McElroy, Fission’s president and CEO. “Not only does the new hole set a new record at PLS, but its location means the program has merged four high-grade zones into one much larger zone.”
Only two weeks earlier Fission announced the second-longest off-scale intercept encountered at PLS in hole 164, which returned 30.1 metres of off-scale radioactivity within 136 metres of mineralization.
That hole was second to hole 129, which in late January returned 36.7 metres of off-scale radioactivity within 112 composite metres of mineralization. In mid-February assay results confirmed the potency of hole 129, with values like 38 metres of 13.66% uranium oxide (U3O8), including 10.5 metres of 38.49% U3O8 and 31.5 metres of 11.19% U3O8.
And just one month before that, Fission announced the best individual assay result ever from the project: 60.9% U3O8 in a sample from hole 98.
In short, the company’s drill program keeps producing new “best ever” results at PLS, a project many uranium analysts describe as the most important discovery in years in and around the Athabasca basin because of its high grades, shallow depth and good continuity.
The ongoing drill program has enhanced continuity by proving the presence of mineralization in between zones. Before the winter program started, PLS comprised seven distinct zones along a 1.8 km strike. In a few months of work Fission has merged the four middle zones, leaving one large mineralized body and three smaller zones along strike.
“The winter program at PLS has merged four high-grade zones into one much larger zone that has a 780-metre strike length,” wrote Haywood Securities analysts Mick Carew and Colin Healey in a note. “The results indicate the continuity of uranium mineralization at PLS . . . the company’s aggressive drill program aims to close the gaps between the remaining four zones, potentially adding significant tonnage to an impending maiden resource estimate expected in the fourth quarter of 2014.”
Fission’s latest news also included radioactivity readings from eight other holes. Two of the better results came from holes 186 and 184, which cut 85.5 metres and 65.5 metres of composite mineralization. Each also included sections of off-scale radioactivity.
Fission is working through a $12-million, 100-hole, 30,000-metre drill program at PLS. Four rigs are at work along the known mineralized trend, while a fifth is probing other exploration targets.
Fission’s share price gained 5¢ on the latest PLS results to close at $1.66, just shy of its 52-week high of $1.71. When the company listed 11 months ago its shares were worth 55¢. Fission has 330 million shares outstanding.
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