KELOWNA, BRITISH COLUMBIA--(Marketwired - Apr 5, 2016) - FISSION 3.0 CORP. (TSX VENTURE:FUU) ("Fission 3" or "the Company") and its Joint Venture (JV) partner, Canex Energy Corp., (TSX VENTURE:CSC) have revised the terms of the option agreement on their Clearwater West property which is adjacent to Fission Uranium's PLS property in Saskatchewan's Athabasca Basin. Canex may now earn into the property in three stages by completing: the first stage program of $1,700,000 by April 30, 2016 to earn an initial 15% interest; the second stage program of $1,300,000 by April 30, 2017 to earn an additional 15% and the third stage program of $2,000,000 by April 30, 2018 to hold a 50% interest in the property. The expenditures required for Canex to obtain a 50% interest remains the same however the staging has been adjusted to reflect market conditions.
Summary of the Clearwater West Project
Fission 3's experienced and successful management and technical team, with a track record of two major high-grade uranium discoveries in the Athabasca Basin region (Waterbury Lake project and the PLS project), operates and manages Clearwater West. Fission 3 currently holds a 100% interest in Clearwater West.
The Athabasca Basin region hosts the world's richest uranium deposits, with a well-established and politically stable, uranium exploration and mining sector. Fission 3 and Canex consider the recent discovery of high-grade uranium in the southwestern region of the Athabasca Basin to demonstrate the prospective merit of this under-explored area.
Clearwater West lies adjacent to the south of Fission Uranium's Patterson Lake South (PLS) property, host to a high-grade, shallow depth uranium discovery along a 2.58km mineralized trend. PLS includes the award-winning, high-grade Triple R deposit, in which a 2015 Preliminary Economic Assessment (PEA) study showed a large resource estimate and compelling preliminary economics. Fission Uranium has just ended its winter drill program at PLS and recently completed an $82 million subscription agreement, as well as an off take agreement, with China's CGN Mining, which now owns 19.99% of the company.
Clearwater West is an early stage exploration project prospective for hosting high-grade uranium mineralization. Such mineralization is structurally controlled and typically associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by various geophysical surveys. The property covers historic airborne EM anomalies, which could be the extensions of the EM conductors identified on the PLS property immediately to the north.