KELOWNA, BRITISH COLUMBIA--(Marketwired - Apr 15, 2014) - FISSION 3.0 CORP. ("Fission 3" or "the Company") (TSX VENTURE:FUU) and its Joint Venture (JV) partner, Brades Resource, (TSX VENTURE:BRA), are pleased to announce the results of two surveys at their Clearwater West property in Saskatchewan's Athabasca Basin. These comprise a high resolution magnetic and Fission 3's patent-pending radiometric airborne survey. The property scale survey has identified a clustering of radiometric anomalies concentrated on the Eastern 10km of the property where compilation of historical data shows north-east trending electromagnetic (EM) conductors to be present. The radiometric anomalies identified so far have been prioritized for ground prospecting follow up this summer.
A property scale airborne VTEM survey, designed to identify basement EM conductors has also been completed and analysis and interpretation is in progress.
Ross McElroy, COO, and Chief Geologist for Fission, commented,
| | "These results represent a very promising start to the first year of exploration at Clearwater West and warrant follow-up ground prospecting and mapping. We are particularly encouraged that the radiometric anomalies have been identified in the same area as the magnetic low corridor and coincident known EM conductors, possibly related to a structurally associated metasedimentary corridor as is common in Athabasca Basin area deposits. It's becoming increasing clear that this is a highly prospective project." | |
Airborne Magnetic and Radiometric Survey
A northwest-southeast oriented detailed property scale airborne high resolution magnetic and radiometric survey was flown at 50m line spacing for a total of 5,447 line-km. This is same Fission 3/SPI patent pending airborne radiometric survey equipment and "methodology for finding at surface radiometric occurrences" that played a key role in the early stages of Fission Uranium Corp's discovery at the neighboring property of PLS approximately 12km to the north, whereby the survey identified clustered radiometric anomalies that led to the discovery of the high-grade boulder field through ground prospecting.
On the Clearwater West property a number of radiometric anomalies, rated from moderate to weak have been identified, concentrated in the eastern 10km of the property. The clustering of anomalies may possibly represent an expression of a boulder field of glacial origin, or perhaps represent an outcrop source. Follow-up prospecting and mapping of these anomalies are being considered for this up-coming summer program.
VTEM Airborne Survey
A northwest-southeast oriented property scale airborne VTEM magnetic and electromagnetic survey was flown at 200m line spacing for a total of 641.5 line-km. Interpretation of the results is presently underway. Preliminary interpretation shows that EM conductors are present on the east side of the property that may represent on-strike continuation of the EM conductors seen on the PLS property immediately to the north. Such basement EM conductors, when associated with structural features and hydrothermal alteration can represent prime drill targets for uranium mineralization.
Summary of Year One Exploration at Clearwater West
The $0.7 million budgeted work program for year one consists of an airborne EM and magnetics survey and a high resolution radiometric survey utilizing Fission 3's patent-pending airborne radiometric survey equipment and methodology for finding at surface radiometric occurrences. This will be followed by local ground geophysics and geochemical surveys (including radon), to assist in developing high priority drill targets. An updated map can be found on the Company's website at http://fission3corp.com/projects/clearwater_west/maps/.
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 in the past three years (Waterbury Lake project and the PLS project), operates and manages Clearwater West. Fission 3 currently holds a 100% interest in Clearwater West.
Brades has entered into a 3-year option to acquire up to a 50% interest in Clearwater West by incurring $5,000,000 of staged exploration expenditures on or before October 14, 2016. Year One minimum exploration requirement is $0.7M.
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 Brades 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 2.24km trend. The best drill hole to date at the PLS discovery includes intersections as high as 38.49% U3O8 over 10.5m in 13.66% U308 over 38.0m and 27.57% U3O8 over 12.0m in 11.19% U3O8 over 31.5m (PLS14-129; Fission Uranium Corp. news release dated February 19, 2014). Fission Uranium is currently conducting an aggressive 30,000m drill program at PLS.
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.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol. Chief Geologist and COO for Fission 3.0 Corp., a qualified person.
ON BEHALF OF THE BOARD
Ross McElroy, COO
Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3 Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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