Tuesday 25th October 2016

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Fission releases one of its top five holes, NexGen offers $20-million bought deal

by Greg Klein | May 4, 2015

Half a kilometre west of Fission Uranium’s (TSX:FCU) Triple R deposit, the R600W zone continues to generate interest with one of Patterson Lake South’s top five holes announced May 4. An interval of 11.09% U3O8 over 31.5 metres led a batch of assays for 10 angled holes from three zones at the Athabasca Basin-region project. The best results show:

Zone R600W, hole PLS15-352

  • 11.09% U3O8 over 31.5 metres, starting at 102.5 metres in downhole depth
  • (including 28.32% over 12 metres)

  • 0.38% over 12 metres, starting at 137 metres
  • (including 2.09% over 1.5 metres)

Some highlights from R780E, by far the project’s largest zone and part of the basement-hosted Triple R deposit, show:


  • 1.11% over 10.5 metres, starting at 172.5 metres
  • (including 4.47% over 2 metres)

  • 0.21% over 5.5 metres, starting at 201.5 metres


  • 0.14% over 8 metres, starting at 134.5 metres

True widths weren’t available. Two holes from zones R00E and R780E failed to find significant mineralization.

The project consists of four zones along a 2.27-kilometre potential strike that remains open to the east and west. Of Triple R’s two zones, R780E has a strike length of about 900 metres while R00E’s strike runs about 125 metres. With 225 metres separating those zones, “sporadic narrow, weakly mineralized intervals from drill holes within this gap suggest the potential for further significant mineralization in this area,” Fission stated.

Last week the company closed a $20-million private placement on the same day that Denison Mines TSX:DML announced a $15-million bought deal expected to close May 26. May 4 saw NexGen Energy TSXV:NXE flex financing muscle with a $20-million bought deal, also expected to close May 26. The offer of 40 million shares at $0.50 gives NexGen’s underwriters an option to buy an additional 15%. (Update: On May 5 the bought deal was increased to $23.74 million, with an additional 15% option that could increase proceeds to about $27.3 million.)

Late last month the company released scintillometer results showing some of the highest radioactivity measured at its PLS-adjacent Rook 1 project. NexGen plans a maiden resource for the property’s Arrow zone by year-end.

See a roundup of recent uranium exploration news.

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