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Winter assays advance three zones at Fission’s Patterson Lake South

by Greg Klein | June 15, 2015

Nine winter holes, all mineralized, demonstrate three-part progress at Patterson Lake South, according to Fission Uranium TSX:FCU. Assays released June 15 from the Athabasca Basin region’s most closely watched project expand the Triple R deposit’s main R780E zone, narrowing the gap between its neighbouring R1620E zone to the east and showing an outstanding 3.33% U3O8 over 30.5 metres. Some 555 metres west of R780E, results confirmed the R600W zone’s 60-metre strike length with strong mineralization to the east and west. Twenty-five metres north of R600W, one hole suggests a potentially new high-grade area.

Just two weeks earlier Fission reported an expansion to its most westerly zone, R600W. At the time step-out results up to 2.06% over 40.5 metres confirmed the company’s renewed interest in this area beyond the project’s Triple R resource. The latest batch for R600W includes:

Hole PLS15-367

  • 0.98% U3O8 over 45.5 metres, starting at 101 metres in downhole depth
  • (including 3.53% over 4 metres)
  • (and including 3.75% over 2.5 metres)

PLS15-372, 25 metres north of R600W

Winter assays advance three zones at Fission’s Patterson Lake South

Assays continue to arrive from last winter’s PLS campaign.

  • 0.39% over 15.5 metres, starting at 105 metres

  • 3.26% over 2.5 metres, starting at 307 metres

R780E zone, hole PLS15-369

  • 3.68% over 17.5 metres, starting at 152 metres
  • (including 14.72% over 4 metres)

  • 1.53% over 3 metres, starting at 175.5 metres

  • 1% over 4 metres, starting at 203 metres
  • (including 6.65% over 0.5 metres)

PLS15-371

  • 0.92% over 19 metres, starting at 60.5 metres
  • (including 3.65% over 3.5 metres)

  • 0.32% over 9 metres, starting at 97.5 metres

PLS15-374 found high grades where two previous holes didn’t:

  • 5.22% over 9.5 metres, starting at 113.5 metres
  • (including 15.33% over 3 metres)

  • 0.47% over 13.5 metres, starting at 126.5 metres
  • (including 2.61% over 1 metre)

PLS15-375

  • 3.33% over 30.5 metres, starting at 91.5 metres
  • (including 11.91% over 8 metres)

  • 0.24% over 18.5 metres, starting at 124.5 metres

PLS15-376

  • 4.85% over 5 metres, starting at 88.5 metres
  • (including 20.5% over 1 metre)

PLS15-377 also did well in an area previously lacking high grades:

  • 1.48% over 18.5 metres, starting at 110.5 metres
  • (including 3.45% over 6 metres)

On the R1620E zone, hole PLS15-357 offered less impressive results but its best interval showed:

  • 0.23% over 3.5 metres, starting at 107.5 metres

True widths weren’t available.

The property holds four zones, from R600W in the west to R1620E in the east, over 2.27 kilometres of potential strike that remains open to the east and west. Fission originally budgeted this summer’s program at $10 million for 63 holes totalling 20,230 metres. In late April the company closed a $20-million private placement.

A timeline in Fission’s corporate presentation suggests a preliminary economic assessment for this summer. In a corporate video released last month, president/COO/chief geologist Ross McElroy stated that because of the project’s large, high-grade, shallow-depth resource, “it lends itself already, after only two years of intensive drilling since the discovery, that we can start considering the economics of this project.”

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