Fission 3.0 Corp. Stakes New Claims in the Key Lake and NE Athabasca Areas
Kelowna, British Columbia--(Newsfile Corp. - November 15, 2021) - Fission 3.0 Corp. (TSXV: FUU) (OTCQB: FISOF) ("Fission 3" or "the Company") is pleased to announce the addition of two new properties by staking in the Athabasca Basin region of Saskatchewan. Fission 3.0's continued objective is to stake areas with potential for hosting high-grade uranium deposits.
The Company now has 16 properties, comprising a total of 212,446 hectares in the Athabasca Region of Canada.
The newly acquired properties, Grey Island and Flowerdew, are both located in geologically prospective areas near the Athabasca Basin margins with the potential to host shallow high-grade uranium mineralization.
New Property Update
The property consists of 10 claims totaling 12,023 hectares in the southeast area of the Athabasca Basin. It is located 70km northwest of the Key Lake mill and approximately 15km inside the southern margin of the Athabasca Basin, where the depth to the unconformity averages ~270m. The property is located halfway between the Key Lake Mine and Cameco's Centennial uranium deposit.
From a geophysical perspective the property is attractive due to several interpreted basement EM conductors within magnetic low corridors (interpreted to be structural corridors) with flanking magnetic high features (interpreted to be granite gneiss). These are classic features in hydrothermal and structure related high grade deposits of the Athabasca Basin. The eastern part of the property contains an eight-kilometre ground EM conductor. Only one historic drillhole has tested this conductor and intersected strong bleaching and alteration in the Athabasca sandstone from 118m - 204m. Below the unconformity the hole encountered a pyritic, graphitic rock with 90% graphite locally. Anomalous uranium values of up to 2.16 ppm U were reported within a 20m section of sandstone immediately above the unconformity. The western part of the property contains a five-kilometre long conductor complex within a prominent magnetic low feature which remains untested. In 2008, two attempts by a previous operator to drill test this conductor complex were not successful and both holes were lost. The northernmost claims cover a magnetic low feature with an associated five-kilometre long conductor with no known reported historic drill testing.
Four contiguous claims totaling 5,667 hectares cover an area that is approximately 13km by 4km in size. The property is located along the regional geological trend to the northeast of the Rabbit Lake, Eagle Point and Collins Bay uranium mines. In 2005, an airborne DIGHEM survey by a previous operator revealed moderate to strong northeast-trending electromagnetic conductors which will be used to target basement-hosted uranium mineralization.
Maps showing the locations of the two new properties will be added to the Company's website.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world's largest high-grade uranium discoveries. Fission 3.0 currently has 16 projects in the Athabasca Basin region. Several of Fission 3.0's projects are near large uranium discoveries, including Arrow, Triple R and Hurricane deposits. Fission 3.0 has recently completed an $8 million funding with Red Cloud Securities and is currently planning a winter exploration/drill program on its PLN project. It is also entertaining JV partners with some of its other projects.
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.
Fission 3.0 Corp. Contact Information
Telephone: 778 484 8030
ON BEHALF OF THE BOARD
Dev Randhawa, CEO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103495