TSX SYMBOL: FCU
OTCQX SYMBOL: FCUUF
First new exploration program since 2017 will focus on Patterson Corridor
"We do of course have an incredible deposit currently advancing towards production. Importantly, this deposit remains open in multiple directions and along trend, so we will also be investigating the potential for new mineralized zones along strike and parallel to the
Target Area Details: Patterson Lake Corridor
The Patterson Lake Corridor is a large east northeast – west southwest trending conductive lithological-structural corridor and hosts some of the
- Pistol Target: Located on the northern side of the Patterson Lake Corridor and ~450m northwest of the
Triple R's R780E zone, the target area is associated with a coincident 400m long radon in water anomaly and where the interpretation from an airborne geophysical survey suggests a similar signature and spatial relationship between NexGen's Arrow and Arrow South to the Pistol target and theTriple R deposit, respectively. Historic nearby drilling in 2014 intersected broad zones of anomalous uranium and boron up-dip of the target zone, which may be reflecting mineralization at depth. Two holes in 1,550m will test this encouraging target. - Holster Target: Located on the northern side of the Patterson Lake Corridor and ~600m north of the R840W, this target will test an area where historical drilling intersected anomalous uranium and boron concentrations in a strongly graphitic shear zone. Similar to the Pistol target, drilling will test for deeper uranium mineralization along the northeast-southwest EM conductor where a sharp conductivity thickness gradient occurs coincident with an interpreted north-northeast cross-cutting fault. One drillhole is planned at this target, totaling 600m.
- East Extension Target: Located in the central region of the Patterson Lake Corridor, the target area is ~900m east of the easternmost R1620E zone along the same EM conductor that hosts the
Triple R deposit. The nearest historical drillhole to this target is PLS14-152, a vertical drillhole located approximately 140m to the west which intersected a silicified zone overlying an apparently thick, unaltered, graphitic shear zone. A sharp conductivity gradient is now being targeted east of PLS14-152, interpreted to reflect hydrothermal alteration associated with uranium mineralization and the destruction of graphite within the shear zone. One drillhole is planned at this target, with an estimated total depth of 330m. - Bridle & Saddle Targets: These two target areas are located ~1.4km west and 2.9km west, respectively, of the R1515W zone, along strike of the
Triple R deposit. Prospective features present at both target areas include a northeast trending EM conductor that is crosscut by an interpreted north-northeast trending cross fault. There is also a sharp conductivity gradient near the cross faults and as with other drill targets previously described, this is interpreted to reflect the destruction of graphite by hydrothermal alteration which may be associated with uranium mineralization. Three drillholes are planned at these targets, totaling 960m. - Far West Targets: The Far West targets are located ~3.7km and 4.2km west of the R1515W zone. Prospective features present at both of target areas include a northeast trending EM conductor that is crosscut by an interpreted north-northeast trending resistivity structure. No historic drilling has ever been conducted in this area and thus, the Far West targets are completely untested. Two drillholes are planned at these targets, totaling 630m.
- Saloon Target: The Saloon target area is located ~5km to the SW of the
Triple R deposit where historical drilling encountered the most anomalous uranium concentrations on the PLS property outside of theTriple R deposit. Three drillholes will target uranium mineralization down-dip and on-strike of historical drillhole PLS17-550 (5.0m @ 0.011% U3O8 including 0.5m @ 0.03% U3O8). An additional drillhole is planned along trend 3km to the northeast, testing the intersection of a major north-south trending interpreted fault zone and the PLG-4A EM conductor. Historical drilling by Fission along the PLG-4A EM conductor in 2015 and 2016 intersected intense hydrothermal alteration and brittle-ductile deformation which the Company considers comparable to the hanging wall of theTriple R deposit. Approximately 500m west along trend of this drillhole, and within the Saloon target area, a single radon in water sample was collected from a small spring in 2008 which returned a highly anomalous value 162 pCi/L. For comparison, the highest radon in water value recorded over theTriple R deposit was 14.4 pCi/L. A total of 4 holes in 1,930m are planned for this target area. All of the planned drillholes at the Saloon target are interpreted to be within a major interpreted shear zone that may represent the true southern boundary of the Patterson Lake Corridor.
Uranium mineralization of the
The R1515W, R840W and R00E zones make up the western region of the
Mineralization along the Patterson Lake Corridor trend remains prospective along strike in both the western and eastern directions. Basement rocks within the mineralized trend are identified primarily as mafic rocks with varying degrees of alteration. Mineralization is both located within and associated with mafic volcanic intrusives with varying degrees of silicification, metasomatic mineral assemblages and hydrothermal graphite. The graphitic sequences are associated with the PL-3B basement EM conductor.
The 31,039-hectare PLS project is 100% owned and operated by
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
ON BEHALF OF THE BOARD
"Ross McElroy"
___________________________
Ross McElroy, President and CEO
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 use of proceeds of the Offering, and the future operating or financial performance of Fission and
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