Fission 3.0 Comments on Exploration Successes in Peru’s Macusani District
TSX VENTURE: FUU
Lithium and Uranium Drill Results Demonstrate Prospectivity of the Macusani District
KELOWNA, British Columbia, July 17, 2018 (GLOBE NEWSWIRE) -- Fission 3.0 Corp. (“Fission 3”) (TSX VENTURE:FUU) notes with interest the ongoing success of the drill results and resulting stock market response to the Plateau Energy Metals Inc. (“Plateau”) exploration results on property nearby Fission 3’s own Macusani District property. Fission 3 holds 9 claim blocks encompassing 5,100 ha, surrounded by Plateau’s land package including the Falchani high-grade lithium discovery located less than 5km to the south, with reported drill intersections up to 107m at 0.66% LiO2.
Macusani, Peru, is an emerging uranium and lithium district in a mining-friendly jurisdiction. The area is host to multiple uranium deposits that are large scale, very near-to-surface and potentially heap-leachable - giving them a strong economic case. The region also has several near-surface lithium deposits associated with uranium mineralization in the Yapamayo Member formation as well as higher-grade lithium without uranium association in the underlying Sapanuta Member formation.
Previous exploration programs included property scale mapping and prospecting followed by a very successful 16-hole drill program in 2016 focused on the evaluation of surface exposed high-grade uranium mineralization on both the Llama North and Llama South prospects, proximal to and on trend with Plateau’s Corachapi and Corani uranium deposits. Uranium and anomalous lithium mineralization was encountered in over 80% of the holes, with peaks of 1.21% U3O8 over 0.5m (MAC16-016) and 533 ppm Lithium over 0.5m (MAC16-009).
Uranium mineralization in the Macusani district has previously focused on the stratigraphically elevated horizontal Yapamayo Member formation, where higher concentrated uranium and lesser lithium values have been intersected. Falchani represents a new target area, in the stratigraphically lower horizontal Sapanuta Member formation. Significantly higher grades of lithium are present at Falchani. Previous attention on Fission 3 concessions have focused on the Yapamayo, including recent drilling of the mineralized Llama North and Llama South prospects. Mapping on Fission 3’s claims has identified the presence of outcrops of the Sapanuta in valleys and slopes particularly in the southern area of the concessions block. This prospective formation has not yet been evaluated for the presence of lithium and uranium mineralization on Fission 3’s property, but is considered a high priority for future exploration programs.
Ross McElroy, COO, and Chief Geologist for Fission 3, commented,
"The discovery of the Falchani high-grade lithium mineralization hosted in the underlying Sapanuta Member formation, represents an exciting new and untested target on Fission 3’s Macusani project. Previous successful exploration prospecting and drilling has shown the potential to host similar uranium and lithium mineralization as seen in the nearby and near-surface Corachapi and Corani deposits. Following Plateau’s success of encountering high-grade lithium in a deeper stratigraphic formation for which mapping has identified the presence of on our property, greatly increases the prospectivity of our Macusani project.”
About Fission 3’s Macusani Project
Fission 3 holds titles to 9 concessions totaling 5,100 ha in the Macusani district. The Macusani concessions are easily accessed by a series of paved roads from the City of Puno to the town of Macusani, which connects to the Interoceanic Highway, a two-lane, paved highway that passes 14km north-east of the property. Elevations in the area range from 3800 to 4700m above sea level and relief is typical of high plain mesa type topography, flat plains with steep rugged valley sides that drop to flat gentle valley bottoms.
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., COO and Chief Geologist for Fission 3.0, a qualified person.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol "FUU."
|ON BEHALF OF THE BOARD||Investor Relations|
|"Ross McElroy"||TF: 778-484-8030|
|Ross McElroy, COO||www.fission3corp.com|
|Fission 3.0 Corp.|
Cautionary Statement: Fission 3.0 Corp.
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 3.0 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.