First pass drill program to focus on 1.2km area of interest along Virgin River Shear Zone in NE Athabasca Basin
KELOWNA, BC, May 23, 2019 /CNW/ - FISSION 3.0 CORP. ("Fission 3" or "the Company") is pleased to announce a three-hole (1,225m) drill program at its Cree Bay property, located in the northeast area of Canada's Athabasca Basin. The program is budgeted at $500,000 and is expected to take 2.5 weeks to complete, commencing during the last week of May. The property is located along the SW-NE trending Virgin River Shear Zone, which is host to the historic past producing Nisto uranium deposit located ~7km along strike to the northeast. Drilling will focus on the strongest areas of a localized 1.2km geophysics resistivity low anomaly coincident with the Virgin River shear zone conductive trend located in the north east of the property.
High-grade unconformity uranium occurrences in the Athabasca Basin are often formed where mineralized fluids that have traveled along reactivated basement faults intersect with the overlying sandstone. Such systems often produce hydrothermal alteration along the fault corridors and these alteration halos can plume upwards into the sandstone. These alteration features may be detected by DC resistivity geophysics surveys as resistivity lows within a conductive trend, such as the anomaly that the Company's Cree Bay drill program will be targeting.
- Summer Program to Commence during the last week of May 2019: Site preparations already underway for three-hole (1,225m) program
- All Holes to Focus on Large, Prospective Target: A 1.2km resistivity anomaly was identified by Fission 3 during recent ground geophysics surveys. Two core holes will test the primary intense part of anomaly on line 2700N and a third hole is planned 600m to the southwest to test the secondary moderate part of the resistivity anomaly on line 2100N
Ross McElroy, COO, and Chief Geologist for Fission, commented,
"We are looking forward to commencing our drill program at Cree Bay. This is an attractive property with a primary drill target of significant size, and it is located just 10km from the past-producing Nisto uranium mine. The program is the latest element of Fission 3's ongoing exploration across its large portfolio in Canada's Athabasca Basin – a region which hosts the highest-grade uranium deposits in the world."
Cree Bay – Location and Geophysics Survey Details: The Cree Bay property, located 20km south of the town of Stony Rapids, consists of 16 claims totaling 14,080 ha and sits on the inside edge of the north-eastern Athabasca Basin. The property is located along the major SW-NE trending Virgin River Shear Zone. Locally the conductive corridor is bound by the Black Lake Fault to the north and East Channel Fault to the south. The historic Nisto uranium mine, is located ~7km to the northeast of the property boundary, along the Black Lake fault.
In 2017, Fission 3 completed a ground DC resistivity geophysics survey over the northeast end of a historic airborne Electromagnetic (EM) anomaly located in the northeast part of the property. This anomaly is situated within the Virgin River Conductive Corridor, where the Athabasca Sandstone cover is estimated to have a thickness of just over 200m. The ground resistivity survey identified an associated resistivity anomaly in the lower sandstone that was open to the south and that was interpreted to indicate a possible alteration system. In March to April 2019, Fission 3 carried out a 27-line km ground DC Resistivity Survey. The goal was to close off and fully define the resistivity anomaly identified in 2017, as such alteration systems are known to accompany unconformity-type uranium mineralization.
The Resistivity Surveys have defined a resistivity low anomaly in the lower part of the Athabasca Sandstone along a strike length of ~1.2km. Two 3km-long lines of moving loop Time Domain Electromagnetic (TDEM) were completed over the most intense parts of the resistivity anomaly, over a 900m strike length between Line 2700N and Line 1800N. The TDEM survey identified basement conductors adjacent to the resistivity low which may indicate reactivated structural faulting, and which have the potential to provide pathways for uranium mineralizing fluids. Cross-faulting is also interpreted near Line 2700N.
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. Chief Geologist and COO for Fission 3.0 Corp., 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
Ross McElroy, COO
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.