F3 Uranium shares active on new uranium results
F3 Uranium Corp. [FUU-TSXV] shares advanced in active trading Monday after the company released more drilling results from its Patterson Lake North uranium property in Saskatchewan.
Monday’s press release contains scintillometer results from the final nine holes of the winter drill program at the JR Zone, including five high grade intercepts. Highlights include drill hole PLN23-060, which was collared on line 060S and intersected the strongest radioactivity to date at the JR Zone.
Fission 3.0 shares edged higher on the news, rising 0.65% or $0.03 to 38 cents on volume of 2.07, making Fission 3.0 the volume leader on the TSX Venture Exchange. The shares are currently trading in a 52-week range of 51 cents and $0.065
PLN23-060 was up dip of hole PLN23-052 and intersected radioactivity over 17.5 metres, including 3.82 metres of off-scale radioactivity >65,535 cps between 244.0 metres and 247.82 metres
Fission 3.0 Vice-President Exploration Raymond Ashley described the latest results as “a fantastic ending to a very successful winter program of growing the JR Zone along strike towards the south within the A1 main shear zone, following the direction in which strong continuity of high grade mineralization had been established in the drill program.”
“Additional holes will be planned for the summer program on section 30N as the single hole drilled on that section, PLN23-055, did not intersect mineralization,” he said.
Natural gamma radiation in the drill core that is reported in Monday’s news release was measured in counts per second (Cps) using a handheld Radiation Solutions RS-125 scintillometer. The company considers greater than 300 cps on the handheld spectrometer to be anomalous, >100,000 cps as high grade and 65,535 cps as off-scale.
Fission 3.0 is focused on finding the next high-grade deposit in Saskatchewan’s Athabasca Basin, the world’s richest uranium region, an area that in 2020 accounted for approximately 8.1% of the global primary uranium production.
Fission 3.0 has 16 properties in its portfolio. The company aims to find unconformity-related deposits, the most common of the 14 major categories of uranium deposit types. Notable examples include Key Lake, Cluff Lake, Rabbit Lake, McClean Lake, McArthur River and Cigar Lake deposits – with some of the ore around 20% uranium.
Fission 3.0 previously said it would drill 20 holes at Patterson Lake North (PLN), one of the most advanced and highest ranked projects in Fission 3.0’s portfolio by virtue of its location and the fact that it has multiple untested and prospective targets for high grade uranium.
Previous drilling by Fission 3.0 at the more than 3.0-kilometre-long A1 conductor intersected basement hosted uranium mineralization supported by the presence of alteration, pathfinder elements and structural disturbance reinforcing the large-scale potential of the project, the company has said.