Fission 3.0 Corp. [FUU-TSXV] on Monday said mobilization is under way for a 4,000-metre, seven-hole winter drill program at the company’s 100%-owned Patterson Lake North (PLN) uranium project in the southwest Athabasca Basin of Saskatchewan.
The company said it is mobilizing two drill rigs that will focus on the previously untested Broach Lake and N Conductor targets.
Fission 3.0 is a uranium project generator and exploration company with a focus on Saskatchewan’s Athabasca Basin, home to the world’s largest high-grade uranium discoveries.
The company currently has 16 projects in the Athabasca Basin.
Several of Fission 3.0’s projects are located near large uranium discoveries including the Triple R deposit on Fission Uranium Corp.’sÂ [FCU-TSX; FCUUF-OTCQX; 2FU-FSE] Patterson Lake South (PLS) property, and NexGen Energy Ltd.’s [NXE-TSX, NYSE] Arrow deposit.
Fission 3.0’s large PLN property, consists of 38 claims and covers 39,946 hectares. It is strategically located between Fission Uranium’s PLS property to the south and UEX Corp.’s [UEX-TSX, UEXCF-OTC] Shea Creek deposit to the north. Fission 3.0 has said it was planning a drilling program this winter and next summer. The budget for the program was estimated at $2.5 million to $3.0 million.
PLN is 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 said.
The A1 conductor remains untested to the northwest over a further 800-metre strike length. Follow-up drilling of the A1 conductor is planned for the summer of 2022, to be guided by the ground geophysics that is currently in progress.
Meanwhile, the company said five drill holes planned at Broach Lake will test the two previously defined conductors, a cross cutting basement resistivity low anomaly, as well as the new third conductor.
The Broach Lake conductors are over 9.0 kilometres north, adjacent and parallel to EM conductors of the Patterson Lake Structural Corridor, host to Fission Uranium’s Triple R deposit and NexGen’s Arrow Deposit.
Two deep drill holes will test the N Conductors on the northeast part of the property that are interpreted as multiple parallel basement EM conductors with an overlying low resistivity zone referred to as the “Chimney” Target in the lower part of the sandstone above the 1.0-kilometre-wide conductor complex.
The announcement comes after Fission recently raised $8.58 million from a brokered private placement of units, flow-through units and flow-through units sold to charitable buyers. The units were priced at between 21 cents and 29 cents per share.
On January 7, 2022, Fission 3.0 shares closed at 25 cents and currently trade in a 52-week range of 30 cents and $0.08.