Fission 3.0 Corp. (“Fission 3” or the “Company”) announces that it has increased its interest in Patterson Lake North property (the “Property”). Pursuant to a property option and joint venture agreement dated April 29, 2013 (the “Option and JV Agreement”) between Fission Uranium Corp. and Azincourt Energy Corp. (“Azincourt”), which was later acquired by Fission 3, Azincourt earned an initial 10% interest in the Property. On December 18, 2018, Fission 3, as operator of the Property, sent Azincourt the approved exploration/development program and budget, which required Azincourt to elect whether to fund its share of the program (the “Cash Call”). Azincourt did not respond to the Cash Call within the time allotted under the Option and JV Agreement and is thereby deemed to have elected not to participate in the Cash Call. As a result, Azincourt’s interest in the Property and joint venture is terminated and Fission 3 now owns a 100% interest in the Property. The Company has sent Azincourt a notice confirming the above.
About Patterson Lake North (PLN)
PLN is in the south-west area of Saskatchewan’s Athabasca Basin, immediately adjacent and to the north of Fission Uranium’s PLS project, which hosts the high-grade Triple R uranium deposit. With its proximity to large-scale, high-grade uranium deposits, and with multiple geological and geophysical interpreted features, including an extensive drill-identified mineralized corridor, PLN ranks highly in Fission 3’s extensive portfolio.
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.”
Source: Fission 3.0