home Equities T.FCU resource upgrade drilling successful; high-grade hits in multiple areas

T.FCU resource upgrade drilling successful; high-grade hits in multiple areas

By John Dyer   Posted in Equities
Posted on

KELOWNA, BC , July 13, 2021 /CNW/ – FISSION URANIUM CORP. (” Fission ” or ” the Company “) is pleased to announce that assays from its winter 2021, resource expansion drill program have confirmed high-grade mineralization on multiple lines between line 900E and line 1125E. All 20 holes returned wide intercepts in multiple stacked intervals in each hole, with 15 holes hitting high-grade intervals. The program targeted areas of inferred category mineralization with the goal of upgrading to indicated category for inclusion in the upcoming feasibility study. Of particular note, hole PLS21-602 (line 915E) intersected 69.5m of total composite uranium mineralization in multiple stacked intervals, including intervals such as 4.5m @ 18.63% U 3 O 8 in 14.5m @ 6.11% U 3 O 8 .

Ross McElroy , President and CEO for Fission, commented, “These successful, robust drill results are a strong validation of our growth strategy for the deposit. Specifically, they have the potential to expand the size and quality of the resource from the R780E zone to be used in our upcoming feasibility study. “

Program Details and Assay Highlights Include:

PLS21-602 (line 915E)

  • 69.5m of total composite uranium mineralization with key Intercepts including:
    • 14.5m @ 6.11% U 3 O 8 (265.0 to 279.5m ), including:
      • 4.5m @ 18.63% U 3 O 8 (271.5 to 276.0m )

PLS21-600 (line 900E)

  • 62.5m of total composite uranium mineralization with key Intercepts including:
    • 11.5m @ 4.62% U 3 O 8 ( 259.5m to 271.0m ), including:
      • 5.0m @ 9.27% U 3 O 8 ( 263.5m to 268.5m )

PLS21-597 (line 900E)

  • 70.0m of total composite uranium mineralization with key Intercepts including:
    • 16.0m @ 1.12% U 3 O 8 ( 243.5m to 259.5m ), including:
      • 1.0m @ 7.53% U 3 O 8 ( 248.5m to 249.5m )

PLS21-607 (line 1065E)

  • 40.0m of total composite uranium mineralization with key Intercepts including:
    • 17.0m @ 2.97% U 3 O 8 ( 220.5m to 237.5m ), including:
      • 2.5m @ 14.67% U 3 O 8 ( 224.5m to 227.0m )

R780E Winter 2021 Infill Drilling: In addition to its major, Indicated category resource, the R780E zone has, at a cut-off of 0.25% U 3 O 8 , an Inferred resource of 10.1 Million lbs U 3 O 8 in 549,000 tonnes.  A large portion of this Inferred resource is situated east of line 900E between a vertical depth of 200m to 350m below surface in the hanging wall and footwall of the mineralized zone. This area was prioritized for the winter drill campaign of infill and step-out drilling.

Twenty holes in 7,147.8m targeted lenses between lines 900E and 1125E, ensuring intersection spacing is less than 15m x 20m (horizontal / vertical), which is required for Indicated classification. Drilling in this area was assumed to have the additional benefit of intersecting multiple, stacked, subvertical mineralized lenses, which allows for multiple intersections with a single drill hole, and the drill campaign did in fact confirm this.

All twenty holes successfully intersected their targets and data will be used to remodel this area of the R780E resource, potentially increasing the amount of Indicated classified resource.   The remodeled resource will be used for the feasibility study.

Source: Fission Uranium