KELOWNA, BRITISH COLUMBIA–(Marketwired – May 24, 2016) – Fission 3.0 Corp. (TSX VENTURE:FUU) (“Fission 3“) is pleased to announce that, due to a number of prospective areas identified, it will be conducting an airborne Versatile Time Domain Electromagnetic (VTEM) survey at its 100%-owned Beaver River project, located in the north-central edge of the Athabasca Basin in Saskatchewan. The property is host to numerous electro-magnetic (EM) basement conductors and several uranium showings, including historic surface outcrop sample assays of up to 3.66% U3O8. In addition, historic investigations have identified mineralization over a strike length of 137m with select samples assaying up to 1.77% U3O8 across 0.9m width. Fission 3.0 considers Beaver River to be highly prospective and will use the VTEM survey to follow up a previous airborne survey conducted by the company that discovered several areas of interest and highlighted numerous anomalous radioactive readings.
Ross McElroy, COO, and Chief Geologist for Fission 3, commented,
“The Beaver River project is situated in the Beaverlodge district, to the northwest of the Athabasca Basin. The Beaverlodge district is home to Saskatchewan’s early uranium producing mines in the 1950’s and 1960’s. The project is host to many basement EM conductors, and a number of historic high-grade uranium showings in outcrops, including the Mathews Lake showing where assays revealed anomalous uranium mineralization over a strike length of approximately 137m, including values of 1.77% U3O8 across 3 ft (0.9 m). In many ways, Fission 3’s technical team views the project as analogous to Fission Uranium’s PLS project located on the southwest side of the Athabasca Basin. Both represent largely underexplored areas where highly prospective basement conductors are associated with uranium mineralization. The VTEM survey represents an excellent and unique opportunity for our award winning Fission technical team to apply data collected from a modern day high-resolution geophysical survey to this highly prospective property. VTEM surveys are instrumental in drill targeting and this is an important next step as we progress with exploration at Beaver River.”
There is no historic record of any drill holes on the Beaver River project, yet it has a plethora of EM conductors and numerous highly anomalous uranium assays. Throughout the Athabasca Basin region, it has been established that high-grade uranium mineralization, including several world class uranium deposits, are often related to graphitic basement structures in hydrothermally altered systems. These structural graphitic features can be identified as EM conductors in geophysics surveys.
About the VTEM Survey
VTEM surveys are excellent for locating discrete conductive anomalies as well as mapping variations in resistivity with unparalleled depth of penetration. Fission 3 has contracted Geotech Airborne Geophysical Surveys to conduct a 880 line-km Versatile Time Domain Electromagnetic (VTEM) survey at 200m line spacing covering the highly prospective central and southern mineral claims. The survey is budgeted at $150,000 and is expected to be completed by May 31, 2016.
The Beaver River Project
The Beaver River project is situated in the Beaverlodge district, to the northwest of the Athabasca Basin. The Beaverlodge district is home to Saskatchewan’s early uranium producing mines in the 1950s and 1960s. A great deal of uranium exploration and mining around the Beaverlodge District was conducted in the 1950s and 1960s including mining of the Gunnar and Lorado Mines. In 1954, a local newspaper, “The Uranium Times”, noted that 52 mines were operating and 12 open-pit mines were next to Beaverlodge Lake.
A wealth of knowledge and new understanding of controls of high-grade uranium have been gained since these earlier days of uranium exploration, which Fission 3 believes may be applicable to this area. The high-grade uranium deposits within and around the Athabasca Basin are typically associated with structural and lithological controls within large-scale hydrothermally altered systems.
Fission 3 began assembling the Beaver River project land package in the spring of 2013 and now the property consists of 12 mineral claims totaling 25,204 ha located on the north-central edge of the Athabasca Basin in Saskatchewan approximately 44km east of Uranium City and the surrounding uranium deposits of the Beaverlodge District and 45km northwest of the Fond du Lac uranium deposit. The property includes a large number of known numerous confirmed electro-magnetic (“EM”) conductors and several historic uranium showings. Additional ground staked in 2014, covered additional historic uranium showings including the Mathews Lake showing consisting of pitchblende and yellow uranium stain in a northeast-trending set of fractures adjacent to and penetrating a lamprophyre dyke, which itself cuts a north-northwest trending amphibolite sill. Mineralization is noted over a strike length of 137m with select samples assaying up to 1.77% U3O8 across 0.9m width.
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., COO and Chief Geologist for Fission 3.0, 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
Fission 3.0 Corp.
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