Interpretations suggested several potential drill targets consisting of possible sandstone outliers bounded by basement structural features to the northeast and further up ice from where the historic Eldorado drilling was focused. This strongly suggests that the Athabasca Basin margin represents a high-priority focus for exploration for source.Ī 255km marine seismic survey was also conducted by the company to the NE of Isle Brochet in the main ice direction. Additionally, historic records report the occurrence of mineralized basement and sandstone lithologies in the boulder fields. The sandstone and conglomerate lithologies suggests the source originates at or near the Athabasca Sandstone – Basement unconformity, and likely nearby. Over 24% of the boulders returned assay values of >1% U 3O 8 with an average of 3.06% U 3O 8. Prospecting work conducted by Fission 3 in 2019 on the historic Wolfe and Jackfish boulder fields at Isle Brochet has identified and sampled 45 new occurrences of mineralized sandstone and basal conglomerate boulders, returning radioactivity readings between 190 to >10,000 cps and assay values ranging from 0.07% to 8.23% U 3O 8. Historic drilling by Eldorado proximal to these boulders at the margin of the Athabasca Basin did not intersect any significant radioactivity, and thus the source remains undetermined. These boulders were both sandstone and altered basement rocks which was interpreted to indicate that the mineralized source was at or near the unconformity. Approximately 600m to the northeast on the lake bottom a group of radioactive boulders were discovered reported to contain up to 1.4% U3O8. The property surrounds the historic Isle Brochet high-grade boulder field, consisting of the Wolfe and Jackfish 1 km long dispersal trains trending in a down-ice direction and containing reported historic assay values up to 3.54% uranium. The property is located on the north edge of the Athabasca Basin, 20km west of the Fond du Lac uranium deposit and 60km east of the Beaverlodge uranium district. The 100% owned Hearty Bay property now comprises 7 contiguous mineral claims with an area of 11,173 ha. The survey aims to identify new geologic structures, refine previously defined marine seismic structural and lithological targets and has the potential to discover new radioactive boulders and outcrop. This innovative airborne survey technology was instrumental in making Fission Uranium's high grade uranium boulder discovery, which lead to the PLS, Triple R deposit. The line spacing of the detailed airborne survey is 50m. "Eldorado", in the 1970's describes numerous radioactive boulders but do not document assay values.Īirborne Survey Underway: A 2,490 line km high resolution magnetic and radiometric airborne geophysical survey has commenced. The boulder field, first reported by Eldorado Nuclear Ltd. The new claims were staked on Augand cover the historic Hearty boulder field. The securities will be subject to a hold period for a period of four months from the closing date.Property Expanded: Fission 3 has staked 2 new contiguous mineral claims with a combined area of 1,370 hectares on the west side of its Hearty Bay claim block. The closing of the transaction is anticipated to occur on or before March 31, 2017, and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. Each finders' warrant is exercisable for one common share at a price of CAD 0.07 per share for a period expiring two years from the date of closing. The company may pay finders' fee of 7.5% of the gross proceeds raised in the transaction, and may issue finders' such number of warrants as is equal to 7.5% of the aggregate number of units and flow-through common shares sold pursuant to the transaction. Each unit consists of one common share and one-half of one common share purchase warrant exercisable at CAD 0.10 for a period of two years. (TSXV:FUU) announced a non-brokered private placement on best efforts basis of up to 28,571,429 units at a price of CAD 0.07 per unit for gross proceeds of up to CAD 2,000,000 and 30,000,000 flow-through shares at a price of CAD 0.10 per share for gross proceeds of CAD 3,000,000 on March 7, 2017.
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