In case you missed the news release http://www.fissionuranium.com/news/index.php?&content_id=572 this week, thanks to a new drill hole with 31m of continuous mineralization, including high-grades, Fission has discovered a completely new zone over 1.5 kilometers west of the Triple R deposit and over half a kilometer west of the R840W zone. I recommend checking out this map http://www.fissionuranium.com/project/triple-r-deposit/maps-triple-r/ to get a better idea of the distance and relevance.
This new hit has got the technical team excited. Not only does our mineralized trend now stand at 3.14km in length - the largest in the entire Athabasca Basin region - but it is strong validation of our most important goal this winter program, which is to discover new zones which perhaps lead to discovery of a separate deposit.
With this new zone in hand, we’ve been getting questions from a number of investors, specifically: how important is this new zone and what is the focus for the rest of the program.
Let’s tackle the second question first. Early in Fission’s time at PLS, I remarked to the company’s Board of Directors that PLS was a geologist’s dream - a property so prospective that a team could spend their entire careers exploring and making discoveries. Four years of work at PLS has done nothing to lessen this belief and everything to reinforce it.
This new, high-grade zone obviously merits serious follow up and we are allocating holes to do just that. However, we have numerous exploration hot spots elsewhere on the project. Our discovery last week was made while drilling just one of those hot spots and many others remain to be drill tested. These high priority areas are too numerous to tackle them all during this program but, just because we’ve discovered a new high-grade zone, don’t think for a moment that we are going to stop there. We have a lot more exploration targets to pursue in this program and in future programs.
As to the importance of this new zone… it’s at an early stage but the zone “discovery hole” is mineralized over a wide interval, including narrow intervals of high-grade mineralization and the area is supported by seven other holes with anomalous radioactivity. Our other two zones that have the potential to be part of the Triple R deposit (R840W and R1620E) also started with a single hole. While I can’t say at this stage how big we can expect this zone to grow or how fast but if you look back at the last four years of Fission’s work at PLS, our track record in growing new zones speaks volumes. In fact, the high-grade Triple R - the only major deposit in the region that is high-grade and near-surface - is comprised of just two zones: R00E and R780E
As more holes are completed we will of course be sharing the news so be sure to stay tuned.
Ross McElroy, President, COO and Chief Geologist for Fission Uranium