ir@fissionuranium.com
www.fissionuranium.com
TSX SYMBOL: FCU
OTCQX SYMBOL:
FCUUF
FRANKFURT SYMBOL: 2FU
All four properties are prospective for
high-grade uranium
KELOWNA,
BC, Oct. 31, 2024 /CNW/ - FISSION URANIUM
CORP. ("Fission" or "the Company") is
pleased to announce it has staked four new properties in the
Athabasca Basin region of northern
Saskatchewan: Typhoon, Corsair,
Merlin, and Seahawk (Figure 1). All four have positive, limited
historical fieldwork and are considered by the company to be highly
prospective, greenfield exploration projects.
News Highlights
- Four new properties in the Athabasca Basin staked by Fission:
- Typhoon (3,867ha) located ~20km south of Fission's PLS
project
- Corsair (3,481ha) located ~110km east-southeast of
Fission's PLS project and <20km south of Cameco's Centennial
uranium deposit
- Merlin (808ha) located ~36 km west of Cameco
Corporation's Key Lake uranium mill
- Seahawk (6,293ha) located ~33 km southeast of the
Athabasca Basin
Ross McElroy, President and CEO
for Fission, commented, "The Athabasca Basin region is home to the richest
uranium ore bodies in the world. We have staked four new properties
– identified by our expert and successful exploration team – that
have potential for hosting high-grade uranium. These projects are
under explored but have historical data pointing to strong
prospectivity."
Typhoon Project Details
Typhoon (Figure 2) is located
~20 km south of Fission's PLS project and consists of three
contiguous mineral claims totaling 3,867 hectares. It is 100% owned
by Fission. The property is 35 km south-southwest of the
Athabasca Basin and straddles the
northeast edge of the Western Canadian Sedimentary Basin (WCSB). In
the project area, the WCSB is underlain by metamorphosed
crystalline basement rocks belonging to the Taltson Domain, which
are the same rocks that host the Triple R deposit on the PLS
project to the north.
In 1969 a regional scale airborne radiometric survey covered the
project area, and a combined airborne electromagnetic and magnetic
survey followed by lake sediment, soil, water and radon sampling
was undertaken in 2013. The electromagnetic survey in 2013
identified three multi-kilometer long conductor trends northeast of
Typhoon, interpreted to be graphitic fault zones. The Company
believes that these conductor trends extend through the Typhoon
project but have been geophysically masked by the WCSB cover rocks
and therefore never historically drill tested. Due to the limited
amount of historical exploration on the project, including a
complete lack of drill testing despite a similar geological setting
and proximity to a number of significant uranium deposits, the
Company views Typhoon as a highly prospective greenfield uranium
exploration project.
Corsair Project Details
Corsair (Figure 3) is located
110 km east-southeast of Fission's PLS project, in northwest
Saskatchewan and consists of three
groups of non-contiguous mineral claims, termed the north, central
and south groups, totaling 3,481 hectares. It is 100% owned by
Fission. The north, central and south claim groups comprising
Corsair are located within, straddling the margin of, and 2.6 km
south of the Athabasca Basin,
respectively. The maximum depth to the unconformity at Corsair is
expected to be 500m in the north
claim group, grading to 0 m in the
south claim group where crystalline basement rocks are
intermittently exposed on surface. Corsair is located strategically
between two major, northeast trending structural features in
northern Saskatchewan; the Virgin
River Shear Zone (VRSZ) to the west and the Cable Bay Shear Zone
(CBSZ) to the east. The VRSZ hosts Cameco Corporation's
Dufferin Lake uranium zone (notable
intercepts include drillhole SW-019, 1.73% U3O8 over 6.5m) and nearby Centennial uranium deposit
(notable intercepts include drillhole VR31-W3, 8.8% U3O8 over
34.0m), which are located 11 km west
and 15 km west of the Corsair project, respectively. The Corsair
claim groups overlie a series of northwest trending electromagnetic
conductors defined by previous operators, interpreted to be
graphitic linkage faults in the basement rock between the VRSZ and
CBSZ.
Uranium exploration has occurred around the Corsair claim groups
since the late-1960's, which was focused primarily near the VRSZ
and CBSZ, not on the linkage faults in-between. Only one historical
drillhole from 1979 is located within the current Corsair property
boundaries, CHY-002, which targeted an electromagnetic conductor
located in the south claim block and was terminated in graphitic
rocks at a depth of 111.0m. The
Company believes that the graphitic linkage faults, and their
interpreted genetic relationship to the two major shear zones in
the Corsair area, one of which is host to multiple zones of uranium
mineralization, are prospective locations for additional uranium
discoveries.
Merlin Project Details
Merlin (Figure 4) is located in
the eastern Athabasca Basin, 36 km
west of Cameco Corporation's Key Lake uranium mill, and is
comprised of one mineral claim totaling 808 hectares. It is 100%
owned by Fission. Historical drilling in the area suggests that the
depth to the Athabasca
Basin-crystalline basement unconformity is expected to be up to
270m vertically from surface. In the
northeast corner of Merlin, a 1.1 km long stretch of an
electromagnetic conductor trend, interpreted to be a graphitic
fault zone, extends from the east into the project area.
Historical drilling in 1981 by the Saskatchewan Mining
Development Corporation (SMDC) along this electromagnetic
conductor, 50m east of the Merlin
claim boundary, intersected anomalous uranium concentrations in
drillhole SM79-1, up to 0.015% U3O8. The anomalous uranium
concentrations are hosted in weakly bleached, chlorite and clay
altered basement rocks directly below the unconformity at a depth
of 250.89m. SM79-1 follow-up drilling
by SMDC consisted of a fence of three 60m spaced vertical drillholes across the
electromagnetic conductor trend. The Company considers this
follow-up drilling to have been too widely spaced to have
appropriately tested for additional uranium mineralization around
drillhole SM79-1, and the mineralized conductor trend where it
continues into Merlin is considered highly prospective.
Seahawk Project Details
Seahawk (Figure 5) is located
in northeast Saskatchewan, ~33 km
southeast of the Athabasca Basin
and is comprised of 18 non-contiguous mineral claims totaling 6,293
hectares. It is 100% owned by Fission. Seahawk overlies a 29 km
long stretch of the Needle Falls Shear Zone (NFSZ), which is a
major, northeast trending fault system extending for over 350 km
across eastern Saskatchewan. Rocks
comprising the NFSZ belong to the Wollaston Domain and consist of
graphitic gneiss, silicified gneiss and mylonite to cataclasite,
which are all common host lithologies found in basement hosted,
unconformity-associated high-grade uranium deposits. Numerous
north-south trending faults, interpreted to be part of the
Tabbernor Fault System crosscut the NFSZ, creating highly
prospective litho-structural settings to host uranium
mineralization.
JNR Resources Inc. drilled along the VRSZ within the Seahawk
project boundary in 2007 with drillholes PL-001 and 002. Drillhole
PL-001 intersected 9m of faulted and
sheared graphitic gneiss and was lost due to bad ground conditions
at 59.0m. Anomalous uranium
pathfinder element concentrations were discovered in the graphitic
fault zone, returning 135 ppm cobalt, 327 ppm nickel, 398 ppm zinc
and 73.5 ppm molybdenum. Drillhole PL-002 was a re-drill of PL-001
and intersected 39m of graphitic
gneiss with two discreet fault zones. Other significant historical
work at Seahawk includes the RG-6-3B
and RG-6-4B boulders, which are
radioactive boulders discovered during surface prospecting in 1978,
returning up to 0.09% U3O8. Historical interpretation of the
RG-6-3B boulder suggests that it was
locally derived. Four additional radioactive boulder trains,
totaling over 9 km in length, occur in the down-ice direction from
Seahawk, outside of the project boundaries, including the Pendleton
Lake boulder train where samples 9-RG-022 and 9-BV-009 returned
7.17 and 5.79% U3O8, respectively. The source of these uranium
bearing boulders has never been conclusively determined. The
Company believes the intersections between the NFSZ and Tabbernor
fault system, up-ice direction of numerous uranium bearing boulder
trains with no identified source and limited historical exploration
work creates a compelling greenfield exploration project at
Seahawk.
Qualified Persons
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.Geo., President and
CEO for Fission Uranium Corp., a qualified person.
About Fission Uranium Corp.
Fission Uranium Corp. is an award-winning Canadian uranium
project developer and 100% owner of the Patterson Lake South
uranium property – a proposed high-grade uranium mine and mill in
Canada's Athabasca Basin region. Fission's common
shares are listed on the TSX Exchange under the symbol "FCU" and
trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF"
and on the Frankfurt Stock Exchange under the symbol 2FU.
ON BEHALF OF THE BOARD
"Ross McElroy"
_____________________________
Ross McElroy, President and
CEO
Cautionary Statement:
Certain information contained in this press release constitutes
"forward-looking information", within the meaning of Canadian
legislation. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur", "be
achieved" or "has the potential to". Forward looking statements
contained in this press release may include statements regarding
the future operating or financial performance of the Company which
involve known and unknown risks and uncertainties which may not
prove to be accurate. Actual results and outcomes may differ
materially from what is expressed or forecasted in these
forward-looking statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Among those factors which could cause actual results
to differ materially are the following: market conditions and other
risk factors listed from time to time in our reports filed with
Canadian securities regulators on SEDAR+ at www.sedarplus.ca. The
forward-looking statements included in this press release are made
as of the date of this press release and the Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable securities
legislation.
SOURCE Fission Uranium Corp.