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Uranium exploration in the Athabasca Basin has revealed promising results for expansion, two industry analysts say.
FCU’s Summer 2017 Drill Program
Fission Uranium Corp. (FCU:TSX; FCUUF:OTCQX; 2FU:FSE) announced on Aug. 23 that it had completed its summer drill program and released the results of the final three drill holes. The company noted that the program tested the “recently discovered, land-based, R1515W zone, where this summer drilling has intersected the widest, mineralization outside of the Triple R Deposit at its PLS property in Canada’s Athabasca Basin region.”
The company highlighted that the “presence of multiple stacked lenses continues to deliver wide intervals with strong radioactive peaks, at the R1515W zone, which is 2.3km west of the Triple R Deposit’s central part of the R780E zone. Of particular note is hole PLS17-566 (line 1545W), which intersected 107.0m total composite mineralization at shallow depth, including 8.03m total composite >10,000 cps.”
Fissions drill results were viewed positively by two industry analysts. Heiko Ihle, an analyst with H.C. Wainwright & Co., noted in a company update on Aug. 28 that the summer program had two purposes: “Extension of the recently discovered R1515W zone, and Pre-Feasibility (PFS) level drilling for metallurgical sample collection and geotechnical rock analysis.” Drilling at the R1515W zone, Ihle stated, “continues to impress.”
“Drilling at the R1515W zone intersected the widest mineralization to date outside of the Triple R Deposit,” noted Ihle. “We expect the R1515W zone to remain a primary target for Fission, as further expansion of this zone could have a material impact on the economics of the PLS project.”
“We continue to view Fission as a potential takeover target in a stronger uranium market. Further, we highlight that Fission continues to discover new zones, increasing the potential resource at the project,” concluded Ihle.
