Kelowna, British Columbia–(Newsfile Corp. – July 5, 2022) – Fission 3.0 Corp. (TSXV: FUU) (OTCQB: FISOF) (“Fission 3“) is pleased to report that drilling has commenced at its Murphy Lake property in the Eastern Athabasca Basin in Saskatchewan. Plans are to drill 6 diamond drill holes totaling approximately 2400m to test a new >1.5km long north-south resistivity low zone in the lower sandstone and basement in the east part of the property that was interpreted from the recently completed DC Resistivity ground geophysics survey.
This is F3’s first drill program at its Murphy Lake property which is located 5km south of IsoEnergy’s high-grade uranium Hurricane Zone and 4.5km east of Cameco’s La Roque Uranium Zone. IsoEnergy’s recently discovered Hurricane Zone now measures 757m long, 75m across and up to 11m thick with intersections up to 33.9% U3O8 discovery of over 8.5m, including 57.1% U3O8 over 5.0m. Cameco’s La Roque Uranium Zone has drill intersections along a 400m drill defined strike length which have returned up to 27.9% U3O8 over 7.0 m in historic hole Q22-40 along with elevated values of associated pathfinder elements and gold.
The association of the resistivity low feature in the lower sandstone above the one in the basement may indicate alteration in the lower sandstone which is known to occur above Athabasca unconformity high grade uranium mineralization. Drilling by the Company this summer will be focused on the SE part of the new resistivity feature where Time Domain Electromagnetic (TDEM) ground geophysics was completed just before the breakup of the lake ice. The drill holes target the conductors defined by the ground EM surveys as they can indicate graphitic shear zones along which uranium mineralization is known to be localized. This area is along strike and 2.5km to the north of historic hole Q23-5 to the south of the Murphy Lake property that intersected 0.9% U3O8, 0.98% Co, and 0.75% Ni over 1.5m in basement rocks 11m below the unconformity.
Additional TDEM ground geophysics will need to be collected next winter from lake ice to define drill targets over the northern parts of the new resistivity low zone.
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 approved on behalf of the company by Raymond Ashley, P.Geo., Vice President, Exploration of Fission 3.0 Corp., a Qualified Person. Mr. Ashley has verified the data disclosed.
About Fission 3.0 Corp.
Fission 3 is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of world’s largest high grade uranium discoveries. Fission 3 currently has 16 projects in the Athabasca Basin. Several of Fission 3’s projects are near large uranium discoveries, including, Arrow, Triple R and Hurricane deposits. Fission 3 is currently planning a winter exploration/drill program on its PLN project.
Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
Fission 3.0 Corp. Contact Information
Telephone: 778 484 8030
ON BEHALF OF THE BOARD
Dev Randhawa, 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 Fission 3.0 Corp. 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.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3 Corp. disclaim 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.
Figure 1: Murphy Lake Property Regional Property Location Map
Figure 2: Murphy Lake Property Proposed Summer 2022 Drill Program Map with Lower Sandstone DC Resistivity