Fission Uranium (TSX: FCU) seems to think theres plenty of potential for new discoveries in the Athabasca Basin of Saskatchewan. The uranium developer this morning indicated it has staked four new properties within the region that are said to be prospective for uranium.
The properties, with limited historical fieldwork, are said to be highly prospective for new discoveries. The newly staked claims include:
- Seahawk: At 6,293 hectares in size, the project, found 33 kilometres southeast of the Basin, covers a 29 km stretch of the Needle Falls Shear Zone, which is crosscut by the Tabbernor Fault System. Two historic drill holes exist on the property, which intersected pathfinder element concentrations, while two radioactive boulders on the property have tested at 0.09% U3O8.
- Typhoon: Consisting of 3,867 hectares, the project is found 20 km to the south of the PLS project. An electromagnetic survey conducted in 2013 is said to have identified three multi-kilometre long conductor trends to the northeast, which are believed to extend across the new property.
- Corsair: At 3,481 hectares in size, the project is found 110 km east-southeast of the PLS project, and less than 20 km south of Cameco’s Centennial deposit. The property is found between the Virgin River Shear Zone and the Cable Bay Shear Zone, and overlays a series of electromagnetic conductors.
- Merlin: At just 808 hectares in size, the property is 36 km to the west of Cameco’s Key Lake uranium mill. Historic drilling in the area is said to suggest that an unconformity exists at a depth of 270 metres.
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“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,” commented CEO Ross McElroy on the effort.
Fission Uranium last traded at $0.94 on the TSX.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
