Fission 3.0 Corp.
TSX VENTURE : FUU

Fission 3.0 Corp.

October 29, 2014 07:31 ET

Fission 3.0 Adds 7 New Properties with Shallow-Depth Targets

Award-Winning Technical Team Now Has One of the Basin's Most Prospective Portfolios

KELOWNA, BRITISH COLUMBIA--(Marketwired - Oct. 29, 2014) - FISSION 3.0 CORP. (TSX VENTURE:FUU) ("Fission 3" or "the Company") is pleased to announce the addition of seven new properties and expansions to four existing properties, by staking, in the Athabasca Basin, Canada. Fission 3.0's objective is to stake areas of significant potential for hosting high-grade uranium deposits then utilize the specialized techniques that led to the successful discovery of shallow, high-grade uranium at Fission Uranium Corp's PLS project. These techniques include its innovative approach to radon surveys, underwater spectrometer analysis and Fission 3.0's patent-pending radiometric airborne survey - the same technology used to identify Fission Uranium's high-grade boulder field at PLS.

The company now has a total of seventeen projects, consisting of 117 claims / permits covering 232,088ha. Sixteen of the projects are in the Athabasca Region and one in Peru. The newly acquired properties are all in Saskatchewan and are referred to as Midas, Hearty Bay, Flowerdew Lake, Hobo Lake, Costigan Lake, River Lake and Karpinka Lake. In addition, new claims were staked in Saskatachewan expanding the existing properties of Thompson Lake, Beaver River, Cree Bay and Grey Island.

Ross McElroy, President, COO, and Chief Geologist for Fission, commented,

"Fission 3.0 has accumulated, through its own evaluation and staking, one of the strongest and most exciting exploration portfolios in the Athabasca Basin region and the award-winning technical team to match. While our primary focus remains exploring our PLN and Clearwater West projects, these new additions are a key component of our project generator business model which focuses on acquiring properties with the potential for near-surface uranium mineralization in the world's premiere uranium district."

Property Details

New Properties:

Hobo Lake

  • Five contiguous claims and 1 non-contiguous claim covering an area 14 km long by 10 km wide in a northeast elongate direction, totaling 5,745 hectares. Hwy 914 (Key lake Road) follows the east edge of the property.
  • Five significant reported historical uranium occurrences proximal to the property have assayed up to 2% U3O8 from grab samples of calc-silicates and meta-pelites.
  • 80 kilometres south of the southeast edge of the Athabasca Basin, along the transition zone between the Wollaston domain and the Mudjatik domain, host to currently producing world class uranium deposits such as McArthur River and Cigar Lake. The Key Lake Shear Zone bounds the east property edge and trends northeast to the past-producing Key Lake deposits at the basin edge.
  • Historical lake sediment samples along this conductor have revealed anomalous uranium concentrations up to 117 ppm uranium.
  • The present exploration target is high grade basement hosted root zone uranium mineralization associated with an eroded unconformity type uranium deposit.

Costigan Lake

  • Four contiguous road accessible claims which cover an area 6 km east-west by 5 km north-south, totalling 1,213 ha.
  • A 2005 airborne radiometric survey by Geological Survey Canada identified anomalous uranium signatures associated with the conductors.
  • 35 km south-southwest of the past-producing Key Lake ore bodies.
  • The present exploration target is high grade basement hosted root zone uranium mineralization associated with an eroded unconformity type uranium deposit.

River Lake

  • Four claims in two non-contiguous claim blocks totalling 1,866 hectares that cover an area 12 km north-south by 20 km east-west.
  • Notable historic drilling by UEM Inc. in the early 1980's, located 6.5 km to the east of the River Lake property, targeted ground defined EM conductors, and one of the better intersections was 0.3m of 0.98% U3O8 within a 6.7m section of 0.06% U3O8 (drill hole LN-01), as sooty pitchblende fracture fillings in graphitic pelitic gneiss.
  • Lies just outside the southern margin of the Athabasca basin, similar in position to the past-producing Key Lake uranium ore bodies 25 km to the east.
  • Nearby drilling on a 5 km long ground defined EM conductor by Triex Minerals Corp in 2008 intersected strongly clay and hematite altered pelite and pegmatite, with gamma probe responses up to a peak of 4,400 cps in the upper 50m of bedrock.
  • The property has potential to host outliers of sandstone cover, which is the favorable host rock for unconformity and perched styles of uranium mineralization. There is also potential to discover uranium mineralization within altered and sheared basement meta-pelite rocks, which have graphite and sulphide-rich zones or layers.

Flowerdew Lake

  • Two contiguous claims totalling 2,412 hectares that cover an area 6 km north-south by 7 km east-west.
  • Potential to discover uranium mineralization within altered and sheared basement meta-pelite rocks, which have graphite and sulphide-rich zones or layers.
  • Centered approximately 120 km northeast of the Collins Bay-Michael Lake area Mines (including Collins Bay A Zone, Collins Bay B Zone, Rabbit Lake and Eagle Point uranium deposits).
  • In 2005 former owner Triex Minerals Corp. conducted airborne DIGHEM revealing moderate to strong formational electromagnetic conductors trending northeast.
  • The present exploration target is basement-hosted uranium deposits

Hearty Bay

  • Four claims in three non-contiguous claims totalling 1,678 hectares that cover an area 5.5 km north-south by 8.5 km east-west.
  • Cameco Corp. conducted geophysical and geological programs from 2005-2007 and outlined prospective EM conductors in the area. Cameco concluded that the geologic attributes were indicative of high exploration potential for unconformity-related uranium deposits.
  • Centered approximately 20 km west of the Fond-du-Lac uranium deposit, first discovered in 1969, (Camok Ltd. 1970). The numerous past-producing uranium mines and deposits of the BeaverLodge District lie 60 km to the northwest. These past-producing mines had historical resource estimates completed prior to the implementation of NI 43-101 and the estimates cannot be classified as a resource or reserve and cannot be relied upon or considered a defined resource according to NI 43-101 and the Company is not treating them as current.
  • Dominant geologic characteristic of the area is the Isle Brochet and Poplar Point radioactive sandstone boulder trains, with assays up to 3% U, which lie down-ice of the claims.
  • The present exploration target unconformity-related uranium deposits, or basement-hosted uranium deposits.

Midas

  • Four contiguous claims totalling 1,476 hectares that cover an area 2 km wide by 10 km long in a northeast direction, located 3 km northeast of the community of Uranium City, SK.
  • At least 20 past-producing uranium deposits are located within 10 km of the Midas claims, and many more uranium occurrences.
  • Five uranium occurrences are noted within the claims, occurring at or near the Black Bay Fault as fracture fillings and veins. Historic drill assays up to 0.19% U3O8 over 9.6 metres were reported (reported in SMDI #2146 from drilling in 1951 by Aurora Yellowknife Mines Ltd., along the Black Bay Fault - drill-holes numbered 1 to 11).
  • Recent work by former owner JNR Resources revealed moderate to strong airborne VTEM conductors in the northeast of the property, and weaker conductors in the southeast of the property, spatially associated with mylonitic rocks.
  • The present exploration target is to basement-hosted uranium deposits.

Karpinka Lake

  • 12 contiguous claims covering an area 10 km long by 7 km wide, totaling 3,072 hectares. Excellent road access is provided by Hwy 914 (Key lake Road) that runs through the centre of the property.
  • 40 kilometres south of the southeast edge of the Athabasca Basin, along the transition zone between the Wollaston domain and the Mudjatik domain, host to producing uranium deposits such as McArthur River and Cigar Lake. The Key Lake Shear Zone, host to several uranium mineralized zones discovered by Forum Uranium Corp. from 2005 to 2008, transects the west portion of the property, and trends northeast to the past-producing Key Lake deposits at the basin edge.
  • The property is reportedly underlain by Wollaston domain arkose, psammopelite and calc-silicates on the west, and pelitic gneisses on the east.
  • A 2005 VTEM survey by Forum Uranium Corp., that terminated at the south edge of the property, revealed a 6 km long formational EM conductor trending onto the property from the south.
  • There are at least 14 known historic uranium mineral occurrences reported on the property. The most significant of these is known as the Karpinka Lake Uranium Showing, which actually consists of a series of five discontinuous low grade zones of stratabound uranium mineralization. Of these, the George Zone displays a strike length of 2.22 km and a width varying from 1.0 to 3.0 metres. Disseminated uraninite occurs within a sillimanitic, pyritic meta-arkose horizon. Of two historic drill-holes on this zone, the best intersection within hole HRS-78-02 returned 0.166% U3O8 over 1.0 metres.
  • The exploration target is high grade basement hosted root zone uranium mineralization associated with an eroded unconformity type uranium deposit.

Expansion to Existing Properties:

Beaver River

  • Three contiguous claims totaling 1,024 hectares that were staked within re-opening lands, near the south boundary of the FUU Beaver River property.
  • The ground was acquired to cover the southern extension of electromagnetic conductors that trend off of the Fission3 Beaver River property, and includes two historical uranium showings.
  • Two historical uranium showings:
    • The Mathews Lake showing consists of pitchblende and yellow uranium stain in a northeast-trending set of fractures adjacent to and penetrating a 040° to 070°-trending lamprophyre dyke which cuts a north-northwest-trending amphibolite sill. The mineralization is noted over a strike length of 450 ft (137.2 m). The showing was trenched and stripped; samples assayed 0.23% U3O8 across 1.5 ft (0.5 m) and 1.77% U3O8 across 3 ft (0.9 m).
    • The Cluster showing occurs in shear zones cutting a paragneiss sequence. Trenching revealed uranium staining, however assays are not available.
  • The claims are mapped as underlain by psammopelitic gneiss.

Cree Bay

  • Six claims totaling 5,252 hectares contiguous with the existing Cree Bay property claims.
  • The claims were acquired to gain additional ground along the prospective Black Lake Shear Zone and associated electromagnetic conductive horizons.
  • 15 km southwest of the past-producing Nisto Uranium Mine
  • The new claims overlie the Black Lake Fault, which marks the boundary between rocks of the Mudjatik domain and the Western Craton.
  • The unconformity between the archean rocks of the Hearne Province and the overlying Wolverine Point sediments averages 200m depth from surface.

Grey Island

  • Additional staking of three non-contiguous claims totaling 1,271 hectares
  • Acquired to extend the existing Grey Island property, which lies proximal to a major structural feature called the Cable Bay Shear Zone. Prominent structural splays off of this zone transect the property.
  • Overlies a strong northeast trending electromagnetic conductor that was explored with a single drill hole which encountered strong bleaching and alteration in the sandstone over 86m, and intersected pyritic and strongly graphitic basement rocks below the unconformity.
  • Unconformity depth 270m from surface.

Thompson Lake

  • Two non-contiguous claims totaling 577 hectares
  • Extends the existing Thompson Lake property to the northeast, within 2 km of the historic producing Lorado Uranium Mine (89 tons produced 1957-1959)
  • Covers the extension of northeast trending airborne VTEM electromagnetic conductors
  • Underlain by supracrustals of the Murmac Bay Group, within the Beaverlodge Mining District.

Updated property summaries and maps can be found on the Company's website at http://fission3corp.com/projects/.

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.Geol. Chief Geologist and COO for Fission 3.0 Corp., a qualified person.

About Fission 3.0 Corp.

Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol "FUU."

ON BEHALF OF THE BOARD

Ross McElroy, COO

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.

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