SAN FRANCISCO, CA--(Marketwired - March 27, 2017) - With uranium up 40% off last year's lows, a glimmer of optimism is returning to the uranium market, says Fission Uranium Corp.'s (TSX: FCU) (OTCQX: FCUUF) (FRANKFURT: 2FU) President, COO and Chief Geologist Ross McElroy. In this interview with The Energy Report, McElroy discusses the company's latest drill results, its winter drilling plans and why he believes Fission could be on the cusp of a major discovery.
Included in this article is: Fission Uranium Corp.
The Energy Report: At the end of February, Fission Uranium Corp. released drill results that discovered a new area of mineralization as well as an extension of both ends of its mineralized trend. Just a few weeks later you hit wide mineralization in the same area and you have the start of a new, high-grade zone. Can you tell us more about these results?
Ross McElroy: We were very pleased with our first results from our latest batch of drilling. When we stepped out around 600 meters (600m) along the same mineralized trend that already hosts our Triple R uranium deposit, which is the world's most significant high-grade shallow deposit, we encountered significant anomalous radioactivity with counts up to 3,200 counts per second. In the world of measuring radioactivity-which ultimately translates to uranium-that's significantly anomalous.
We felt that we were close to high-grade mineralization, stepping out on our exploratory plan along the Patterson Lake South (PLS) corridor trend. We know that that trend should continue for significant distance both to the east and the west. It's a great big, long conductive trend that already hosts two world-class uranium deposits (Fission's Triple R and NexGen's Arrow) and indications of others (Cameco's Spitfire zone). And as we stepped out 600m to the west of our R840W zone, we were seeing signs of a new area of potential for us.
A good part of the thrust of our winter program is to make a new discovery. We're looking for the next Triple R deposit. We followed up that big stepout hole with another seven holes, five of which intersected anomalous radioactivity over a 180m strike length. Included in this was hole PLS17-539, which is approximately 510m west of our large, high-grade and shallow zone called R840W. We hit 31m of continuous mineralization, including high-grade radioactivity. This is a great result for us because we have a strong track record of really growing these new zones and you just have to look at the Triple R, which is composed of two zones, and the additional zones on either side of our deposit that we have not yet added to our resource estimate.
Continue reading this interview: Fission Uranium's Exploratory Drilling Hits Success Right Out of the Gate
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