One of the most exciting uranium discoveries of the last couple years has completed its 2014 summer drill program at the PLS project in Northern Saskatchewan. Fission Uranium (FCU.v) continues to be the top uranium exploration play among analysts, with some believing the company is a likely takeover candidate from the likes of Cameco or Rio Tinto.
The drill program was successful in widening and strengthening zone R780E. A total of 61 holes have now been drilled into R780E which each of them hitting mineralization.
Dill highlights include:
- Hole PLS14-290 (line 735E) — 97.5m total composite mineralization over a 173.0m section (between 113.5m – 286.5m) including: — 7.44m total composite mineralization of (greater than 10,000 cps) radioactivity — Designed as a scissor hole on line 735E (see note on Scissor Holes)
- Hole PLS14-298 (line 840E) — 84.0m total composite mineralization over a 240.5m section (between 146.5m – 387.0m) including: — 2.24m total composite mineralization of (greater than 10,000 cps) radioactivity
- Hole PLS14-296 (line 915E) — 94.5m total composite mineralization over a 367.0m section (between 96.0m – 463.0m) including: — 2.08m total composite mineralization of (greater than 10,000 cps) radioactivity
Ross McElroy, President, COO, and Chief Geologist for Fission, commented, “These results represent the final summer program holes which have been nothing less than spectacular. Zone drilling has hit with every single hole without fail, connected two zones and widened the high-grade R780E zone on multiple lines. R780E, which now has a strike length of 930m, is still open in every direction. At the same time, as per news release September 25, the exploration drilling intercepted anomalous radioactivity on three conductors elsewhere on the property.”
Fission is well funded with the recent closure of a $12.52 million dollar financing to add to the $22 million in cash they had at the end of July. The next catalyst for shareholders will be its first ever NI-43101 Resource Estimate expected in December 2014. This will be followed up with more delineation drilling a Preliminary Economic Assessment (PEA) in the first four months of 2015.
The uranium spot price is up 30% in the last couple weeks to $36.50 per pound, meanwhile Fission’s shares have fallen under $1 per share for the first time in 2014 (last at $0.99 at press time, giving the company a market cap of approximately $353 million).
At the adjacent property to Fission’s Patterson Lake South, NexGen Energy (NXE.v) has made a high grade uranium discovery that is on land and in its early stages. Travis McPherson went to site and wrote a glowing site visit report (Link).
Here’s Fission’s news release from earlier today: FISSION WIDENS ZONE R780E; HITS SIX NEW HOLES WITH >10,000 CPS RADIOACTIVITY