Fission 3.0 Corp (TSX.V:FUU) has established a substantial portfolio of 16 uranium projects across four defined areas in the Athabasca Basin in Canada. The region holds some of the world’s largest uranium deposits and accounts for a significant proportion of global uranium production.
With major uranium producers such as Cameco and Orano as their neighbours in the Athabasca Basin, Fission’s projects sit in close proximity to the world’s top producing high-grade uranium mines.
Fission 3.0 is project generator and exploration company and aims to develop and de-risk uranium projects ready for sale.
Of paramount importance is their Patterson Lake North project which recently produced high-grade shallow depth assays of 15.0 m @ 6.97% U3O8 including a high-grade 5.5 m interval averaging 18.6% U3O8.
PLS Area Projects
The PLS area holds the world class Triple R discovery, Athabasca’s highest grade uranium deposit with mineralisation starting from 50m below the surface.
Fission 3.0 have four projects in the area; Clearwater West, Patterson Lake North (PLN), Wales Lake and PLN A1.
In late December 2022, Fission 3.0 announced assay results at the PLN project that encountered one continuous 15.0 m interval averaging 6.97% U3O8 including a high-grade 5.5 m interval averaging 18.6% U3O8. In addition, the assay revealed a ultra high core of 59.2% over 1.0 m.
Further assay results from the project are due in early 2023.
The prevalence of high grade uranium at the Tripe R discovery substantiates early evaluations at the PLS area making this project area Fission 3.0’s primary concern in the near future.
The Fission 3.0 technical team undergoing the assessment of PLN project have deep experience operating and defining resources the region, having been at the forefront of Fission Uranium’s Triple R discovery at Patterson Lake South. The Fission 3.0 technical team will count the discovery at Patterson Lake South as their third significant uranium discovery.
The Clearwater and Wales Lake projects are considered to be highly prospective and will undergo evaluation in due course.
Key Lake Road Projects
The Key Lake Road project group consists of Hobo Lake, Lazy Edward Bay, Bird Lake and Seahorse Lake.
The area previously produced 208M lbs @ 2.32 U3O8 from shallow depth resources and Fission’s project all have confirmed uranium encounters from historical studies.
The project group is located close to refining mills and other uranium mining infrastructure which supports their economics.
Beaverlodge Area Projects
The Beaverlodge Area was once home to 12 open pit mines in the 1950s and 1960s and Fission’s recent survey’s have identified additional areas warranting further exploration.
The four projects in the area are Beaver River, Midas, Hearty Bay and North Sore.
Beaver River was subject to assays in 2007 that yielded results of 3.66% U3O8 (over 0.61m), 3.37% U3O8 and 2.93% U3O8 in the central area of the project. The project consists of 21 mineral claims totaling 19,474 ha.
Midas straddles the Black Bay fault, which is associated with the deposits of Uranium City and Beaverlodge areas. Midas is home to historical uranium mines.
Hearty Bay and North Shore sit in close proximity to uranium encounters and have undergone early stage evaluation.
Northeastern Athabasca Basin
The Northeastern Athabasca region is home to two operating uranium mines including Cameco’s Cigar Lake mine.
The Cigar Lake mine produces 15-million pounds of uranium concentrate per year and is one of the world’s highest grade uranium mines.
Fission’s four Northeastern Athabasca projects are situated on geological structures known to hold high grade uranium. The four projects are Murphy Lake, Cree Bay, Eagle and Flowerdew Lake.