Big news out of the Fission Uranium ($FCU:CA) ($FCUUF) camp recently…
Fission announced eight more assays on July 21. There are now assays from 68 winter holes with 24 still pending.
All eight holes intersected wide uranium mineralization. Six of them hit substantial mineralization.
The two best holes were PLS14-200, which hit 9.34% U3O8 over 10 meters, including 26.32% over one meter. And hole PLS14-198, which hit 10.35% over 14 meters.
These holes, in the eastern most segment of Zone R780E, have shown a strong probability that they're connected to zone R1155E.
More world-class holes. More likelihood that this is one giant zone.
Said President Ross McElroy:
We continue to see strong grades and widths from the eastern section of the R780E zone – similar to prior results from the central and western sections. The eastern boundary of the R780E zone is just 75m along strike from the R1155E zone. In the same way that the winter program succeeded in merging four high-grade zones into one, so we are now seeing increased potential for connecting R780E with R1155E.
Rising uranium prices, a maiden resource study, and analysts upgrading pounds-in-the-ground are all catalysts for this stock to move higher.
On July 28th, Fission announced that the first fourteen holes of the summer drill program each returned wide mineralization, with ten of them returning “off-scale” radioactivity.
The company is now using a more sensitive scintillometer, which measures up to 65,535 clicks per second (cps) versus the previous 9,999 cps. It's also using new drilling techniques that allow them to drill angled holes from a barge on Patterson Lake, which helps improve understanding of the deposit's geometry.
The seven angled holes drilled so far have allowed the expansion of R780E Zone by 50 meters to the north. Hole PLS14-224 intersected uranium mineralization in a “parallel, previously unknown metapelitic gneissic unit.”
Translation: This thing is still going to get much bigger. New areas of mineralization are still being discovered. And a theory I had long ago, that this deposit could be folded in half — meaning it's twice as big as currently known — is still a possibility.
Said Chief Geologist Ross McElroy of the news:
"Fourteen holes, fourteen hits. We have wide mineralization in every drill hole, high-grade intervals in ten of the holes and a new mineralized area to the North of the R780E zone's eastern section. The summer drill program is progressing extremely well as we continue to rapidly expand the PLS discovery prior to a 43-101 resource estimate at the end of the year."
You can see those new holes, including those to the north of R780E Zone, in the map below:
Shares are up as much as 13% since the news came out, rising from $1.19 to $1.34.
I don't expect shares to remain this low once a 43-101 resource estimate is released later this year.
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