Fission Uranium (FCU:CA) ($FCUUF) hit all-time highs last week after reporting early results for its latest “best hole to date.”
The news was so crucial (though the market still isn't fully pricing it in) that the company had trading in the stock halted before it released the data.
This time, we got scintillometer results from nine new holes. So we now have early data on 57 of the 90 holes that are supposed to be drilled.
Again, all holes “encountered wide mineralization” with “seven intersecting substantial off-scale radioactivity.”
And that's not even the best part…
As the press release noted (emphasis theirs):
Of exceptional note and importance is hole PLS14-187 on line 660E. The hole, with mineralization starting at the shallow depth of 58.5m, has returned 53.47m Total Composite "Off-scale" (>9999 cps) in 146.0m of total composite mineralization on line 660E and closes the gap between the R390E and R780E high-grade zones.
That's probably a 10 million-pound hole or better. The pounds — and the eventual sale price — are starting to rise quickly now.
Fission started this campaign with seven distinct mineralized zones. Fission has proven four of those zones — R780E and R945E, and R390E and R585E — are connected by finding uranium in between them, turning seven zones into five.
The best hole week — PLS14-187 — connected two more zones. The now-connected zones R780E and R390E will simply be called R780E. That new zone and the hole that connected it can be seen here:
And the four zones now look like this:
These nine holes undoubtedly added tens of millions of pounds to the already fast-growing total. And once the financing closes, you can bet they'll be out with resource estimate upgrades.
So far, we've seen analysts confidently mention 100 million pounds. This should move the needle closer to 150 million pounds.
Of course, I think it's closer to 200 million or more. Time will tell.
Still, superlatives are already being tossed around. I saw it mentioned as the “Saudi Arabia of Uranium” earlier this week.
More early results from the remaining 33 holes as well as the additional assays to be reported will only keep pushing this one up and to the right.