Fresh off reporting more great assays from the winter campaign… and hitting off-scale mineralization and expanding zones already during the summer campaign… Fission was out with two more superb announcements last week.
On August 5th, Fission announced preliminary results from 12 new angled holes that are part of the summer program.
Chances all 12 of them returned wide uranium mineralization? 100%.
Seven of them showed substantial intervals. The three best holes combined returned over 260 meters of mineralization.
More importantly, a few of these holes — 236, 237, and 248 — widened the Patterson Lake South discovery to the north, by 50 meters, and to the south by 40 meters.
The press release is being coy by calling the potential for growth of the discovery “highly prospective”.
Then, on August 7, there were six more assays reported from winter holes. If you're keeping track, there are now 75 assays from winter holes with 17 still pending.
A few of these holes were among the best the company has reported so far, including PLS14-201, which returned 26.41% uranium over 12 meters inside 27 meters of 12% uranium. That's better than world class. Two other holes — PLS14-213 and PLS14-205 — hit stretches of +11% uranium.
All those holes — winter (outlined in red, summer outlined in black) — can be seen on the updated map below. Notice how mineralized holes are being hit farther and farther from the main trend.
I've believed there could be a folded over, or parallel, trend here. Now analysts are saying the same.
Raymond James noted that these new holes “may represent either a splay or discovery and entirely new, parallel trend,” and that these holes outside the main trends “are unlikely to be one-off occurrences.”
It concluded that the blue sky potential for Fission is now even bluer:
Interpretation: Paints a Rosier Blue Sky. It remains unclear whether these new zones are a horse-tailing of the main trend or entirely new parallel trend(s), but in any case, PLS is now demonstrating mineralization across a much broader N-S span, especially on the eastern end of the R780E Zone. This significantly enhances the project’s blue sky potential, in my view, with mineralization previously averaging only ~20 m in width across the core of the trend. I believe additional drilling north of the main trend will expand the new mineralized area – key, in our view, is testing the area up-dip from where drilling has cut thus far. All zones remain open in all directions.
Raymond added that a maiden 43-101 resource estimate would be a nice Christmas present, and will likely come in at greater than 50 million pounds.
Remember, this is the maiden… and won't include the recent holes that have greatly expanded the scope of this deposit.
You can get their two most recent notes here and here. I haven't received new analyst reports for the holes announced this week, but will be sure to share them when I do.
For perspective, Hathor's Roughrider maiden resource estimate came in at just 12.1 million pounds… and it sold for $654 million.
Fission's will likely be more than four times that size… and will get substantially bigger with subsequent updates.
Its market cap is currently below $500 million.
This is as big a no-brainer as they come, in my opinion.
Do yourself a favor and buy Fission Uranium ($FCU:CA) ($FCUUF) below $1.60 for yourself as an early Christmas present.
