KELOWNA, BRITISH COLUMBIA–(Marketwired – May 30, 2016) – Fission 3.0 Corp. (TSX VENTURE:FUU) (“Fission 3”) is pleased to announce the commencement of a $0.5M summer exploration drill program at its Macusani project in Peru. The drill contract, will consist of 1200m in twelve holes of HQ diameter core drilling. The program follows compilation of mapping and prospecting work, conducted by Fission 3’s award-winning technical team, and will focus on an anomalous mineralized 8km NE oriented corridor containing numerous anomalous uranium in outcrop trenches (chips and channel samples) values assaying >2% U3O8 including a maximum of 24.48% U3O8. This same corridor includes two shallow-depth, resource-defined and heap leachable uranium deposits on Plateau Uranium Inc.’s (“Plateau Uranium”) property: Corachapi Complex and Corani Complex – both of which are also host to substantial lithium mineralization.
Drill program highlights are as follows:
- Drilling focusing on area containing high-grade uranium at surface and potential anomalous lithium
- Ten to twelve holes (collared both angled and vertical) in 1200m of core drilling along the Llama corridor.
- Six holes will target the Llama South prospect area, where numerous surface assays in the immediate area returned highly anomalous values with a peak of 3.15% U3O8.
- Six holes will target the Llama North prospect area, located approximately 3km to the NE of Llama South, where numerous surface assays in the immediate area returned highly anomalous values up to 6.19% U3O8.
In addition to identifying significant uranium resources, the Macusani region is also highly prospective for lithium. Of note, Plateau Uranium’s Macusani projects, which are adjacent to Fission 3’s projects are also host to substantial quantities of Lithium within several uranium deposits, specifically: resources of 52.3Mt at 0.13% containing 67,000t Li2O (Indicated) and 87.7Mt at 0.12% containing 109,000t Li2O (Inferred). Fission 3 believes that its ground is similarly prospective to host anomalous lithium and samples from Fission 3’s drill program will also include assaying for lithium.
Ross McElroy, COO, and Chief Geologist for Fission 3, commented,
“This upcoming drill program at Macusani is a very exciting next step and will represent the first drill holes to be drilled on the property. Mapping and prospecting has not only discovered numerous uranium in bedrock anomalies on the Llama trend, with peaks assaying as high as 24.48% U3O8,it has validated the model that the same mineralized trend that hosts shallow-depth uranium and lithium resources on adjacent projects appears to be present on our claims. Our Macusani project represents an important project with high-grade uranium mineralization and excellent drill ready targets in a highly prospective new uranium district in Peru, where the infrastructure is well-established and exploration costs are low.”
Natural gamma radiation in drill core will be recorded in the field, measured in counts per second (cps) using a hand held GR-130G Scintillometer manufactured by Radiation Solutions. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. The degree of radioactivity within the mineralized intervals can be highly variable.
Samples from the drill core will be split in half sections on site. Where possible, samples will be standardized at 0.5m down-hole intervals. One-half of the split sample will be sent to Bureau Veritas Commodities Canada Ltd in Lima Peru for preparation and the pulps will be sent onwards to their lab (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Vancouver, BC for analysis which includes U3O8 (wt %) and U ppm, while the other half remains on site for reference. All analysis includes a 40 element ICP‐ES & ICP‐MS, including gold, silver and all REE’s. Uranium analysis will be by ICP-MS and lithium by ICP-ES.
The drill contract has been awarded to Muchik Corp SAC of Lima and is expected to commence in late May.
Autinite and meta-Autinite are the principal uranium minerals found in the district. Mineralization fills subvertical and subhorizontal joints and fractures in the form of massive veinlets, from a few centimeters to 10cm wide and up to 2km long. Adjacent to these high-grade veins, fine grained disseminated mineralization is also noted as envelopes, extending up to 10’s of meters in rocks of high permeability and <1m in rocks of lower permeability. The areas of the anomalous mineralized corridor being targeted by Fission are referred to as the Llama South prospect (SW part of the corridor) and the Llama North prospect, located approximately a further 3km to the NE, where uranium seen on surface outcrops and trenches consists of both strataform (within moderately clay altered sub-members of the Yapamayo Member) and structurally controlled mineralization.
Updated maps can be found on the Company’s website at http://fission3corp.com/projects/macusani/maps/.
The Macusani Project
The Macusani property is located within southeastern Peru. Fission 3.0 Corp. holds the rights to 9 claim blocks encompassing 51 km². The district is mining-friendly, has a mild climate and has solid infrastructure, including all-weather roads and low-cost power.
Within the area, the stratigraphy is dominated by the sub-horizontal Pliocene Quenamari Formation, which is mainly composed of ignimbrite layers. Uranium anomalies occur on plateaus that are composed of the Upper Yapamayo Member of the Quenamari Formation. Sampling to date has shown that the most significant uranium anomalies appear to be restricted to this assemblage. Mineralization within the area is dominated by very high grade Autinite veins along ‘enriched fault planes’, with lesser disseminated mineralization. The significant fault planes can vary from up to 2 m thick, while multiple enriched fault planes occur in shear zones up to 150 m across.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol., COO and Chief Geologist for Fission 3.0, a qualified person.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol “FUU.”
ON BEHALF OF THE BOARD
Ross McElroy, COO
Fission 3.0 Corp.
Cautionary Statement: Fission 3.0 Corp.
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward-looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3.0 Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Rich Matthews
Investor Relations
778-484-8030
rich@fission3corp.com
www.fission3corp.com