Thursday, 31 May 2012

Patterson Lake South – High grades, successful drill program, exciting property

When it comes to our properties in the Athabasca Basin, Waterbury Lake tends to get most of the media attention. It’s not surprising considering Waterbury has a high-grade 43:101 of close to 9 million lbs and is literally right next door to Rio’s Roughrider deposit. However, Waterbury is by no means our only high-class property.

Patterson Lake South (PLS) is a  >5 km high grade boulder field discovery with grades up to 39.6% U3O8.  We’ve conducted a very successful 16 hole Winter drill program on the property which has intersected significant basement mineralization. The Winter drilling has enabled us to refine the boundaries of the uranium boulder field source target area and it has provided a meaningful indicator for identifying the potential high-grade mineralized source of the boulder field. Planning is underway for follow-up drilling of this anomalous area located along a significant east-west trending EM conductor, which, to date, has only been partially tested.

Our drilling program has been overseen by our technical team leader and COO, Ross McElroy. If you’re not familiar with Mr McElroy - he has been instrumental in three of the last eight major uranium discoveries in the Athabasca Basin and I encourage you to check out his background.

In other words, PLS is rapidly growing in significance and, with great transport links and proximity to mills, it’s a property we will continue to develop aggressively.

If you want more info, be sure to check out the project overview for a blow by blow timeline and detailed description of PLS.

That’s it for now. Come back later when I cover other key elements of Fission and as always, please get in touch if you have any questions.