I’ve previously blogged about the value of the deal as well as NewCo’s management team. Now I’d like to take a moment to cover PLS in more detail since it will be NewCo’s flagship. Fission has recently announced a new $4million drill program at PLS but to bring you up to speed, here is the write up from our property overview page:
PLS (Paterson Lake South)
PLS Joint Venture: Fission Energy 50% / Alpha Minerals 50%.
"This is a potentially large, high grade, unconformity style, basement hosted uranium deposit - much like Roughrider, Millennium or Eagle Point Mine." David Talbot, Dundee Securities
Discovery and Property Highlights:
• High grade, shallow depth uranium discovery
• High grade boulder field
• Boulders assayed up to 40%
• Aggressive drill program in place
2012 Fall Exploration Program
"Fission has been aggressive in its exploration methodology, a trait that we believe investors are looking for from exploration companies located in the world's highest grade uranium camp." David Talbot, Dundee Securities
Continued ground investigations during the Fall 2012 program resulted in the significant expansion of the high-grade uranium boulder field discovered in 2011. Seventeen of 40 radioactive boulder samples demonstrated "off-scale" radioactivity (> 9,999 cps), extending the area a further 2.35km to the south-west as well as 0.8km to the west.
A 9-hole 1632 core drilling program (PLS12-017 to PLS12-025) commenced at the Patterson Lake South property in November 2012. A 6.0 m wide interval of high grade mineralization with massive visible pitchblende in veins (up to 21cm wide), blebs and flecks was intersected in the discovery drill hole PLS12-022, located approximately 3.8 km northeast of the high grade boulder field. Subsequently step-out hole PLS12-044 intersected a 13.0m wide interval of strong mineralization, including intermittent intervals, totaling 2.14m of off-scale (>9999 cps) radioactivity. PLS12-025, collared 10m north of hole PLS12-024, intersected a 22.5m wide interval of strong mineralization including a narrow band of off-scale (>9999 cps) radioactivity. In each case, the mineralization occurs at shallow depth in basement rocks.
Composited drill hole mineralized intersections include:
• Hole PLS12-024: 18.0m @ 1.78% U3O8 from 65.0m to 83.0m
• including 12.5m @ 2.49% U3O8
• including 3.5m @ 4.33% U3O8
• including 0.50m @ 11.1% U3O8
• Hole PLS12-022: 8.5m @ 1.07% U3O8 from 70.5m to 79m
• including 2.5m @ 2.63% U3O8
• Hole PLS12-025: 22.5m @ 0.4% U3O8 from 60.5m to 83.0m
• including 4.03m @ 0.85% U3O8
• Hole PLS12-023: 9.5m @ 0.27% U3O8 from 66.5m to 76.0m
The PLS property page has more detailed information including maps and I encourage you to visit it. As always, please get in touch with any questions.
Dev Randhawa
