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« SA won’t stipulate where nuclear solution is sourced – Peters | Main | Rare Earth Investment Update »
Monday
Feb272012

Drill Rig Mobilized at PLS High Grade Boulder Field Project

 

Fission Energy Corporation (CVE:FIS) and its 50% Joint Venture (JV) partner ESO Uranium Corp., are pleased to announce that a 14 hole, 2,100m drill program will commence shortly at the PLS Property, located in the southwest part of Saskatchewan's Athabasca Basin.

This program is a continuation of last year's efforts to locate the bedrock source area of the high grade uranium boulder field discovery, which is believed to occur below the unconformity in a basement hosted system. Drilling will test a number of geophysical targets identified by an on-going ground Time Domain Electromagnetic (TDEM) and a DC-Resistivity survey being conducted on the Patterson Lake conductor corridor located immediately adjacent and to the east-northeast of the high-grade uranium boulder field, which has yielded boulder assays as high as 39.6% U3O8 and 31.4% U3O8 (see press releases dated December 14, 2011 and July 27, 2011) since its discovery during the summer 2011 exploration season.

It is believed the up-ice direction of the boulder field parallels the >6km strike length of multiple bedrock EM conductors found within the Patterson Lake Corridor and that this area represents a highly prospective source location of the uraniferous boulders. Hardrock Diamond Drilling Ltd. of Penticton, British Columbia, has been contracted to complete the drill program. 

Each drill hole is surveyed downhole for radioactivity with a Mount Sopris 2PGA-1000 Gamma/SP probe. Samples have been submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which include a 63 element ICP-OES, uranium by fluorimetry (partial digestion). Results will be provided when available.

The JV further reports that a property scale airborne VTEM magnetic and electromagnetic survey is now 100% complete.

Fission is Operator of the PLS exploration project, which is a 50%/50% Joint Venture held with ESO Uranium Corp. (ESO). PLS is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, (>60M lbs of U3O8 produced), and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.

Regarding www.skoptionstrading.com. We are off to a good start this year closing two trades in January, the first gave us a profit of 71.58% and the second gave us a profit of 33.97%.

It was nice to bag a couple of winners before January ended and hopefully 2012 will continue in a successful manner. We do have a number of ideas on the drawing board which we are looking to execute shortly, but only when the risk/reward environment is firmly in our favour.

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