Over the past month we have been extremely bullish on Surge Battery Metals Inc. (NILI.V) (NILIF) after the company announced sample drill results that could indicate a significant lithium deposit on its Nevada North Project. Since our first call on October 21, the stock has risen 60% to $0.16, and has been picking up momentum over the last week on anticipation of the imminent release of further results. We remain extremely bullish on NILI's near term prospects. But today's write up will be about a potentially significant uranium discovery from Fission 3.0 Corp. (FUU.V) (FISOF), with the stock having risen 60% on the day as a result. We are up to 1,004 followers on our ValueTrades blog despite not giving out a lot of alerts, a fact that we think is indicative of a successful, diligent and prudent stock picking history. If you like our picks you can also follow this blog by clicking the follow button on the top of the left hand panel. We have 91 followers so far on here. You can also follow us on Twitter @StockTradePicks which has over 5,000 followers.
From today's news release:
Kelowna, British Columbia--(Newsfile Corp. - November 21, 2022) - FISSION 3.0 CORP (TSXV: FUU) ("Fission 3" or "the Company") is pleased to announce that it has intersected extremely radioactive and off-scale (>65,000 cps) mineralization in a new uranium discovery occurring as massive pitchblende, pitchblende buttons and veins at the start of its fall drill program on its 100% owned Patterson Lake North "PLN" project in the southwest Athabasca Basin region of Saskatchewan, Canada.
Two diamond drills commenced on the previously undrilled 800 m northwest strike extension of the ~3 km long A1 conductor. A new uranium discovery has been made in the second drill hole of the fall program. PLN22-035 is a 730 m step-out from a weakly mineralized drillhole, PLN14-019, drilled in 2014. PLN22-035 targeted the ground Time Domain Electromagnetic (TDEM) A1 conductor. Drill hole PLN22-034, the first hole of the fall drill program, intersected the A1 structure but no mineralization (>300cps) was noted.
Drilling Highlights:
PLN22-035 (line 00N)
- 15.0 m total composite mineralization >300 cps over a 15.5 m interval (between 257.0 m to 272.5 m), including
- 5.62 m of total composite mineralization >10,000 cps over a 6.3 m interval (between 259.0 m and 265.3 m including
- 1.5 m of total off scale radioactivity (>65,000 cps) over a 2.0 m interval (between 262.0 m and 264.0 m)
- 5.62 m of total composite mineralization >10,000 cps over a 6.3 m interval (between 259.0 m and 265.3 m including
- the hole is still in progress
Raymond Ashley, Vice President Exploration, commented
"We are very excited about this new high-grade uranium discovery at the start of our fall drilling program on the A1 conductor. The drilling program is being immediately amended to further delineate this new off-scale uranium mineralization within a significant 15.0 m wide mineralized altered structural damage zone. I am very grateful to work with this dedicated and extremely capable exploration team, and very proud of this new discovery that we have all made."
Table 1: Drill Hole Summary
| Hole ID | Target | Collar | * Hand-held Spectrometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) | Basement Unconformity Depth (m) | Total Drillhole Depth (m) | ||||||
| Easting | Northing | Az | Dip | From | To | Width | Max CPS | ||||
| PLN22-034 | A1 Conductor | 587885 | 6410348 | 52 | -50 | 168.7 | 374 | ||||
| PLN22-035 | A1 Conductor | 587657 | 6410711 | 52 | -52 | 257.00 | 257.50 | 0.5 | 630 | 227.0 | In Progress |
| 257.50 | 258.00 | 0.5 | 1300 | ||||||||
| 258.00 | 258.50 | 0.5 | 5500 | ||||||||
| 258.50 | 259.00 | 0.5 | 2200 | ||||||||
| 259.00 | 259.50 | 0.5 | 12400 | ||||||||
| 259.50 | 260.00 | 0.5 | 4000 | ||||||||
| 260.00 | 260.18 | 0.18 | 6000 | ||||||||
| 260.18 | 260.50 | 0.32 | 20100 | ||||||||
| 260.50 | 261.00 | 0.5 | 23000 | ||||||||
| 261.00 | 261.50 | 0.5 | 30000 | ||||||||
| 261.50 | 262.00 | 0.5 | 47400 | ||||||||
| 262.00 | 262.50 | 0.5 | >65000 | ||||||||
| 262.50 | 263.00 | 0.5 | 19800 | ||||||||
| 263.00 | 263.50 | 0.5 | >65000 | ||||||||
| 263.50 | 264.00 | 0.5 | >65000 | ||||||||
| 264.00 | 264.50 | 0.5 | 48200 | ||||||||
| 264.50 | 265.00 | 0.5 | 62200 | ||||||||
| 265.00 | 265.30 | 0.3 | 15200 | ||||||||
| 265.30 | 265.50 | 0.2 | 2800 | ||||||||
| 265.50 | 266.00 | 0.5 | 630 | ||||||||
| 266.00 | 266.50 | 0.5 | 2100 | ||||||||
| 266.50 | 267.00 | 0.5 | 790 | ||||||||
| 267.00 | 267.50 | 0.5 | 350 | ||||||||
| 267.50 | 268.00 | 0.5 | 1100 | ||||||||
| 268.00 | 268.50 | 0.5 | 360 | ||||||||
| 268.50 | 269.00 | 0.5 | <300 | ||||||||
| 269.00 | 269.50 | 0.5 | 1000 | ||||||||
| 269.50 | 270.00 | 0.5 | 460 | ||||||||
| 270.00 | 270.50 | 0.5 | 7300 | ||||||||
| 270.50 | 271.00 | 0.5 | 600 | ||||||||
| 271.00 | 271.50 | 0.5 | 6600 | ||||||||
| 271.50 | 272.00 | 0.5 | 390 | ||||||||
| 272.00 | 272.50 | 0.5 | 2000 | ||||||||
Drill collar locations in UTM NAD 83 coordinates
The Companies innovative use of a sonic drill facilitates penetration through relatively deep and difficult overburden to set drill casing at shallow angles. Consequently, the shallow inclined holes that intersect the steeply dipping lithologies provide reported intervals that are closer to true thickness.
Figure 1
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8110/145045_fc6ebc1ef47d7b6c_003full.jpg
Figure 2
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8110/145045_fc6ebc1ef47d7b6c_004full.jpg
Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous, >10,000 cps as high grade and greater than 65,000 cps as off-scale. 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. All depth measurements reported are down-hole and true thickness are yet to be determined. Samples from the drill core are split in half on site and are standardized at 0.5 m lengths. One half of the split sample will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK. for lithogeochemical analysis using their "Uranium Package".
This extremely radioactive drill intercept surpassed 65,000 cps, going beyond what the scintillometer could measure. It's also a fairly wide structure of 15 meters. Both of these facts point to significant mineralization, and the company will adjust its drilling program to focus on this discovery to better understand just how significant it is. In the meantime, we believe the stock has a lot more room to go upwards as this potential find gets further disseminated and as hype over the continued drill program grows. After today's news, FUU has a market cap of $36 million CAD at $0.12.
Disclosure: We are long FUU.V, NILI.V
