Mining
Tuesday, July 30th, 2024 1:39 pm EDT
Key Points
- Significant Assay Results from JR Zone: F3 Uranium Corp. reported final assay results from its winter 2024 drill program, highlighting drill hole PLN24-137, which yielded 15.0 meters of 3.2% U3O8, including a 2.5-meter interval at 18.6% U3O8, and an ultrahigh-grade 1.5-meter core at 30.3% U3O8.
- Summer Exploration Program Findings: The summer 2024 drill program identified notable uranium geochemistry outside the JR zone, particularly in drill hole PLN24-152 near the Harrison fault, with the strongest signatures indicating future exploration potential.
- Strategic Focus and Future Plans: The company plans to focus near-term exploration on areas around the Harrison fault and the southeast, with an emphasis on the A1 main shear zone and related structures, aiming to identify high-grade uranium mineralization.
F3 Uranium Corp. has released final assay results from the winter 2024 drill program, including PLN24-137, which was cored in the JR zone (see news release dated April 16, 2024) and which returned 15.0 metres of 3.2 per cent U3O8 (triuranium octoxide), including a high-grade 2.5-metre interval averaging 18.6 per cent U3O8, further including the ultrahigh-grade core with 1.5 metres of 30.3 per cent U3O8.
Exploration geochemistry for the continuing summer drill program has also been received up to hole PLN24-152, which focused on drill testing both the A1 main shear as well as a related fault splay termed the North Horse grid south of the crosscutting Harrison fault, a significant structure corresponding to a vertical offset of approximately 130 metres. Two radioactive intervals (see news release dated June 12, 2024) corresponding to the main A1 and North Horse structures, respectively, yielded the strongest exploration geochemistry results outside of JR zone to date, with the main A1 intersect assaying 0.045 per cent U3O8 and the North Horse intersect assaying 0.014 per cent U3O8 over seven metres, including 0.051 per cent U3O8 over 0.5 metre.
A series of shorter exploration drill holes have been completed on the main A1 shear infilling gaps, and, although there are multiple areas warranting follow-up, exploration drilling in the near term will focus on the areas near the Harrison fault and to the southeast.
Sam Hartmann, vice-president, exploration, commented: “We are very pleased with these ongoing results. Drill hole PLN24-152 stands out with the strongest geochemistry signatures to date outside of the JR zone and represents one of the highest-priority exploration targets for follow-up. This hole targeted the intersect of the Harrison fault and the A1 Main shear zone just south of the Harrison fault. Targeting in this area now includes the Harrison fault itself and the areas of shear intersections with it. We are persistent in our efforts to hone in on potential high-grade mineralization indicated by encouraging results from our systematic drilling in this area.”
Winter 2024 JR zone assay highlights
PLN24-137 (line 040S):
- 15.0 metres of 3.2 per cent U3O8 (202.5 metres to 217.5 metres):
- Including 2.5 metres of 18.6 per cent U3O8 (214.0 metres to 216.5 metres);
- Further including 1.5 metres of 30.3 per cent U3O8 (214.5 metres to 216.0 metres).
Summer 2024 exploration geochemistry highlights
PLN24-152 (Line 2850S) A1 exploration, south of Harrison fault:
- 2.0 metres of 216 parts per million uranium; 0.024 per cent U3O8 (351.0 metres to 353.0 metres:
- Including 0.5 metre of 409 parts per million uranium; 0.045 per cent U3O8 (352.0 metres to 352.5 metres);
- 7.0 metres of 107 parts per million uranium; 0.014 per cent U3O8 (434.5 metres to 441.5 metres):
- Including 0.5 metre of 412 parts per million uranium; 0.051 per cent U3O8 (440.5 metres to 441.0 metres).
Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second using a hand-held Radiation Solutions RS-125 scintillometer. The company considers greater than 300 counts per second on the hand-held spectrometer as anomalous, greater than 10,000 counts per second as high grade and greater than 65,535 counts per second 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.
Composited weight per cent U3O8 mineralized intervals are summarized in the attached table. Samples from the drill core are split into half sections on site. Where possible, samples are standardized at 0.5-metre downhole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025:2005 accredited facility) in Saskatoon, Sask., while the other half remains on site for reference. Analysis includes a 63-element suite, including boron, by ICP-OES, uranium by ICP-MS, and gold analysis by ICP-OES and/or AAS.
The company considers uranium mineralization with assay results of greater than 1.0 weight per cent U3O8 as high grade and results greater than 20.0 weight per cent U3O8 as ultrahigh grade.
All depth measurements reported are downhole and true thickness are yet to be determined.
About Patterson Lake North
The company’s 4,078-hectare, 100-per-cen-owned Patterson Lake North property (PLN) is located just within the southwestern edge of the Athabasca basin (in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade, world-class uranium deposits), which is poised to become the next major area of development for new uranium operations in Northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR zone uranium discovery is located 23 kilometres northwest of Fission Uranium’s Triple R deposit.
Qualified person
The technical information in this news release has been prepare in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, PGeo, president and chief operating officer of F3 Uranium, a qualified person. Mr. Ashley has verified the data disclosed.
About F3 Uranium Corp.
F3 Uranium is a uranium project generator and exploration company, focusing on projects in the Athabasca basin, home to some of the world’s largest high-grade uranium discoveries. F3 Uranium currently has 20 projects in the Athabasca basin. Several of F3’s projects are near large uranium discoveries, including Triple R, Arrow and Hurricane. F3 has announced a transaction pursuant to which it will transfer 17 of its prospective uranium exploration properties to F4 in exchange for common shares of F4, which will be distributed to F3 shareholders on the basis of one F4 share for every common share of F3 held; the F4 shares will then be rolled back at a ratio of 1:10. F3 will retain the PLN project consisting of the PLN, Misto and Broach properties. The Broach property incorporates the PW property, which it obtained from Canalaska as the result of a property swap.
We seek Safe Harbor.
