Today we are going to discuss a stock that has tripled in the span of 4 days on 10x the average daily trading volume since announcing a new high-grade uranium discovery at the start of their fall drilling program earlier this week.
That company is Fission 3.0 Corp. (TSXV: FUU | OTCQB: FISOF) 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. Fission 3 currently has 16 projects in the Athabasca Basin. Several of Fission 3’s projects are near large uranium discoveries, including, Arrow, Triple R and Hurricane deposits.
This is the third generation Fission run by one of Canada’s leading uranium exploration teams that have already had success in the region including an asset sale to a major producer. The Company’s management, headed up by Dev Randhawa as CEO & Chairman, is part of the team that founded Fission Energy Corp., which made the J-Zone high-grade discovery in the Athabasca Basin and built Fission into a TSX Venture 50 Company, which sold the majority of its assets to Denison Mines in April 2013. Fission Uranium Corp. (TSXV: FCU) was founded by the same team, including uranium expert Ross McElroy, which made the Patterson Lake South high-grade discovery. Mr. McElroy elected to stay with FCU to focus on the development of the Triple R deposit at Patterson Lake South, but remains on Fission 3’s Board of Directors.
But enough about the background, let’s get on to the exciting news that has sparked a lot of interest in Fission 3 this week. The Company announced that it has intersected extremely radioactive and off-scale 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.
Source: Fission 3.0 Corp November 21, 2022 Press Release
Drilling Highlights:
PLN22-035
- 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)
For context, 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 drilling program is being immediately amended to further delineate this new off-scale uranium mineralization.
Going forward, the good news for Fission 3 is that they are well funded for future drilling with over C$12 million in cash and C$13.9 million in working capital as of the end of June 30, 2022. The recent stock rally also puts another 36 M warrants in the money which could also provide additional funding. In the meantime, this C$66 million market cap Company will be anxiously awaiting the assay results from this and future drill holes to share with investors.
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