F3 Uranium shares rise on high-grade results from Patterson Lake North

Staff Writer | April 17, 2023 | 9:31 am Exploration Canada Uranium

Drilling the discovery hole at the Patterson Lake North uranium project last year. F3 Uranium photo

F3 Uranium (TSV: FUU) has released strong initial assay results from winter drilling at its 100%-owned Patterson Lake North (PLN) property in northern Saskatchewan. This 20-hole program is designed to test the extent of mineralization at the JR zone discovery from November 2022.

The initial results include 12 holes, highlighted by PLN23-060, where the strongest radioactivity to date was previously reported. The analysis for PLN23-060 returned one continuous 14.5-metre interval averaging 9.4% U₃O₈, including an ultra-high-grade 5-metre interval averaging 26.7% U₃O₈, which further includes a 2.5-metre interval which assayed 45.6% U₃O₈.

“This first release of assays from the winter 2023 program at PLN adds confidence to the previously released scintillometer results, and we are pleased to report on 12 drill holes, 8 of which contain high-grade uranium mineralization,” F3 Uranium president Raymond Ashley said in a news release.

The JR zone was discovered by F3 Uranium during a fall 2022 program with drill hole PLN22-035, which intersected off-scale radioactivity associated with massive uraninite mineralization within the A1 main shear zone. It assayed at 6.97% U₃O₈ over 15 metres, including 5.5 metres of 18.6% U₃O₈.

“PLN23-060, cored 60-metre grid south from the discovery hole, intercepted truly impressive grades within the A1 main shear zone, with a peak sample grade of 65.2 % U₃O₈ over 0.5 metre at a downhole depth of 244.5 metres,” Ashley added.

The JR zone has now been defined over a total strike length of 105 metres and remains open particularly along strike to the south and at depth, and up-dip towards the Athabasca unconformity.

The new uranium discovery is located 23 km of Fission Uranium’s Triple R and NexGen Energy’s Arrow deposits, both considered world-class deposits within the Athabasca Basin. The company’s PLN project consists of 38 mineral claims covering 39,946 hectares at the southwestern edge of this region.

Shares of F3 Uranium jumped 4.5% by 12:25 p.m. EDT following the release of new drill results. The company has a market capitalization of C$116.5 million ($86.9m).