Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
SASKATCHEWAN – Fission 3.0 Corp. of Kelowna, B.C., is preparing for its winter drilling program at four high priority targets – Wales Lake (two holes), Patterson Lake North (five holes), Key Lake (nine holes) and Cree Bay (two holes). About 4,400 metres of drilling is planned.
Fission 3 recently completed an $8-million financing with which to fund the work.
The Wales Lake occurrence is similar to Fission Uranium’s Patterson Lake South property, in that it occupies the same stratigraphy in the Clearwater Domain. It covers three non-contiguous claim blocks accessible by road with primary access from Highway 955, an all-weather road. It is 100% owned.
Fission 3 has a 90% interest in 10 claims that make up the Patterson Lake North (PLN) property that lies just inside the basin. Drilling there in 2014 identified pathfinder elements and significant mineralization – 0.047% uranium dioxide over 0.5 metres within a 6.0-metres intersection that graded 0.012%.
The Key Lake area is an important historic uranium mining district. The former Key Lake mine produced 208 million lb. of uranium between 1975 and 1997. Fission 3’s holdings cover five non-continuous properties. Drilling will test major structural jobs in conjunction with moderate to high conductivity spots and historic gravity lows.
Cree Bay includes 18 claims on the northern edge of the Athabasca Basin and is 100% owned, as well. The historic Nisto uranium mine is only 13 km to the northeast of Cree Bay. As well as the two drill holes, Fission 3 plans a 9 line-km DC resistivity ground geophysics survey.
Additional information on these and the many other promising properties in the company’s portfolio is available at www.Fission3Corp.com.
This story first appeared at Canadian Mining Journal
