Fission Uranium (TSX: FCU) President Ross McElroy: 2nd Well-Mineralized Hole Confirms and Expands Newly Discovered High-Grade Zone at PLS Property in Athabasca Basin
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me is President, COO, and Chief Geologist for Fission Uranium (TSX: FCU)(OTC: FCUUF), Mr. Ross McElroy. Ross, thank you, for joining me once again.
Ross McElroy: Good afternoon, Gerardo. Good to be with you.
Gerardo Del Real: Well, exciting news. You had a news release a few days back. The headline reads, “Fission confirms R1515W Zone with second well-mineralized hole: 48 meters total composite mineralization.” And I'm going to go ahead and just let you fill in the details. It's an important piece of news and I'm hoping you can share your insights on it.
Ross McElroy: You bet. It is an important piece of news. If the readers recall, I guess it was around March 20th, we put out results of our initial discovery hole, which was 539 and it's on the 1515 West Line. That was a really good hole. We've had indications there was something out there. We were poking around with the RC drill and we had nearby core holes that were telling us that there was smoke in the area. So it gave us a reason to continue testing.
We hit high-grade mineralization on hole 539 and at that point, we developed a core hole program to see if we could understand the zone better and get a sense of its geometry, something to grow on for future programs.
So, with that in mind, we've completed the first two follow up holes after that and that's what we put out in the news the other day. So holes 547 and 553 were follow ups of that original hole.
547 was drilled to the north and it did not really encounter much in the way of radioactivity. It had a lot of other good signs but it was outside of the mineralized boundary.
But when we step back to the south in hole 553, we hit an even stronger zone than the discovery hole. Same elevation, we're about another 15 meters further south. The zone's now wider, better mineralized. We're getting a sense now as to where the zone actually is located. We're really quite happy with the results of 553.
There's still two holes yet in this program to follow up with that we'll be testing outwards along strike there and see if we can start to develop something on this zone. That will segue quite well with the summer program focusing some attention in the same area. The R1515 West Zone is now starting to look good.
Gerardo Del Real: So Ross, what's interesting to me is that, if I recall correctly, this is now the third land based zone and, again if my memory serves me right, you were able to drill the other two obviously pretty efficiently and pretty successfully. This zone is obviously open in multiple directions. What's going to be the follow up? I understand that you still have two holes pending. What does that look like and when can we expect that to happen?
Ross McElroy: Well you're right. This is another land based target and it's a further 500 meters to the west of the other zone that we know of which is the 840 West that we've been developing. We discovered it last year, 2016, and also did some holes on it this winter.
So now we're in a brand new area that really, as you mentioned, is open in multiple directions. It's open along strike. It's open updip, downdip. We don't know the breadth of this zone yet. We only have two holes that are pretty well mineralized at this stage. I'm sure there will be more to come but we'll continue to step out along strike and updip, downdip and just sort of expand it. We'll probably be doing it at 30 meter centers as we go out. That's typically how we're able to evaluate these zones.
You know our hope is, obviously, that this zone can grow substantially. There's lots of room. The geophysics looks pretty impressive as we move out to the west. We're very encouraged by all the signs that this could be another significant zone for us.
If everything goes along the right path, we'll be able to develop some size, some grade. And as the other zones will be, they'll be brought into a future resource estimate. Now that's getting a little ahead. We need more than holes obviously into it but I think our plans will include a significant amount of drilling in the summer of 2017 on the new R1515 West zone.
Gerardo Del Real: Fantastic. Well I think we'll have a clearer picture of what that looks like once we get these next two holes and, hopefully, you'll make some time for us, Ross, and come back on and talk to us about those once you receive the results.
Ross McElroy: Sure. I'll be very happy to come back and explain how the other holes happen and probably to give a bit of an idea of how the overall Winter Program was. We're very happy with results again at PLS, another program where we've been able to deliver from having, I guess you could say, a good concept, a good idea of where to test something new and to see it deliver the goods as a strong mineralization out on the R1515 West. We'll do discovery. That's what it's all and that's what PLS continues to do. Just continues to deliver exceptional results.
Gerardo Del Real: Fantastic. Ross McElroy, Fission Uranium. Thank you again.
Ross McElroy: Very good, Gerardo. Thank you very much.
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