Categories: Energy
Topics: General Energy

Fission 3.0 (TSX-V: FUU) COO Ross McElroy Looks to Repeat Success in Athabasca Basin with 7 Uranium Projects

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is COO and Chief Geologist for Fission 3.0 (TSX-V: FUU)(OTC: FISOF), Mr. Ross McElroy. Ross, how are you this afternoon?

Ross McElroy: I'm doing well, Gerardo, how are you doing?

Gerardo Del Real: I'm doing excellent. I'm doing excellent, thank you so much for asking. The last time we spoke was actually about Fission Uranium and Fission 3.0 actually had a news release that I thought merited some attention. I wanted to pick your brain about the work programs that were just announced at the 7 Athabasca Basin uranium projects that Fission 3.0 has options on.

Could you please provide just a general overview and then I'd love your take on the projects that you feel are most prospective.

Ross McElroy: I sure can. Fission 3.0 is a spin off that we had from Fission Uranium Corporation and what it really is is projects that are much more grassroots. We staked a number of properties around the basin, typically looking for shallow potential uranium deposits. In other words, ones that are very near surface, similar to the model that we used to stake PLS and we all know how successful that project turned out to be.

The portfolio, in general, of Fission 3.0 is really aimed at focusing on those shallow type targets around the basin. I think there's all kinds of prospective areas around the basin but you do have to know how to explore for them and where the better areas are. I think that that's what we've identified when we staked the ground with Fission 3.0 and now we're ready to start doing work on a number of these projects, moving them towards the drill ready state where when we have more money in the bank and ready to go we'll be able to test these projects.

Gerardo Del Real: Excellent, now I understand that you're undertaking airborne surveys at several projects, three if I'm not mistaken. Can we talk a little bit about that, Ross?

Ross McElroy: We sure can. The airborne survey is called VTEM and what it is, is an airborne helicopter survey that identifies and basically maps the ground down below, looking for conductive areas and as we know in Athabasca style deposits, it's these conductors, these graphitic fault zones that are all important for hosting mineralization. You're looking for features along these graphitic zones. But the first step overall is to identity them by an airborne survey, and that's what VTEM does. It's the best in class type survey for what we're doing, so we can map out the geology through geophysics, looking for these conductive zones and they, if you know it's a successful survey and it does show the features that we're looking for, we can move right away to drill ready targets without even having to do some ground geophysics work. It's just a way to save money, save time, and still be able to move the projects up to the drill ready state.

We are doing that on some projects that we have around on the eastern side, the southeastern side around the Key Lake area, where that's an old historic, very famous uranium mining district. The Key Lake mine was one of the best in the Athabasca basin. We have a number of properties around there, so we are doing some VTEM down airborne survey around there. Also near our PLS property we've staked what we call the Wales project. It's to the south and to the east of PLS. It's in the same overall geologic corridor and so we'll be doing the VTEM survey there as well.

We should be able to advance those projects quite nicely. Those are the two best areas in the Athabasca basin region, I think, currently.

Gerardo Del Real: Excellent. Now let me ask you this, Ross, you have established large land positions and you obviously have a pretty exciting exploration portfolio. It's a tough uranium market right now. Are there thoughts to maybe option out some of these projects? Are you looking to keep them in house and advance them in a better uranium market? What's the strategy there?

Ross McElroy: Well the strategy is desirability. How do we want to go forward? We do like the project generator model where we do option out projects we've been successful at that in the past, it is a model that works. If we can get partners in to help them fund, do the initial funding, they'll earn a percentage. That is probably the way that we prefer to go forward.

In a tough uranium market the number of people that are able to raise money in the projects is a little more limited than it would be in a better uranium market. That doesn't take away though from the quality of these projects. So whether we have partners or whether we don't, we're going to continue to advance and move these projects forward.

I would remind people that we've been very successful in the past on our exploration projects. PLS is a great example where we didn't have a lot of money at the beginning, we had some really good ideas, it was still not a very healthy uranium market at the time, but we made discoveries and made a very, very significant company out of it. We think we're in the same position with these other projects. If we can identify the right drill targets, move them forward, whether you're in a good uranium market or a bad uranium market, there's still the opportunity for us to move forward and make significant discoveries. Would we like to do it with partners? Sure we would, but we can also do it alone.

Gerardo Del Real: Excellent, excellent. Well you've been very successful in the area. I think the quality of the management team merits a market cap much higher than I believe it's $15 million Canadian as of this afternoon. So I think it's a great opportunity for people looking to exposure to exciting projects in the region.

Ross is there anything else that you'd like to add about the projects or just what the next step is, moving forward for Fission 3.0?

Ross McElroy: Yeah, I mean, I would just emphasize again that these are early grassroots stage projects, but if you think about our successful track record, that's exactly what the stage all of our other successes have been at, too.

We have gained all of our projects through staking our own ground, doing the initial work, making that discovery. As long as you've got the team with that ability, and we do, and the management that can move these projects forward, I think that we're sitting in the right place at the right time in the uranium market for this portfolio in the Athabasca basin. We're pretty excited about the land that we've been able to acquire through staking and look forward to what the results from this summer's program give us.

Gerardo Del Real: Excellent. Ross, I hope to have you back on once you get those results. We could talk in a little bit more detail once you have those in hand. Thank you very much for your time this afternoon.

Ross McElroy: I very much look forward to that, Gerardo, and thank you very much for your time today.

Gerardo Del Real: Thank you.