Categories: Energy
Topics: General Energy

Fission 3.0 (TSX-V: FUU)(OTC: FISOF) VPE Ray Ashley on Game Changing Uranium Discovery at 100% Owned PLN Project

 

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the VP of Exploration for Fission 3.0, Mr. Raymond Ashley. Ray, it is great to have you on. How are you today, sir?

Ray Ashley: Fantastic, thank you Gerardo, I'm doing really well.

Gerardo Del Real: I appreciate the strong pronunciation of the mom given name there. Listen, let's get right to it, Ray. Congratulations. You're onto a discovery that the market clearly loves. One of the reasons that I love speculating in the resource space is that you can have a stock go from five, six, seven cents to 15, 20 cents, a dollar really quickly. Now it takes a lot of luck and a lot of hard work. I know the team's been working hard on making a meaningful discovery with the Fission portfolio, it seems like you have yourself one. You just hit off-scale radioactivity on the PLN A1 conductor. I am not a geologist, but I've been in this space long enough to recognize when something has the potential to be pretty significant, and this looks and sounds and walks and talks just like that. Can you give us some context there, Ray?

Ray Ashley: Yes, I have to agree with, first of all, everything you said, Gerardo. There are a few meters of greater-than off-scale with a handheld scint, and that'll be multi-percent uranium and we see visible pitchblende, so we know there's high-grade uranium there. We don't have geochemical assays to confirm that, but we can see it. I think what, to me, is the most significant about this discovery hole is really the fact that we've hit a 15-meter wide structure, like a damage zone, a structural damage zone that has mineralization based on the handheld scintillometer across that entire 15-meter width. And that to me is significant. Why? Because it's a structure with alteration, clay alteration and bleaching and radio activity 15 meters wide. The width is, to me, what's important.

When you drill a discovery hole, we don't know. It's a random hole into the thing, but it's the first hole that's hit high grade and this mineralized, wide mineralized structure has come up with what it has, then it speaks really to the potential for this thing to grow. It's a really phenomenal discovery hole. We don't know how big it is. That's what we have to set out to do. We'll get the assays rushed to the lab. We're incredibly excited about what we've managed to do, all of us together. Talk about the A1 conductor.

Gerardo Del Real: You took my next question, right? I love this, continue, please. I was just going to ask you that you, it's so interesting to me that this hole, this discovery hole is a 730-meter step out back from a weekly mineralized hole from 2014. So please continue. Sorry for the interruption. I found it funny.

Ray Ashley: Well, that's exactly right. Okay, so in 2014 we drilled the mineralized hole, weakly mineralized hole, and we assayed those rocks that came back with uranium. And again, it's a good-looking structure with all the right signs for a mineralized system. So additional drilling was done in 2019 near that to follow it up and we didn't tag into high grade over there. Nonetheless, we know the significance of that. So when the uranium market picked up and Dev was able to get funding again, we knew we needed to go back to that conductor. And what we did was defined the untested 800 meters northwest of that previous discovery. Define it with ground geophysics to pin down the graphitic and sulfidic sheets, if you want, geological dipping sheets within that structure so that we have targets for our drilling. And what we've done is step 730 meters to the north of that intersection that had weak uranium, and that's where we've tagged into this high-grade mineralization in a 15-meter wide damage zone with radioactivity.

So it speaks to the fact that there's some strike length conceivably to this thing, and that's what makes it most exciting to me. The intersection is in basement rocks. This intersection is below the unconformity, about 27 meters vertically below the unconformity, which is also about 207 meters below the surface of the ground, vertically. The unconformity, the bottom of the sandstone, is a 180 meters below the surface. So it's shallow, relatively shallow, and it's in basement rocks. So it's a really exciting discovery. We're overjoyed and now we have to set about to define how big it stands to be. If we can keep stepping out and figuring out that it coalesces into a zone, figure out the attitude of this mineralization, and then set about the systematic work it'll take to find out how big it is and if it can grow into a deposit. We're so excited. There are a lot of dedicated people that work very hard. This is the goal and it's just very satisfying. Let's hope it keeps growing. We're all very hopeful.

Gerardo Del Real: Where are you directing the drills next Ray?

Ray Ashley: Well okay, we've been, obviously, working very hard on that. Our current idea is to stay on the same drill section line as the discovery hole PLN 22035. And we're currently thinking to go up dip, towards the unconformity from the intersection of that structure, so up dip to see if the mineralization continues up towards the unconformity. Then likely we'll do the same thing to go down dip, down the dip of the structure about something like 15 meters down dip. Based on that, we'll start stepping out sideways to see if we can extend the zone laterally. We have to work out in 3D the disposition of this mineralization that we've intersected. And that's the goal with systematically and carefully doing that and considering the next move after each hole.

Gerardo Del Real: Exciting times. I have to mention that this is a hundred percent owned project by Fission 3.0. Ray, I'm looking forward to future conversations and chats as you get the geometry down on this thing. Congrats again, and thank you so much for that update. I know you're busy. I appreciate you taking the call on such short notice.

Ray Ashley: Thank you for your interest. I really hope we can keep coming out with great results on this new thing. Thanks, Gerardo.

Gerardo Del Real: Looking forward to it. Thank you, sir.

Ray Ashley: Bye Gerardo.

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