Kelowna, British Columbia--(Newsfile Corp. - January 8, 2024) - F3 Uranium Corp (TSXV: FUU) (OTCQB: FUUFF) ("F3" or "the Company") is pleased to announce that drill mobilization for the winter drilling program is underway, and ground geophysics has already resumed at its 100%-owned Patterson Lake North ("PLN") Project. The 2024 work is fully funded and budgeted at $16M and consists of ground geophysics and drilling of approximately 55 drill holes totaling 24,000m. Exploration efforts will initially focus on the A1 shear hosting the JR Zone and the B1 area 3km south of the JR Zone.
Sam Hartmann, VP of Exploration commented:
"We are excited to set out on this aggressive winter program aimed at JR Zone expansion and discovery of additional mineralized zones along the 5km long A1 and parallel B1 shear zones. Increasingly prospective geology with many of the signatures commonly associated with uranium mineralization was recognized in the fall drilling along the B1 area, 3km south of the JR Zone. This includes intensely brecciated, faulted and clay altered Athabasca Sandstone with evidence of a cross cutting structure with significant vertical displacement, highly anomalous boron up to 10,000 ppm in the lower sandstone as well as strongly graphitic, clay altered and structurally deformed basement rocks (see NR dated December 18, 2024.) The extensive structural complexity associated with large-scale hydrothermal alteration and accompanying anomalous pathfinder element geochemistry including uranium values are all features that highlight the strong potential the B1 Area."
Phase 1 of the Dias Geophysics 3D-DCIP ground resistivity survey, which is nearing completion, was carried out in late fall over the JR Zone and A1 shear, as well as the parallel B1 shear zone; Dias is currently back on site and has resumed current injections. Drilling efforts at the B1 area will focus on targets developed through integration of 3D-DCIP ground resistivity and ground EM data, along with drill core geochemistry.
About Patterson Lake North:
The Company's 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin, within 25km of Fission Uranium's Triple R and NexGen Energy's Arrow high-grade world class uranium deposits; an area which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955.
Qualified Person:
The technical information in this news release has been prepare in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.
About F3 Uranium Corp:
F3 Uranium is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world's largest high grade uranium discovery. F3 Uranium currently has 18 projects in the Athabasca Basin. Several of F3's projects are near large uranium discoveries including Triple R, Arrow and Hurricane.
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are "forward-looking statements." These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2
Contact Information
Investor Relations
Telephone: 778 484 8030
Email: ir@f3uranium.com
ON BEHALF OF THE BOARD
"Dev Randhawa"
Dev Randhawa, CEO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193440