Drill Program Suspended Due to Early Ice Road Closure
Kelowna, British Columbia--(Newsfile Corp. - March 21, 2024) - F3 Uranium Corp (TSXV: FUU) (OTCQB: FUUFF) ("F3" or "the Company") announces the completion of a single sonic drill hole at the Hearty Bay Property and the early suspension of the drill program due to deteriorating and unsafe ice conditions on Lake Athabasca. The winter ice road which the Company employs to access the Hearty Bay drill sites was closed about one month earlier than usual.
The use of a track mounted sonic drill has resulted in the recovery of till for the first time under the lake in the up-ice direction from the high grade boulder trains on Isle Brochet and resulted in the recovery of a complete intersect of the underlying glacial till. Initial interpretation of this unit is favorable and suggests less post depositional disturbance than assumed, supporting the theory that the glacial till in which the historic high grade boulder trains on Isle Brochet occur, does extend up ice under the lake towards a source location.
Importantly, this suggests that it will be possible to use the subglacial till sampling method to trace the dispersion of uraniferous till under the lake, and thus directly back to the source of the historic Isle Brochet high grade boulder trains.
The two previous sub glacial till programs completed by the geomorphological experts at Palmer Environmental Consulting in 2023 demonstrated a uranium geochemistry signature in the sub glacial till, a reliable sampling medium invulnerable to the effects of wave action, below the historic high grade boulder trains located on surface on Isle Brochet. The discovery of this 2.3 m thick till under the lake provides strong support for additional sub glacial till sampling to ultimately lead directly to the source from which the radioactive boulder trains on Isle Brochet originate.
F3 has also engaged Convolutions Geoscience to complete a constrained inversion of the ground gravity data collected in January (see NR dated January 30, 2024) and the ground VLF EM data collected in 2022 (see NR dated April 25, 2022). An inversion based structural interpretation will then be included for drill planning for the next program on the property for which the timing is being considered.
Figure 1
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About Hearty Bay:
The Hearty Bay property consists of 7 contiguous mineral claims with an area of 11,173 ha. and is located on the north edge of the Athabasca Basin, 20 km west of the Fond-du-Lac uranium deposit and 60 km east of the Beaver Lodge uranium district. The property surrounds the historic Isle Brochet high grade boulder field, consisting of the Wolfe and Jackfish 1km long dispersal trains trending in a down-ice direction and containing reported historic assay values up to 3.54% U3O8. Approximately 600m to the northeast on the lake bottom a group of radioactive boulders were discovered reported to contain up to 1.4% U3O8. These boulders were both sandstone and altered basement rocks which forms the basis of the source to occur at or near the unconformity. The source of the boulders remains undetermined.
Prospecting work conducted by F3 in 2019 on the historic Wolfe and Jackfish boulder fields at Isle Brochet identified and sampled 45 new occurrences of mineralized sandstone and basal conglomerate boulders, returning assay values of up to 8.23% U3O8 with over 24% of them greater than 1% U3O8. The sandstone and conglomerate lithologies reinforce the source to be at or proximal to the Athabasca Unconformity, and likely nearby.
Traction Uranium Corp. has paid cash calls to F3 totaling $3 million for exploration expenditures on the property thereby earning a 50% interest in the Hearty Bay property. Traction has the option to acquire up to a 70% interest in the property by completing an additional $3 million in exploration work by the end of 2025.
Qualified Person:
The technical information in this news release has been prepared 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
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