New Areas of High-Grade Uranium Mineralization Drilled in Athabasca Basin
Source: The Energy Report
June 21, 2017 (Investorideas.com Newswire) A winter drilling program at Patterson Lake South in Canada's uranium-rich Athabasca Basin has confirmed high grades of mineralization on one company's property, and suggests the mineralized trend may be extendable.
In a June 6 research report, Rodman & Renshaw analyst Heiko Ihle commented on results released June 5 by Fission Uranium Corp. (FCU:TSX; FCUUF:OTCQX; 2FU:FSE), stating that "results from the final assays of its winter program [confirmed] high-grade mineralization at the new R1515W zone at its PLS property. Six of eight holes were mineralized, with four returning multiple high-grade intervals."
In its press release, Fission Uranium, which is developing the Triple R deposit on its Patterson Lake South (PLS) property, stated assays from four holes returned "multiple high-grade intervals, including hole PLS17-557 (line 1530W), which returned 3.12% U3O8 over 8.5m in 1.24% U3O8 over 27.5m and 5.15% U3O8 over 2.0m in 1.71% U3O8 over 9.0m."
"We are impressed with the assay results, and believe that the R1515W zone could be a source of significant potential moving forward," Ihle wrote. "In addition, we highlight that only 2 of the 5 zones at PLS (R00E and R780E) are included within the current Triple R deposit resource estimate, suggesting that the upcoming resource estimate has the potential to impact current resources meaningfully."
Ihle also noted that mineralization on the trend "was extended 120 meters west of the R1515W zone," and stated that the company "views the corridor as a prospective area that hosts high- grade uranium further along the trend to the west approaching the high-grade boulder field. Due to these encouraging results, the company intends to continue exploring this prospective high-grade area as part of its summer drilling program."
Rodman & Renshaw views PLS as an "attractive long-term economic asset," Ihle wrote. "Although uranium prices remain subdued, we continue to view PLS as a world class development stage project that should continue to provide investors with some shelter from the current uranium price environment. Given that PLS is a non-producing asset, Fission is not forced to sell uranium into a weak market and may continue to stockpile resources until prices improve."
Rodman & Renshaw has a $1.70 per share price target on Fission Uranium. The stock is currently valued at $0.43 per share.
In conclusion, Ihle stated, "We continue to view Fission as a potential takeover target and believe shareholders should remain insulated from current uranium prices due to the fact that PLS is a non-producing asset."
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