F3 Uranium Corp (FUU.V) is a uranium project generator which is identifying highly prospective projects in the “Saudi Arabia of Uranium” the Athabasca Basin. Home to the highest uranium grades in the world, F3 Uranium currently has 16 properties here.
The Company made headlines in November 2022 when it announced a new uranium discovery at its 100% owned Patterson Lake North Project located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits. Since then, the discovery play has been in play when it comes to the stock chart.
Today, F3 Uranium announced scintillometer results from the final nine holes of the winter drill program at the JR Zone on the Patterson Lake North (“PLN”) Property, including five high grade intercepts.
Here are the highlights:
- 17.5m composite mineralization from 231.5m – 253.5m, including
- 4.98m composite mineralization of >10,000 cps between 243.17m – 252.83m, further including 3.82m of continuous off-scale (>65,535 cps) radioactivity from 244.00m – 247.82m
PLN23-054 (line 075S):
- 14.5m composite mineralization from 244.0m – 269.0m with a peak radioactivity of 6,600 cps from 248.5m – 249.0m
PLN23-056 (line 030S):
- 11.5m composite mineralization from 237.5m – 249.0m, including
- 1.34m continuous mineralization of >10,000 cps radioactivity between 247.16m – 248.50m with a peak of 32,300 cps
PLN23-057 (line 045S):
- 7.0m composite mineralization from 246.0m – 268.5m with a peak radioactivity of 1,400 cps from 252.0m – 252.5m
PLN23-058 (line 060S):
- 1.0 m continuous mineralization from 253.0m – 254.0m with a peak radioactivity of 360 cps
PLN23-059 (line 045S):
- 17.0m composite mineralization from 238.5m – 255.5m, including
- 1.32m composite mineralization of >10,000 cps radioactivity between 243.18m – 254.00m with a peak radioactivity of 31,100 cps
PLN23-061 (line 075S):
- 14.0m composite mineralization from 246.0m – 260.0m, including
- 5.08m composite mineralization of >10,000 cps radioactivity between 246.71m – 254.93m, further including 2.81m of composite off-scale (>65,535 cps) radioactivity
PLN23-062 (line 090S):
- 6.0m composite mineralization from 240.5m – 256.5m, including
- 1.0m continuous off-scale (>65,535 cps) radioactivity between 246.5m – 247.5m
Drill hole PLN23-060 collared on line 060S has intersected the strongest radioactivity to date at the JR Zone. It intersected radioactivity over 17.5m, including 3.82m of continuous off-scale radioactivity >65,535 cps between 244.0m and 247.82m.
Raymond Ashley, Vice President Exploration, commented:
“With the final nine holes of the winter 2023 drill program the technical team is delighted to announce the strongest off-scale radioactivity drilled so far at the JR Zone with infill hole PLN23-060 on line 060S, making it the best hole to date. Moreover, the two holes which have expanded the JR Zone to a current length of 105m both intersected off-scale radioactivity >65,535 cps, hole PLN23-061 which stepped out to line 075S and hole PLN23-62 which stepped out further to line 090S. Additional holes will be planned for the summer program on section 30N as the single hole drilled on that section, PLN23-055, did not intersect mineralization. This is a fantastic ending to a very successful winter program of growing the JR Zone along strike towards the south within the A1 main shear zone, following the direction in which strong continuity of high grade mineralization had been established earlier in the drill program.”
At time of writing, the stock is up 2.60% for the day on the news, and sits with a market cap of just over $133 million.
The price action remains contained within our support and resistance. Support comes in at $0.30, while resistance comes in at $0.50. The stock has been ranging between these two levels since late December 2022, after the stock made a huge rally on the new discovery news.
Uranium prices have sold off in recent weeks, and uranium is now sitting at an important support zone. This bearish move, and subsequent support targets have been discussed in previous uranium sector roundups. We saw this move coming.
Uranium could be ready to base and start a new uptrend, but there are still other key technical confluences we need to see. This drop in uranium has affected many uranium stocks, but F3 Uranium has held up well. There is definitely excitement given the discovery story. Just fuel for the stock price even with an overall uranium bounce being bullish for the sector.