Fission 3.0 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, Fission 3.0 currently has 16 properties here.
Today, Fission 3.0 announced that it has intersected an extremely radioactive and off-scale mineralization in a new uranium discovery at the start of its fall drill program on its 100% owned Patterson Lake North Project in the southwest Athabasca Basin.
A new uranium discovery has been made in the second drill hole of the fall program. PLN22-035 is a 730 m step-out from a weakly mineralized drillhole, PLN14-019, drilled in 2014. PLN22-035 targeted the ground Time Domain Electromagnetic (TDEM) A1 conductor. Drill hole PLN22-034, the first hole of the fall drill program, intersected the A1 structure but no mineralization (>300cps) was noted.
Drilling Highlights:
PLN22-035 (line 00N)
- 15.0 m total composite mineralization >300 cps over a 15.5 m interval (between 257.0 m to 272.5 m), including
- 5.62 m of total composite mineralization >10,000 cps over a 6.3 m interval (between 259.0 m and 265.3 m including
- 1.5 m of total off scale radioactivity (>65,000 cps) over a 2.0 m interval (between 262.0 m and 264.0 m)
- 5.62 m of total composite mineralization >10,000 cps over a 6.3 m interval (between 259.0 m and 265.3 m including
- the hole is still in progress
Raymond Ashley, Vice President Exploration, commented:
“We are very excited about this new high-grade uranium discovery at the start of our fall drilling program on the A1 conductor. The drilling program is being immediately amended to further delineate this new off-scale uranium mineralization within a significant 15.0 m wide mineralized altered structural damage zone. I am very grateful to work with this dedicated and extremely capable exploration team, and very proud of this new discovery that we have all made.”
The stock is up big on this news. A 40% popper with major volume of over 4.3 million shares traded for the day! This is a stock with average volume of 375,000 per day. There has not been volume like this since February 2022.
The stock is showing a very positive pattern. Market structure is indicating a long term reversal. We held support at $0.06, and a double bottom pattern is forming. We just need the trigger for this quintessential and powerful reversal pattern.
The trigger requires a breakout above the resistance which comes in at $0.13. If we get a strong green candle close above with good volume, we have a breakout trigger backed by the trigger of this reversal pattern. The next resistance target on this breakout would be $0.20.
The technicals look great and the fundamentals are promising. Perhaps a major discovery is in its early stages, and the technicals point at reversal. Let’s not forget that rising uranium prices will also be a potential trigger for Fission 3.0.
For recent Uranium sector news, be sure to read my weekly uranium sector roundups. The most recent piece can be read here.
