Drilling at F3 Uranium‘s (TSXV: FUU; OTCQB: FUUFF) Patterson Lake North project in Saskatchewan has returned 2 metres of 31.4% uranium oxide (U3O8) from the JR zone. The news sent the explorer’s shares up 2¢ or 6% to 35.5¢ by the end of the day.
The high-grade interval, starting at 227 metres depth in hole PLN24-116, was part of a longer 12-metre section averaging 7.6% U3O8. The results, from the company’s winter drill program, lined up with previously reported scintillometer results indicating high radioactivity in January.
F3 reported results from 15 holes in all from the A1 and B1 shear zones, but most returned no significant mineralization.
The JR zone is located at the northern end of the A1 shear.
Patterson Lake North drill map. Credit: F3 Uranium
This summer, the company plans to drill 30 holes in prospective target areas south of the JR zone. F3 has one diamond drill focused on the area between the southern end of the A1 shear and the B1 shear. This is an area of complexity marked by the cross-cutting Harrison fault, the company said in a release. Of particular interest is hole PLN24-152, which returned high radioactivity, the best being 760 counts per second (cps).
A second diamond drill testing the A1 shear using short holes to infill along strike. It is intercepting intermittent weak radioactivity.
“We are very pleased with the results of the ongoing exploration program, in particular the area around the southern end of A1 where our geological targeting model is improving. The area between the A1 and B1 shears continues to be rich with the right kind of structures – altered and displaying radioactivity,” said F3 VP exploration Sam Hartmann.
Winter drill results from 14 holes (six from the B1 zone) remain pending.
F3’s Patterson Lake North project covers 40.8 sq. km near the southwestern edge of the Athabasca Basin, near Fission Uranium‘s (TSX: FCU) Triple R and NexGen Energy‘s (TSX: NXE) Arrow development projects.
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