F3 Uranium (TSV: FUU; US-OTC: FUUFF) shares rose on Tuesday after it reported high-grade results from the “best hole drilled to date” in the JR zone at PLN property in northern Saskatchewan.
Hole PLN24-176 returned 7.5 metres of 30.9% uranium oxide (U3O8), including an ultra-high grade core with 4.5 metres of 50.1% U3O8 from the JR zone, the best hole drilled so far “in terms of grade thickness, including a true width assay interval of 4.5 metres of 50.1% U3O8,” VP exploration Sam Hartmann said in a release.
The hole, starting at a vertical depth of 190 metres below surface, was collared about 14 metres up-dip of PLN24-137 that returned 15 metres grading 3.2% U3O8, including a high grade 2.5-metre interval averaging 18.6% U3O8.
“These results from PLN24-176 emphasize the need for tightly spaced drilling in these high-grade basement-hosted structurally controlled uranium deposits, which can often result in opening up additional targeting areas for high grade mineralization – in this case in the up-dip direction,” he added.
In a note on Tuesday, SCP Resource Finance analysts wrote that the results indicate the potential to expand the high-grade zone up-dip, which should be followed up on in later drilling.
F3’s exploration is noteworthy because the high-grade core of up to 10% U3O8 along 150 metres of strike indicates the “potential for a major new Athabasca discovery,” the analysts wrote.
The Patterson Lake North property is located just within the southwestern edge of the Athabasca Basin in Saskatchewan. The new JR zone uranium discovery is 23 km northwest of Fission Uranium’s (TSX: FCU; US-OTC: FCUUF) Triple R deposit.
F3 shares gained 12.7% to 27¢ apiece on Tuesday afternoon in Toronto, giving the company a market capitalization of $131.4 million. Its shares traded in a 52-week range of 20¢ to 54¢.
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