F3 Uranium (TSXV: FUU; US-OTC: FUUFF) has reported “ultra high-grade” drill results from the JR zone at its Patterson Lake North project in Saskatchewan, and discovered an extension to the A1 Shear zone that hosts JR.
Highlight hole PLN24-161 cut 10.5 metres grading 2.66% uranium oxide (U3O8) from 206.5 metres depth, including 2 metres at 12% U3O8 and 0.5 metre at 20.7% U3O8, F3 reported on Tuesday. Hole PLN24-163 returned 13 metres at 0.45% U3O8 from 197 metres depth, including 2.5 metres at 1.77% U3O8.
The nearby hole PLN24-184 returned 13.5 metres of mineralization from 228.5 metres depth, with scintillometer readings of more than 10,000 counts per second (cps) across 3.8 metres, and 1.5 metres of more than 65,535 cps from 235.6 metres depth.
The A1 Shear Extension was discovered 3.2 km south of the JR zone by drilling south of the Harrison Fault, itself south of JR. The discovery extends the previously known southern extent of the A1 shear by about 400 metres, Sam Hartmann, vice-president of exploration said in a release.
“This potential for stacked and parallel structure south of (the) Harrison Fault provides further high priority drill targets for high grade uranium mineralization,” he said.
The company reported assays from 13 holes, part of this year’s ongoing drill program at the pre-resource PLN project. The results add to strong intersections from winter drilling at JR reported in June. F3 plans to raise $7 million in a bought-deal private placement slated to close Oct. 31. The company and other uranium explorers and developers have benefited from enthusiasm in the space as uranium spot prices hit a 17-year high in January.
High radioactive readings
Also significant at JR was hole PLN24-185 that returned 2.3 metres of more than 10,000 cps, including 0.5 metre of more than 65,535 cps from 218 metres depth.
South of the Harrison Fault, highlight hole PLN24-187 in the B1 area returned 0.5 metre grading 300 cps from 549 metres depth. While hole PLN24-183 didn’t return significant mineralization, it was the first hole to intersect the southern extension of the A1 shear zone.
F3 shares were flat on Tuesday morning in Toronto at 26¢ apiece, valuing the company at $128.3 million. Its shares traded in a 52-week range of 21¢ to 54¢.
PLN 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.
Be the first to comment on "F3 Uranium logs strong results at PLN project, extends A1 shear"