Impact: Very Positive
Scintillometer results were reported from the first eight holes of F3 Uranium’s 20-hole winter drill program at the JR zone on its 100%-owned PLN project in the SW Athabasca Basin. The key takeaway from these results is that the JR zone was extended to the south, north and up-dip on the discovery section. Seven of eight holes appear to be mineralized. Off-scale radioactivity (>65,535 cps) was recorded within a 30m step out to the south of the discovery hole; >10k cps was identified within a 15m step out to the north, and >10k cps over 1.1m extended discovery section mineralization further up-dip. Uranium can now be defined over a 45m X 50m area with mineralization open in all directions. While zone widths and grades are looking somewhat variable based on these results and recent assays from the first couple of sections, we like the zone widths and mineralization strength indicated from the 30m southern step out as it appears that continuous high grade uranium continues in that direction. We believe additional drilling is required to determine the extent of the JR zone as F3 becomes familiar with the geology and controls on mineralization at the JR zone. Drilling is now moving along the A1 main shear and testing closer to the basement rock-sandstone contact at the unconformity, where we might see a blowout in mineralization due to increased porosity and permeability suitable for transporting and trapping uranium. While only four holes of assays have been returned, they result in a weighted average of 5% U3O8 over 8m thickness.
