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Fission 3.0 confirms strong uranium mineralization at Macusani project in Peru

Published 21 December 2016

Fission 3.0 announced that assay results confirm high-grade uranium, along with lithium mineralization, at its Macusani project in Peru.

Drilling intersected uranium mineralization of up to 12,151 ppm U3O8 (1.21% U3O8) just 16.0m from surface (hole MAC16-016) and lithium mineralization of up to 533 ppm (hole MAC16-009). Thirteen of sixteen holes were mineralized and all mineralization was encountered near to, and even at, surface.

News highlights

Near-surface and at-surface uranium and lithium mineralization

High-grade uranium of up to 12,151 ppm over 0.5m at just 16m from surface (hole MAC16-016), equivalent to 1.2103% U3O8

Lithium of up to 533 ppm over 0.5m (hole MAC16-009)

Drilling success rate of over 80%, with thirteen of sixteen holes mineralized

Ross McElroy, COO, and Chief Geologist for Fission 3, commented,

"Our 1st pass drilling at Macusani includes very encouraging results - with uranium and lithium mineralization in several drill holes on both the Llama South and Llama North prospects at shallow depths. Both prospects compare favorably in grade, and are on trend with, Plateau Uranium Inc.'s ("Plateau Uranium") two nearby uranium deposits. Plateau Uranium's recently-completed, robust PEA shows an OPEX of US$17.28/lb and payback within 1.76 years."

The two Plateau Uranium deposits on-trend with Fission 3's Llama South and Llama North prospects include the Corachapi Complex (5.0M lbs U3O8 Measured and Indicated at 195 ppm U3O8 and 1.91M lbs U3O8 Inferred at 230 ppm U3O8) and Corani Complex (1.3M lbs U3O8 Measured and Indicated at 131 ppm U3O8 and 1.8M lbs U3O8 Inferred at 166 ppm U3O8) based on cut-off grade of 75 ppm U.

High-priority exploration prospects. Drilling focused on the Llama South and Llama North prospects, where numerous anomalous uranium outcrops have assayed >2% U3O8 including a maximum of 24.48% U3O8. The prospects are part of an anomalous mineralized 8km NE oriented corridor that includes two shallow, resource-defined and heap leachable uranium deposits on Plateau Uranium's property. Both deposits are also host to substantial lithium mineralization.

Composited U ppm mineralized intervals are summarized in Tables 1 and 2 using the following parameters: 1) Minimum Thickness of 0.50m 2) Grade Cut-Off of 75 ppm U and 3) Maximum Internal Dilution of 2.0m. Composited Li ppm and K% intervals include all results within the Composite Parameters used to determine U ppm intervals. Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to Bureau Veritas; prep lab in Peru, for analysis and final analysis is carried out in Vancouver. The other half remains on site for reference. All analysis includes the MA250 Analysis Package (Four-Acid Digestion, ICP-ES and ICP-MS). Samples overlimit for Uranium (above 4,000 ppm) were re-analyzed using the MA270 package (Multi Acid Digestion, ICP-ES). All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

The Macusani Project

The Macusani property is located within southeastern Peru. Fission 3.0 Corp. holds the rights to 9 claim blocks encompassing 51 km². The district is mining-friendly, has a mild climate and has solid infrastructure, including all-weather roads and low-cost power.

Within the area, the stratigraphy is dominated by the sub-horizontal Pliocene Quenamari Formation, which is mainly composed of ignimbrite layers. Uranium anomalies occur on plateaus that are composed of the Upper Yapamayo Member of the Quenamari Formation. Sampling to date has shown that the most significant uranium anomalies appear to be restricted to this assemblage. Mineralization within the area is dominated by very high grade Autinite veins along 'enriched fault planes', with lesser disseminated mineralization. The significant fault planes can vary from up to 2m thick, while multiple enriched fault planes occur in shear zones up to 150 m across.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol., COO and Chief Geologist for Fission 3.0, a qualified person.

Source: Company Press Release