F3 Uranium (TSV: FUU) has released strong initial assay results on Monday from winter drilling at its 100% owned Patterson Lake North (PLN) property in northern Saskatchewan. This 20-hole program is designed to test the extent of mineralization at the JR zone discovery in November 2022.
The initial results include 12 holes, highlighted by PLN23-060, where the strongest radioactivity to date was previously reported. The analysis for PLN23-060 returned one continuous 14.5-metre interval averaging 9.4% U3O8, including an ultra-high-grade 5-metre interval averaging 26.7% U3O8, which also includes a 2.5-metre interval which returned 45.6% U3O8.
“This first release of assays from the winter 2023 program at PLN adds confidence to the previously released scintillometer results, and we are pleased to report on 12 drill holes, eight of which contain high-grade uranium mineralization,” Raymond Ashley, president of F3 Uranium, said in a news release.
The JR zone was discovered by F3 during a fall 2022 program with drill hole PLN22-035, which intersected off-scale radioactivity associated with massive uraninite mineralization within the A1 main shear zone. It assayed at 6.97% U3O8 over 15 metres, including 5.5 metres of 18.6% U3O8.
“PLN23-060, cored 60-metre grid south from the discovery hole, intercepted truly impressive grades within the A1 main shear zone, with a peak sample grade of 65.2 % U3O8 over 0.5 metre at a downhole depth of 244.5 metres,” Ashley added.
The JR zone has now been defined over a total strike length of 105 metres and remains open particularly along strike to the south and at depth, and up-dip towards the Athabasca unconformity.
In a research note on Monday, Red Cloud Securities analyst David Talbot called the JR results “quite spectacular” and should help investors with quantifying uranium along trend.
“While we do not speculate uranium concentrations from undrilled sections, these results reinforce our expectations that the JR zone may already host 15-20 million lb. U3O8 with an average grade of about 4% U3O8,” he said. “Results from further eight holes of the winter drill program are pending, including some of the strongest radioactive holes located on lines 75S and 90S. We anticipate summer drilling to continue to extend the zone to the south along trend.”
This new uranium discovery is located 23 km from Fission Uranium‘s (TSX: FCU; US-OTC: FCUUF) Triple R and NexGen Energy‘s (TSX: NXE; NYSE: NXE) Arrow deposits, both considered world-class deposits within the Athabasca Basin. The company’s PLN project consists of 38 mineral claims covering 399.5 sq. km at the southwestern edge of this region.
Shares of F3 Uranium jumped 4.5% by mid-day in Toronto following the release of new drill results to reach 35¢ apiece, in a 52-week window of 6¢ and 51¢. The company has a market capitalization of $116.5 million.
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