Since April 2013, Fission Uranium (TSXV: FCU; US-0TC: FCUUF) has released assay results from its Patterson Lake South discovery a total of 23 times—including in its most recent press release on the second last day of 2013.
On Dec. 30 the junior confirmed a seventh zone of mineralization it is calling the R1155E Zone, about 195 metres to the east of its R945E Zone, the easternmost high-grade zone at PLS that remains wide open in all directions.
While the two drill holes confirming the seventh zone did not return strong mineralization, the company says, both holes encountered significant widths of anomalous radioactivity with corresponding assays grading greater than 0.05% U308—and in a geological setting that Fission’s geologists say is similar to the high-grade zones to the west.
In addition, Fission released another high-grade assay result from a drill hole in the R945E Zone with a particularly strong interval of 3.99% U308 over 17 metres including 18.52% U308 over 3.5 metres in hole 13-099.
“The assay result from the R945E zone expanded it to the south while the R1155E assay holes have added yet another zone to what is emerging to be a world-class uranium discovery,” Rob Chang, an analyst covering Fission at Cantor Fitzgerald wrote in a research note on Dec. 30. “Based on these results, we now have a back-of-the-envelope resource estimate of 76.8 million lbs at an average grade of 1.47% U308.”
Chang, who notes that Fission is one of his top picks, adds that he believes Fission is undervalued “based on the application of the precedent transaction multiple of $9.00 per lb. to our estimate, which yields a value of $2.50 per share.”
At presstime in Toronto, Fission was trading at $1.08 per share within a 52-week range of 52¢-$1.48.
Be the first to comment on "Fission ends 2013 with a bang"