New drilling by F3 Uranium (TSXV: FUU) at the company’s Broach property in northern Saskatchewan’s Athabasca Basin produced several high-grade hits.
Hole PLN25-219A in the Tetra zone cut 13 metres grading 0.28% uranium oxide (U3O8) from about 400 metres depth, F3 uranium said late Wednesday in a statement. The same hole also cut three high-grade sections, including 3 metres of 1.19% U3O8 from 397 metres depth.
“These assays move Tetra further along the credibility curve, given it is no longer a single-hole discovery,” Red Cloud Securities mining analyst David Talbot wrote in a note Wednesday. “The Tetra zone is emerging as the key re-rating catalyst for F3 Uranium.”
All told, hole PLN25-219A returned total composite high-grade material of more than 1% U₃O₈ over 4.5 metres. That makes it the best result at Tetra on width by grade basis to date, Talbot said.
New discovery
Tetra is F3’s newest new discovery at Broach, which is part of the company’s Patterson Lake North project. Patterson Lake North’s land package covers about 430 sq. km and includes three properties — Patterson Lake North, Minto and Broach — in the southwestern Athabasca basin, one of the world’s highest-grade uranium districts.
Located roughly 13 km south of the JR zone, F3’s flagship 2022 discovery, Tetra sits near major uranium discoveries such as NexGen Energy’s (TSX, NYSE: NXE; ASX: NXG) Arrow deposit and Paladin Energy’s (ASX, TSX: PDN) Triple R, underscoring the district’s development potential.
JR has already returned ultra-high-grade results, including intercepts exceeding 20% U₃O₈. It holds 121,259 indicated tonnes grading 4.39% U₃O₈ for contained metal of 11.8 million lb. U₃O₈, F3 said in December.
A follow-up exploration program is in progress at Tetra utilizing one diamond drill, F3 says. Drilling will focus on extending mineralization along strike and testing the system at depth as crews work to define the scale of the discovery.
The plunge direction at Tetra – from northwest – is now better known, “giving a better geological framework for drill targeting and improving the potential for better results from follow-up drilling,” Talbot said. “We anticipate the zone will continue to grow through ongoing drilling,” he added.
F3 shares fell 2.7% to 18¢ Wednesday afternoon in Toronto as wider markets gained, cutting the company’s market value to about $114 million (US$82 million). The stock has traded between 11.5¢ and 27.5¢ in the past year.
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