Fission Uranium Corp (TSE: FCU) (OTMRKTS: FCUUF) has staked four highly prospective new properties in the Athabasca Basin of northern Saskatchewan, each of which present with positive, limited historical frameworks.
These properties are called Typhoon, Corsair, Merlin and Seahawk, according to a Tuesday press release.
Typhoon is located 20 km south of Fission’s PLS project and covers 3,867 hectares across three contiguous mineral claims. It’s also positioned 35 km south-southwest of the Athabasca Basin and sits along the northeast edge of the Western Canadian Sedimentary Basin (WCSB) atop metamorphosed crystalline basement rocks of the Taltson Domain, similar to the rocks that host PLS’s Triple R deposit.
Past surveys include a 1969 airborne radiometric survey and 2013 electromagnetic and magnetic surveys. These identified three conductor trends northeast of Typhoon. These are believed to be graphitic fault zones that likely extend into Typhoon but remain obscured by WCSB cover rocks. Fission considers Typhoon a promising greenfield site due to its underexplored state and proximity to significant uranium deposits.
Corsair is the second of the two properties. It’s 110 km east-southeast of Fission’s PLS project in northwest Saskatchewan and consists of three non-contiguous mineral claim groups—north, central, and south—totalling 3,481 hectares.
Corsair sits between two major northeast-trending structural features: the Virgin River Shear Zone (VRSZ) to the west, which hosts Cameco Corporation‘s (TSE: CCO) (NYSE: CCJ) Dufferin Lake uranium zone and Centennial uranium deposit, and the Cable Bay Shear Zone (CBSZ) to the east.
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Additionally, Merlin is located in the eastern Athabasca Basin and sits 36 km west of Cameco’s Key Lake uranium mill, covering 808 hectares in a single mineral claim owned by Fission.
Historical drilling in the area indicates the Athabasca Basin-crystalline basement unconformity is likely at a depth of around 270m from the surface.
Finally, Seahawk is located in northeast Saskatchewan 33 km southeast of the Athabasca Basin. It encompasses 6,293 hectares across 18 non-contiguous mineral claims. The property sits along a 29 km stretch of the Needle Falls Shear Zone (NFSZ), a major fault system.
The NFSZ contains lithologies typical of basement-hosted, high-grade uranium deposits. Multiple north-south trending faults from the Tabbernor Fault System crosscut the NFSZ at Seahawk. The cross cut forms promising structural settings for uranium mineralization.
In June, Australia’s Paladin Energy (ASX: PDN) (OTCMRKTS: PALAF) announced it would acquire Fission in a transaction valued at CAD$1.14 billion. The companies are now awaiting clearance under the Investment Canada Act.
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