Strong First Pass Drill Testing at PLN; Excellent Target Inventory for Next Drill Program

  Apr 7, 2014   in CEO Blog

“PLN Winter Program Complete – Results Warrant Follow Up” – Uranium analyst, David Talbot (Dundee Securities) following the results of our first JV winter drill, geophysics and radon survey program at PLN in Canada’s Athabasca Basin.

The drill program (just under 2000m in seven holes) focused on three separate basement electromagnetic (EM) conductors. We are highly encouraged by what we’ve encountered so far because, while limited radioactivity was encountered, basement lithology, alteration and structural features confirm the high prospectivity of the target areas. Essentially, we hit the right basement rocks in the right structural setting and will focus on these areas in future drill testing.

Our JV partner, Fission 3.0, has a large technical team that includes geologists, geophysicists and geochemists and they’re already using the drill, radon and geophysical data to prioritize drill targets for the next program. In my opinion, the exploration work to date has greatly increased our knowledge of PLN’s geology and given us an excellent and large target inventory over the entire project area.

It’s worth adding in here another comment that uranium analyst, David Talbot, made after we released the results:

“Given its proximity and potential strike extension to both PLS and Shea Creek, we see this as a unique and prospective opportunity in the Basin. Management is experienced, and about $4.7 MM has been spent on this project historically. FUU’s technical team, responsible for both PLS and J-Zone discoveries, is running the show here.”

Partnered with the Athabasca Basin’s premier technical team is a strong advantage. They are highly experienced, have an incredible track record and are consummate professionals. With at least $3 million allocated for exploration over the next twelve months, I’m looking forward to working with Fission 3.0 as move towards the next stages of exploration.

Ted O’Connor, CEO of Azincourt Uranium