Fission Energy* (FIS : TSX-V : $1.20), Net Change: 0.12, % Change: 11.11%, Volume: 4,440,569
Alpha Minerals* (AMW : TSX-V : $4.92), Net Change: 0.53, % Change: 12.07%, Volume: 806,105
And boom goes the dynamite. Shares of Alpha Minerals and Fission Energy jumped after the companies finally released assays from their 50/50 jointly owned Patterson Lake South uranium exploration property in the Athabasca Basin. Highlights from the drill release was hole PLS13-038, which returned 34 metres of 4.92% U308, including 12.5 metres of 12.38% U308, all from the Upper Zone which started at a relatively shallow 87 metres. The strongest interval from the assay results was 35.1% U308 over 0.5 metres. The Lower Zone also returned mineralization of 17.5 metres of 0.96% U308, including 5.5 metres of 2.07% U308, beginning at a depth of 126.5 metres. Fission President and CEO Ross McElroy commented, "We are extremely pleased with the recent assay results from PLS13-038. As was the case with the assay results from R00E, we have once again confirmed the existence of high-grade uranium mineralization within wide intersections at shallow depth. That is, two uranium zones along a strike length of 400 m. As the winter program is still ongoing, we will continue to test and delineate the structure of this uranium system." Fission and Alpha have excited what has been a dead exploration market with constant results from PLS. Last week the company released results from 10 additional step-out drill targets in the R00E zone, including six holes that hit “offscale” mineralization, expanding and almost tripling the strike length of the R00E zone. Management highlights that the R00E zone has now been traced for >80 m of strike length at shallow depth from PLS13-049 (L060W) to the west to PLS13-052 (L015E) to the east, and up to 50 m wide (L025W), and that the zone remains open along strike and width.