F3 Hits 2.05m Off Scale >65,535 CPS in First Hole of Winter Program at JR Zone
F3 Hits 2.05m Off Scale >65,535 CPS in First Hole of Winter Program at
JR Zone
Kelowna, British Columbia--(Newsfile Corp. - January 30, 2024) - F3 Uranium Corp. (TSXV: FUU) (OTCQB: FUUFF) ("F3" or the "Company") is pleased to
announce initial scintillometer results from the first completed drill hole of the current winter drill program on the Patterson Lake North ("PLN") Property,
which includes two high-grade intercepts. Drill hole PLN24-116 tested for mineralization between PLN23-061 (see NR dated May 15, 2023) and PLN23-074
(see NR dated November 13, 2023) on section line 075S and intersected mineralization within a 16.5m interval including 2.05m of off scale radioactivity
(>65,535 cps), 1.80m of which is continuous. A thin, lower mineralized zone up to 23,600 cps starting at 272.00m was also intersected and marks the first
intersection of strong radioactivity below the JR Zone.
A second diamond drill has also begun coring on the JR Zone before moving approximately 3km grid south to start exploration in the B1 area where drill
holes from last year provided strongly encouraging results including significant alteration, structures and highly anomalous geochemistry.
As the Dias 3D resistivity survey is days away from being completed, preparations are underway at site for the next phase of ground geophysics. A stepwise
moving loop time domain electromagnetics (SWML) survey totaling approximately 60 line-km will be conducted over the B1 area, with ideal loop size
parameters to properly resolve the basement hosted B1 conductor. This new survey will update and refine the Company's electromagnetic plate model,
which will then be integrated with the resistivity data to provide additional drill targets.
Drilling Highlight:
PLN24-116 (line 075S):
16.5m mineralization from 224.0m - 240.5m, including
6.05m composite high-grade radioactivity (> 10,000 cps) between 224.85 and 232.40m, including
2.05 composite off-scale radioactivity (> 65,535 cps) between 227.00 and 231.25m, and
0.5m mineralization from 272.00m - 272.5m with up to 23,600 cps
Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation
Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous, >10,000 cps as high grade and
greater than 65,535 cps as off-scale. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock
sample measured and should be used only as a preliminary indication of the presence of radioactive materials. Samples from the drill core are split in half
on site and are standardized at 0.5m lengths. One half of the split sample will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025:
2005 Accredited Facility) in Saskatoon, SK. for lithogeochemical analysis using their "Uranium Package".
All depth measurements reported are down-hole and true thickness are yet to be determined but the Company estimates true thickness of the reported
intervals in this news release to be close to reported interval widths.
Table 1. Drill Hole Summary and Handheld Spectrometer Results
Collar Information * Hand-held Spectrometer Results On Mineralized Drillcore (>300 cps /
>0.5m minimum) Athabasca
Unconformity
Depth (m)
Total
Drillhole
Depth (m)Hole ID Section Line Easting Northing Elevation Az Dip
From
(m)
To
(m) Interval (m) Max CPS
PLN24-116 075S 587757.9 6410697.1 546.0 54.6 -64.9 224.00 224.50 0.50 3100 196.0 311
224.50 224.85 0.35 4200
224.85 225.00 0.15 14600
225.00 225.50 0.50 4600
225.50 226.00 0.50 24100
226.00 226.50 0.50 20200
226.50 227.00 0.50 22200
227.00 227.50 0.50 >65535
227.50 228.00 0.50 >65535
228.00 228.50 0.50 >65535
228.50 228.80 0.30 >65535
228.80 229.00 0.20 63500
229.00 229.50 0.50 37800
229.50 230.00 0.50 3000
230.00 230.50 0.50 8600
230.50 231.00 0.50 51800
231.00 231.25 0.25 >65535
231.25 231.50 0.25 61000
231.50 232.00 0.50 58700
232.00 232.40 0.40 31200
232.40 232.50 0.10 4100
232.50 233.00 0.50 2500
233.00 233.50 0.50 5800
233.50 234.00 0.50 1800
234.00 234.50 0.50 530
234.50 235.00 0.50 450
235.00 235.50 0.50 310
235.50 236.00 0.50 1100
236.00 236.50 0.5 690
236.50 237.00 0.5 500
237.00 238.50 1.5 <300
238.50 239.00 0.5 670
239.00 239.50 0.5 <300
239.50 240.00 0.5 300
240.00 240.50 0.5 350
272.00 272.25 0.25 23600
272.25 272.50 0.25 2900
Handheld spectrometer composite parameters:
1: Minimum Thickness of 0.5m
2: CPS Cut-Off of 300 counts per second
3: Maximum Internal Dilution of 2.0m
About Patterson Lake North:
The Company's 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin in
proximity to Fission Uranium's Triple R and NexGen Energy's Arrow high-grade world class uranium deposits which is poised to become the next major area
of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the
new JR Zone uranium discovery is located 23km northwest of Fission Uranium's Triple R deposit.
Qualified Person:
The technical information in this news release has been prepare in accordance with the Canadian regulatory requirements set out in National Instrument 43-
101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified
the data disclosed.
About F3 Uranium Corp:
F3 Uranium is advancing the newly discovered high grade JR Zone on the PLN Property in the Western Athabasca Basin. This area of Saskatchewan is
poised to become the next Uranium producer and home to large uranium deposits including Tiple R, Arrow and Shea Creek. F3 Uranium currently holds 18
projects across the Athabasca Basin.
Contact Information
F3 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2
Investor Relations
Telephone: 778 484 8030
Email: [email protected]
ON BEHALF OF THE BOARD
"Dev Randhawa"
Dev Randhawa, CEO
See cross section at PLN JR Zone|F3 Uranium Corp. under "Sections"
The TSX Venture Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian and United States securities laws, which is based upon
the Company's current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release
are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, the
intention to spin out the Properties; the creation of F4; the Arrangement, including timing thereof; the transfer of the Properties and the distribution of shares
pursuant to the Arrangement; the intention to list the shares of F4 on the TSXV; F3's proposed strategic investment into F4; the Arrangement being subject
to court, TSXV and shareholder approvals; the preparation and delivery of a management information circular setting forth details of the Arrangement; the
completion of the Spin-Out and the Listing; the potential benefits to shareholders and other matters relating to the Arrangement. Forward-looking statements
or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management
based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be
identified by the use of words such as "plans", "expects", "potential", "is expected", "anticipated", "is targeted", "budget", "scheduled", "estimates",
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or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to
differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties
relating to: general business and economic conditions; court, TSXV and shareholder approval for the Arrangement; changes in commodity prices; the supply
and demand for, deliveries of, and the level and volatility of the price of uranium and other metals; changes in project parameters as exploration plans
continue to be refined; costs of exploration including labour and equipment costs; risks and uncertainties related to the ability to obtain or maintain
necessary licenses, permits or surface rights; changes in credit market conditions and conditions in financial markets generally; the ability to procure
equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors; the impact of value of
the Canadian dollar and U.S. dollar, foreign exchange rates on costs and financial results; market competition; exploration results not being consistent with
the Company's expectations; changes in taxation rates or policies; technical difficulties in connection with mining activities; changes in environmental
regulation; environmental compliance issues; other risks of the mining industry; and risks related to the effects of COVID-19. Should one or more of these
risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-
looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ
materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Company and the
risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedarplus.ca. The forward-looking
statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable
securities legislation.
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