Fission 3.0 Receives $897k Payment for Alberta LARP Program
KELOWNA, BRITISH COLUMBIA--(Marketwired - Apr 9, 2015) - Fission 3.0 Corp. ("Fission 3" or "the Company") (TSX VENTURE:FUU) announces that it has received a compensation payment of $897,223 from the Province of Alberta upon the cancellation of 10 Crown metallic and industrial minerals ("MAIM") agreements and one partial MAIM agreement from the company's North Shore property. The payment brings Fission 3.0's cash position to approximately $5 Million. The cancellation dates for these MAIM agreements is March 20, 2015. The cancellations are due to the designation of new conservation areas, which returns to provincial control a total area of 45,518 hectares from Fission 3. The cancelled agreements land area will form part of the newly created Richardson Wildland Park.
The cancellation of the MAIM agreements are in accordance with section 8(1)(c) of the Mines and Mineral Act as part of the implementation of the Alberta Government's Lower Athabasca Regional Plan ("LARP"), enacted on September 01, 2012. The compensation payment is for work previously credited to those MAIM agreements which have been cancelled. Pursuant to section 11 of the Mineral Rights Compensation Regulation ("MRCR") for the cancelled agreements, Fission 3 retains a right of first refusal for a period of 20 years commencing March 20, 2015 for any portion of those lands that in future re-opens for mineral exploration.
The full list of MAIM agreements cancelled or partially cancelled are as follows:
MAIM Agreement | Land Area (hectares) |
9305031026 | 3,840 |
9305031030 | 1,024 |
9305031031 | 4,096 |
9305031037 | 2,810 |
9305031038 | 4,736 |
9305031041 | 1,832 |
9305061030 | 6,050 |
9305061031 | 9,045 |
9305061032 | 8,825 |
9305061033 | 2,620 |
9309010684* | 640 |
*Partial MAIM Agreement area |
A map showing the location of the 10 cancelled MAIM agreements can be found on the Company's website at http://fission3corp.com/projects/north_shore/overview/.
About North Shore Property
The North Shore Property comprises 55,165 hectares in 18 MAIM agreements. This total reflects the cancellation of 45,518 hectares in 10 full and 1 partial MAIM agreements. The property is situated along the northwest margin of the Athabasca Basin, in the province of Alberta, approximately 10 kilometers southwest of Cameco's Maurice Bay Uranium Deposit (1.3 million lbs @ 0.6% U3O8).
Previous exploration by Fission 3 predecessor, Fission Energy Corp, included a high resolution magnetic and electromagnetic (VTEM) survey and a seven hole drill program totaling 1,260 m completed during the 2007-2008 winter season. The exploration program successfully identified a significant hydrothermal system associated with a major northeast trending structure. Strong alteration and radioactivity were intersected along this structure at downhole depths up to 185 m, with widths ranging from less than one meter to 8.5 meters. The basement hosted altered zones contained highly anomalous concentrations of geochemical pathfinders, and included uranium values ranging as high as 70.5 ppm uranium. These results are considered very encouraging at this early stage of exploration.
Key property highlights include:
Located on the NW edge of the Athabasca Basin, with targets expected to be at shallow depth
Identification of several anomalous uranium showings in boulders and outcrop, including sandstone boulders grading up to 1.39% U3O8
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol "FUU."
ON BEHALF OF THE BOARD
Ross McElroy, COO
Fission 3.0 Corp.
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