Earlier this week, I wrote about a small cap company in the uranium space that could possibly be onto a game-changing discovery.
The name of the company is Fission 3.0 (TSXV:FUU).
Fission 3 is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world's largest high grade uranium discoveries. Major players in the area include Nexgen Energy, Cameco, Orano, and more.
Last week, Fission put out a drill hole from its Patterson Lake North project and it is a sight to behold.
Drill hole PLN22-035 intersected extremely radioactive and off-scale (>65,000 cps) mineralization in a new uranium discovery.
Drill Hole - PLN22-035
15.0 m total composite mineralization >300 cps over a 15.5 m interval (between 257.0 m to 272.5 m), including
5.62 m of total composite mineralization >10,000 cps over a 6.3 m interval (between 259.0 m and 265.3 m including
1.5 m of total off scale radioactivity (>65,000 cps) over a 2.0 m interval (between 262.0 m and 264.0 m)
A hole like this does not come along very often.
Basically, the last time a hole like this was drilled was by NexGen Energy at their Arrow project, which is now a multi-billion dollar development project.
In uranium exploration, a handheld device called a 'scintillometer' is used to test the radioactivity of the drill core. In the case of FUU's drill core, the radioactivity was 'off-scale' at >65,000cps, meaning it was literally too high for the scale to even read - off the charts - so to speak.
CPS (Counts per Second) is a measurement used to determine how radioactive something is; the higher the better.
Let's compare this discovery hole to some others:
As we can see, Fission 3.0's recent discovery hole had a significantly higher CPS reading than every other discovery in recent times, even more than NexGen's arrow discovery. This is big.
To put things into perspective, the market cap of Nexgen Energy is currently sitting around $2.8 billion, while IsoEnergy has a market cap of around $350 million. Fission 3.0's market cap is currently sitting around $65 million.
The next few step out holes that Fission 3.0 drills will be very telling as to whether or not the company is on to a major uranium deposit and should act as a major catalyst for the stock price. If they hit on these next few stepout holes, there is a good chance that Fission 3.0 is tracking a major uranium deposit, similar to the likes of NexGen, and could be in for a 10-20x return on its share price.
After the recent discovery, the management team at Fission 3.0 put out a shareholder update video discussing the recent drill hole.
Here is the link: https://www.vimeo.com/775114023/7cca4e2686?ts=5000
Fission 3.0 currently has two diamond drills on the property and will be drilling a total of up to 7 holes prior to the Christmas break.
Keep in mind that this is a high risk play. There is a chance that the next few step out holes may not be as fruitful as the first, but I am more than willing to roll the dice here. Drill holes like this do not come around too often and the risk/reward profile right now is too good to pass up.
Keep a close watch over the coming days on the news bulletin for additional drilling results.