So I was talking to Dr Hajnal, Irvine Aimsley and Peter Born at the PDAC and they showed me the seismic data. They superimposed the drilling and Gamma probe date onto the seismic chart. Very interesting. (I am not a geo)
There are a series of faults that show up clearly on the chart. Based on the combined data that they have gathered and Hajnal's interpretation they have identified 3 targets in the vicinity of the faults that they will drill when the snow melts.
Roughly half of the funds have been raised and they are on the road giving presentations. They plan to go ahead with drilling in the spring regardless of how much money they raise.
There is plenty of excitement in the Basin due to Fission's PLS (Patterson Lake) discovery. Fissions JV partner Alpha Minerals has soared from 20 cents to $4.00 since the discovery while Fission has run from 50 cents to $1.05. Fission has 169M FD share while Alpha has only 26M FD.
Today Fission Energy announced they have identified 3 deposits on the PLS property and this is very early in the exploration stage. They have 2 drill rigs operating on the lake now and will continue to drill on the lake until spring (2-3 more weeks). In the spring they will likely trace the conductor to the west (on land) to see how far this thing runs.
Fission currently has an offer from Denison for their Waterbury property adjacent Rio's Roughridder deposit. Fission shareholders get about one third share of Denison plus a share in the new company Fission Uranium. The new company will hold the PLS JV and 2 other properties plus $12M cash.
So WHEN UAX makes it's discovery (64M shares FD) we can expect a very nice return.
Pitchblend in the ground is valued in the $8-$12 per lb range depending on depth and grades. So a 50M lb deposit would fetch $400M-$600M. That equates to a UAX sp of $6.25-$9.38. Personally I would accept $5.00.
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