This week, Alpha and Fission announced not one, but two new discovery zones at PLS. Patterson Lake South now boasts four zones of uranium mineralization, with the possibility of even further discoveries in the future.
The fourth zone is being referred to as R945E zone and has expanded the mineralized strike length to 1.02 kilometers. Drilling at R945E has returned 2.7m total composite off-scale (>9999 cps) mineralization, within 18.0m mineralization between a depth of 234-252 meters. Investors should note that the drill hole is currently at 302.0 meters and drilling is still in progress.
The depth R945E appears to be deeper than the previous three. For the sake of reference, the other zones have a depth of 49m for R00E, 62m for 390E, and 123m for R780E.
Earlier this week, Alpha and JV partner Fission announced results from drill hole PLS13-080 at the R780E zone. The results showed a 13.4 meter composite off-scale (>9999 cps) mineralization, including 7.6 meters continuous off-scale. Radioactive results indicated the widest continuous and strongest uranium mineralization encountered to date on the project.
Rob Chang, research analyst at Cantor Fitzgerald, told clients in a research note that the firm sees the the current back of the envelope resource estimate for the project to be at 36.2 million pounds (lbs) of U3O8 at an average grade of 1.60%. This assessment takes into account just the R00E and R390E zones. Overall Cantor Fitzgerald believes that the Patterson Lake South project has the potential to contain closer to 200 million lbs of U3O8 from the original 100 million lbs summation.
Securities Disclosure: I, Vivien Diniz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Alpha Minerals is a client of the Investing News Network. This article is not paid-for content.