Kelowna, British Columbia–(Newsfile Corp. – August 2, 2022) – Fission 3.0 Corp. (TSXV: FUU) (OTCQB: FISOF) (“Fission 3” or “the Company“) is pleased to report that the first pass drill program on its 100%-owned Murphy Lake property in northern Saskatchewan, has encountered graphitic and sulphide – rich basement structures with associated hydrothermal alteration in 3 out of 5 holes. The intersection of encouraging basement lithological and structural features in several drill holes confirms the prospectivity of the Murphy Lake conductors and has prompted the Company to continue to define these structures with ground EM geophysics and to expand the Murphy Lake drill program.
Ross McElroy, P. Geol, Director of Fission 3.0, commented, “The Murphy Lake project is located in the infrastructure-rich eastern Athabasca Basin within close proximity of number of high-grade uranium showings, deposits and mining operations. It is well established that high-grade uranium mineralization in the Athabasca Basin is often associated with graphitic +/- sulphide shear and fault zones within areas that have undergone hydrothermal alteration. Encountering such features in our first pass drilling has upgraded the Murphy Lake project and bodes well for future discoveries and has led us to expand the drill program at Murphy Lake.”
The Murphy Lake property is located 30 km northwest of Orano’s McLean Lake uranium mine, 5 km south of ISOEnergy’s high grade Hurricane Uranium Deposit and 4.5 km east of Cameco’s Larocque Lake deposit with drill intersections as high as 27.9% U3O8 over 7.0 m in drill hole Q22-040. On July 18, 2022, ISOEnergy announced the initial mineral resource estimate for the Hurricane Deposit of 48.61 million lbs of U3O8 in the indicated category based on 63,800 tonnes grading 34.5% U3O8 estimated at a uranium cut-off grade of 1.00% U3O8.
Based on an interpretation of government regional magnetic data, Fission 3 inferred that a conductor corridor, within which historic Cameco drill hole Q23-5 intersected anomalous uranium and pathfinder element geochemistry, projected northward onto the Murphy Lake property into an area where there has been no previous drilling. This was confirmed by ground DC Resistivity and EM geophysics carried out this past spring (see July 5, 2022 Fission 3 news release) and further corroborated by the five recently completed holes in the southeastern part of the property, totaling 2,505 m of drilling.
Ground geophysical crews have just completed supplementary ground EM surveys which have defined additional conductors and have provided more drill targets in the north trending resistivity low and also in the 1 km long northeast trending resistivity low in the northern part of the property. The Company plans to drill another 4 holes for approximately 1,600 m. (See accompanying maps.)
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Drilling so far has shown that the two parallel ground EM conductors defined this past spring are likely caused by ductile shear zones intersected in basement rocks containing graphite and sulphide minerals and accompanied by zones of intense chlorite and clay alteration. The associated 1.5km long north trending resistivity low zone in the lower Athabasca sandstone was interpreted to be the result of hydrothermal alteration; this is now supported by the intersections of heavily bleached sandstone above the unconformity containing clay filled faults. This is encouraging because high-grade uranium mineralization in the Athabasca Basin is often associated with clay altered graphite and sulphide bearing shear zones in association with overlying hydrothermal alteration and bleaching in the lower Athabasca sandstone. The vertical depth to the Athabasca unconformity in the five drill holes ranges from 271.0 m to 281.2 m.
Initial Drill Results:
Hole ML22-001, Total Depth 485 m, Athabasca Unconformity Depth 308.3 m
- Bottom 18.3 m of sandstone (290.0 m to 308.3 m) is broken and faulted with sections of bleaching, strong clay and limonite and hematite alteration
- 14.7 m-wide zone (343.7 m to 358.4 m) of sheared basement rocks with graphite, sulphides, chlorite and clay alteration
Hole ML22-002, Total Depth 497 m, Athabasca Unconformity Depth 315.3 m
- 15.9 m-wide zone (358.7 m to 374.6 m) of strongly clay altered and graphite-rich sheared basement rocks
Hole ML22-003, Total Depth 491.0 m, Athabasca Unconformity Depth 324.1 m
- Top 39.0 m of basement (324.1 m to 363.1 m) is strongly clay altered and variably limonite altered including a 22.1 m zone (341.0 m to 363.1 m) with patchy bleaching and hematite alteration.
Hole ML22- 004, Total Depth 509.0 m, Athabasca Unconformity Depth 328.5 m
- Bottom 37.2 m of sandstone (291.3 m to 328.5 m) is heavily bleached containing three 0.5 to 1.2 m wide clay altered faults
- 12.7 m-wide (363.0 m to 375.7 m) shear zone in basement rocks with laminated sulphides and graphite. Contains zones of intense clay alteration
Hole ML22-005, Total Depth 494.0 m, Athabasca Unconformity Depth 321.1 m
- Bottom 104.1 m of sandstone (217.3 m to 321.4 m) contains clay-filled faults with regular strongly bleached intervals
All depth measurements reported are down-hole and true thickness are yet to be determined.
Samples from the drill core are split in half on site and are standardized at 0.5 m 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”.
The technical information in this news release has been prepared 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., Vice President, Exploration of Fission 3.0 Corp., a Qualified Person. Mr. Ashley has verified the data disclosed.
About Fission 3.0 Corp.
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. Fission 3 currently has 16 projects in the Athabasca Basin. Several of Fission 3’s projects are near large uranium discoveries, including, Arrow, Triple R and Hurricane deposits.
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
Fission 3.0 Corp. Contact Information
Telephone: 778 484 8030
Email: [email protected]
ON BEHALF OF THE BOARD
Dev Randhawa, CEO
Cautionary Statement: Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3 Corp. disclaim 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132532
Expressions of Interest for Director of the European Bank for Reconstruction and Development
The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.
The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.
Minister McGrath commented:
“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.
My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”
Expressions of interest will be accepted up to 3pm on 27th March 2024
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Council adopts regulation on instant payments
The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.
The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.
The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.
Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.
The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.
The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.
Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.
The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.
This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.
On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.
Source: European Council
FCA highlights need for enhanced competition in wholesale data markets
The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.
Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.
The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.
In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.
Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”
In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.
Source: Fintech Global
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