Highest Radioactivity Yet Detected by Fission Uranium at Patterson Lake South

Fission Uranium's Latest Drilling at Saloon East in Saskatchewan Uncovers Record-High Radioactivity Levels, Highlighting Significant Exploration Potential

Editorial Team (ET)October 4, 2026

Fission Uranium Corp. (TSX: FCU) has made headlines yet again with the detection of the highest radioactivity levels to date at its Patterson Lake South (PLS) property, located in the northern Saskatchewan region known for its uranium riches. This latest discovery, particularly from the Saloon East target, showcases the immense potential of the site, further solidifying Fission Uranium's position as a leader in the uranium mining industry.

Background of Fission Uranium

Fission Uranium has long been a prominent player in the uranium exploration sector, with a particular focus on the Athabasca Basin in Saskatchewan, a region renowned for its high-grade uranium deposits. The company’s Patterson Lake South (PLS) property has consistently delivered promising results, especially with its main Triple R deposit, known as the highest-grade deposit at shallow depth in the Athabasca Basin. The ongoing success at PLS has attracted significant attention from industry players, investors, and now, potential acquirers like Paladin Energy.

Details of the Saloon East Drilling

The recent drilling activities at Saloon East, located approximately 4 km southeast of the main Triple R deposit, have yielded remarkable results. Among the standout findings is hole PLS24-684B, which intersected five intervals of anomalous radioactivity. The most significant of these was an 11.6-meter wide interval, showing a peak of 12,677.6 counts per second (cps). This is the highest radioactivity level ever recorded at the PLS property, underscoring the high potential for discovering additional high-grade uranium mineralization at Saloon East.

Significance of the Radioactivity Findings

Understanding the importance of these radioactivity readings requires a bit of context. In uranium exploration, counts per second (cps) is a critical measure of radioactivity, providing an early indication of potential uranium mineralization. The peak reading of 12,677.6 cps from hole PLS24-684B is a significant milestone, suggesting that the Saloon East area could host uranium concentrations comparable to, if not exceeding, those found at the nearby Triple R deposit. This discovery not only validates Fission Uranium’s exploration strategy but also sets the stage for further high-impact discoveries in the area.

Saloon Shear Zone: A Strategic Asset

The Saloon Shear Zone, where Saloon East is located, is emerging as a strategic asset for Fission Uranium. This multi-kilometer zone runs parallel to the shear zones that host the Triple R deposit and NexGen Energy’s Arrow deposit. The structural similarities between these zones have led to heightened interest in the Saloon Shear Zone as a potential host for additional high-grade uranium deposits. As exploration continues, the Saloon Shear Zone could very well become the next major discovery area in the Athabasca Basin.

CEO Ross McElroy’s Optimism

Ross McElroy, Fission Uranium’s CEO, has expressed strong optimism about the latest findings. In a recent statement, he emphasized the significance of the Saloon East results, highlighting the strong correlation between the detected radioactivity and high-grade uranium mineralization. McElroy’s confidence in the potential of the Saloon Shear Zone reflects the broader sentiment within the company, which is buoyed by the prospect of discovering additional high-grade deposits in the area.

Feasibility Study and Project Viability

The optimism surrounding Saloon East is further bolstered by the positive results of the feasibility study conducted on the Triple R deposit. Released just over 18 months ago, the study positioned Triple R as one of the world’s lowest-cost uranium mines, with an estimated after-tax net present value (NPV) of C$1.2 billion and an internal rate of return (IRR) of 27.2%. These figures underscore the financial viability of the PLS project and provide a strong foundation for future development, including potential expansions driven by new discoveries like those at Saloon East.

Paladin Energy’s Proposed Takeover

The strategic importance of Fission Uranium’s assets has not gone unnoticed. Australia’s Paladin Energy has proposed an all-stock acquisition of the company, valued at C$1.1 billion. This proposed merger, which will be put to a shareholder vote shortly, is seen as a pivotal moment for Fission Uranium. The acquisition would not only provide the company with additional resources to accelerate its exploration and development activities but also position it as a key player in the global uranium market. However, the merger still requires the approval of two-thirds of Fission shareholders, as well as regulatory clearance under the Investment Canada Act.

PLS Project Development Timeline

Assuming the merger proceeds as planned, Fission Uranium is on track to begin construction at the PLS project by 2026, with production expected to commence by 2029. The company’s long-term vision for PLS includes not only the development of the Triple R deposit but also the potential exploitation of new discoveries at Saloon East and other nearby targets. This timeline reflects a measured approach to project development, balancing the need for thorough exploration with the imperative to bring new uranium production online in a timely manner.

Additional Results from Saloon East

In addition to the standout results from hole PLS24-684B, other drill holes at Saloon East have also returned encouraging data. For instance, hole PLS24-680 intersected eight intervals of anomalous radioactivity over a total width of 25.9 meters, with a peak of 10,428.7 cps. Another hole, PLS24-682, yielded six intervals of radioactivity, with the best reading coming from a 5.1-meter wide interval showing a peak of 5,841.8 cps. These findings suggest that Saloon East is a highly prospective area, with multiple zones of interest that warrant further exploration.

Future Exploration Plans

Looking ahead, Fission Uranium plans to continue its aggressive exploration program at PLS, with a particular focus on expanding the Saloon East target. The company’s exploration strategy is centered on drilling additional holes to delineate the extent of the high-grade mineralization and identify new zones of interest. These activities will be supported by the resources and expertise that Paladin Energy brings to the table, assuming the merger is approved. As exploration progresses, the Saloon Shear Zone is expected to remain a key area of focus, with the potential to yield even more high-grade discoveries.

Investor Reactions and Market Impact

Despite the promising exploration results, Fission Uranium’s stock price has experienced some volatility, reflecting the broader uncertainty in the market. As of Tuesday morning, the company’s shares were down 1%, trading at C$0.96 apiece. However, the market’s reaction to the recent drilling success and the upcoming merger vote suggests a cautious optimism among investors. Many are watching closely to see how the Paladin acquisition unfolds, with the potential for significant upside if the merger is approved and Fission Uranium continues to deliver strong exploration results.

Regulatory Approvals and Challenges

One of the key hurdles facing the proposed Paladin acquisition is the need for regulatory approval, particularly under the Investment Canada Act. This approval process is designed to ensure that foreign takeovers of Canadian companies are in the national interest. While there is strong support for the merger within the industry, regulatory delays or challenges could complicate the process. Nevertheless, both Fission Uranium and Paladin Energy are confident in their ability to navigate these challenges and complete the transaction in a timely manner.

Conclusion

Fission Uranium’s recent drilling success at the Saloon East target is a significant milestone in the company’s ongoing exploration efforts at the Patterson Lake South property. The discovery of the highest radioactivity levels to date underscores the potential for additional high-grade uranium deposits in the Saloon Shear Zone, further enhancing the value of the PLS project. As the company prepares for a potential merger with Paladin Energy, the future looks bright for Fission Uranium, with the promise of continued exploration success and the eventual development of one of the world’s premier uranium mines.

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