The Hobo Lake property consists of 56 non-contiguous claims covering an area approximately 50 kilometres long by 20 kilometres wide, totaling 33,958 ha. The property was merged with the former Millson Lake and Karpinka Lake properties, also held by Fission 3.0, in 2018 and 2019 respectively. Excellent road access is provided by Hwy 914 (Key Lake Road) that runs through the centre of the property. Hobo Lake is located 40 kilometres south of the southeast edge of the Athabasca Basin, along the transition zone between the Wollaston domain and the Mudjatik domain, host to producing uranium deposits such as McArthur River and Cigar Lake. The Key Lake Shear Zone, host to several uranium mineralized zones discovered by Forum Uranium Corp. from 2005 to 2008, transects the west portion of the Property, and trends northeast to the past-producing Key Lake deposits at the basin edge.
During July 2017 a VTEMTM Plus airborne geophysical survey was conducted over 670 line-kilometres in two survey blocks. The VTEM survey was instrumental in supplementing historic VTEM surveys carried out by Forum Uranium Corp. and defining conductors over the entire project area.
In the summer of 2018 a high resolution airborne magnetic and radiometric survey was flown in the northern and southern areas of the property to cover known historic and regional airborne radiometric anomalies. Follow-up ground truthing of the results of this survey is expected to occur in 2019.
Follow-up target drilling was carried out on prospective conductor sections in February 2019, consisting of eight drill holes totaling 1,300 metres in the north half of the Property. Drilling intercepted multiple anomalous and narrow radiometric anomalies and strong alteration, such as hole KL19-005 that intersected over 100 metres of strong clay alteration and faulted rock, which is interpreted to represent a major structural dilation zone.