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Geologist Wayne Hewgill takes as look at Fission Uranium and its Triple R deposit. It is currently the third-largest uranium resource in the Athabasca Basin
The “Drill Tracker” highlights early stage drilling and trenching results, giving a metric to evaluate exploration results and compare them against their peer group. In this report we highlight a dozen exploration companies displaying their projects in the Core Shack at the AME BC Roundup held in Vancouver between January 26 and 29, 2014.
Fission Uranium (TSX:FCU)
Price: $1.14
Market cap: $22.7 million
Project: Patterson Lake South
Country: Saskatchewan, Canada
Ownership: 100 percent
- In December 2012, Fission Uranium announced the discovery of the Patterson Lake South project (now the Triple R deposit) followed by a near-surface, 105-million-pound combined indicated and inferred resource estimate in January 2015. The resource is currently the third-largest uranium resource in the Athabasca Basin
- Highlights from the 282 drill holes (not true width) include:
- Discovery hole: 18 meters at 1.78 percent U3O8
- 116 meters at 8.52 percent U3O8
- 47.5 meters at 13.23 percent U3O8
- 10.5 meters at 38.49 percent U3O8
- Discovery hole: 18 meters at 1.78 percent U3O8
- The 43-101 compliant resource estimate includes:
- 79.6 million pounds indicated at a grade of 1.58 percent U3O8, including:
- 44.2 million pounds at 18.21 percent U3O8 and
- 25.8 million tonnes inferred at a grade of 1.3 percent U3O8
- 79.6 million pounds indicated at a grade of 1.58 percent U3O8, including:
- The near-surface, basement-hosted mineralization extends over 2.2 kilometers and remains open along strike. Additional targets occur to the south in the Forrest Lake Corridor, which has a similar geophysical signature.
Project status: Uranium discovery December 2012
Resource: 2.29 million tonnes at 1.58 percent U3O8 indicated; 0.9 million tonnes at 1.3 percent U3O8 inferred
Catalysts: Additional drilling — PEA in summer 2015
Disclosure: I, Wayne Hewgill, certify that the information in this report is sourced through public documents that are believed to be reliable, but accuracy and completeness as represented in this report cannot be guaranteed. The author has not received payment from any of the companies covered in this report.
At the date of this release the author, Wayne Hewgill, owns shares in the following companies:
This report makes not recommendations to buy sell or hold.
Wayne Hewgill is a geologist with extensive knowledge of the global mining industry gained through 30 years of diversified experience in mineral exploration and new business development in Canada, as well as 10 years living in Africa, New Zealand and Australia. He was previously senior research officer at BHP Billiton, an executive with an exploration company working in Argentina and a mining analyst at three Vancouver-based financial groups where he developed the Drill Tracker database in 2006. He holds a B.Sc. in Geology from the University of British Columbia and is registered as a Professional Geoscientist (P.Geo) with APEGBC.
