A new resource estimate for Fission Uranium’s (TSX:FCU) Triple R deposit has increased the asset’s indicated resource and doubled its inferred resource.
According to a Tuesday (February 20) press release, the update represents a 95-percent increase in pounds of U3O8 classified as inferred, and an 8-percent increase in pounds of U3O8 classified as indicated.
Ross McElroy, president, COO and chief geologist for Fission, commented “[o]ur high-grade, near-surface, basement lithology-hosted deposit … now has an Indicated Resource estimate of 87,760,000 pounds U3O8, plus 52,850,000 pounds U3O8 in the Inferred category.”
With the update, the Triple R deposit is now estimated to contain:
- 87,760,000 pounds U3O8 indicated mineral resource based on 2,186,000 tonnes at an average grade of 1.82 percent U3O8, including:
- R780E high-grade zone of 48,246,000 pounds U3O8 based on 119,000 tonnes at a grade of 18.39 percent U3O8
- 52,850,000 pounds U3O8 inferred mineral resource based on 1,331,000 tonnes at an average grade of 1.8 percent U3O8, including:
- R780E high-grade zone of 14,710,000 pounds U3O8 based on 32,000 tonnes at a grade of 20.85 percent U3O8
Triple R, which includes the R1515W, R840W, R00E, R780E and R1620E zones, is located at Fission’s Patterson Lake South (PLS) property in Canada’s Athabasca Basin. Fission says the deposit is the most significant large, near-surface, high-grade, undeveloped uranium deposit in the region.
In addition to the increase in Triple R’s uranium resource, Fission also reported an increase in its gold resource. Gold mineralization occurs within all of the zones at Triple R, and the updated resource estimate shows an increase in both the indicated and inferred categories:
- 39,200 ounces gold indicated mineral resource based on 2,186,000 tonnes of mineralization at an average grade of 0.56 g/t gold
- 24,000 ounces gold indicated mineral resource based on 1,331,000 tonnes of mineralization at an average grade of 0.56 g/t gold
Looking forward, Fission will continue work on its 2018 winter drill program, which is focused on geotechnical data gathering and infill drilling in the R780E zone as part of prefeasibility study-related work. The company is planning another update to the Triple R resource after the 2018 drilling program, and that model will be used for the prefeasibility study.
Fission’s share price closed Tuesday up slightly at C$0.72 on the TSX.
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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.