Fission Uranium has released the results of an independent resource estimate for the R00E and R780E zones at its Patterson Lake South property.
Fission Uranium (TSX:FCU,OTCQX:FCUUF) capped off the first full week of the new year by releasing the results of an independent resource estimate for the R00E and R780E zones at its Saskatchewan-based Patterson Lake South (PLS) property. They comprise the Triple R deposit.
Highlights include an indicated mineral resource of 79,610,000 pounds of U3O8 based on 2,291,000 tonnes at an average grade of 1.58 percent U3O8. The deposit’s inferred mineral resource sits at 25,884,000 pounds of U3O8 based on 901,000 tonnes at an average grade of 26.35 percent U3O8. Both resources use a cut-off grade of 0.1 percent U3O8, and overall 75 percent of the resource falls in the indicated category.
The indicated mineral resource includes a high-grade zone of 44,297,000 pounds of U3O8 based on 110,000 tonnes at a grade of 18.21 percent U3O8, while the inferred mineral resource includes a high-grade zone of 13,860,000 pounds of U3O8 based on 24,000 tonnes grading 26.35 percent U3O8.
The numbers fall in line with a prediction issued by Dundee Capital Markets. The firm’s “back of the envelope” calculations pointed to a mineral inventory of 80 million pounds at 1.5 percent U3O8, but its expectation was for investors to be pleased with 50 to 60 million pounds at 1.5 to 2 percent U3O8.
It’s also worth noting that gold mineralization is associated with the deposit’s uranium mineralization. The indicated mineral resource for that is 38,000 ounces of gold grading 0.51 grams per tonne (g/t), while the inferred resource sits at 16,000 ounces of gold grading 0.56 g/t. Again, those numbers are based on 2,291,000 tonnes and 901,000 tonnes, respectively.
Commenting on the news, Ross McElroy, president, COO and chief geologist at Fission, said, “this is a world-class high-grade deposit of impressive size and shallow depth in the world’s premier high-grade uranium district. The additional gold mineralization associated with the uranium resource presents an exceptional opportunity. The entire deposit is located in basement rock, which is a preferred host rock for development of economic uranium deposits in the Athabasca Basin region.”
He also pointed out that there is strong potential for growth at Triple R, and the company’s press release notes that it plans to move in that direction immediately. Big winter and summer drill programs are already planned, with the former set to begin on January 15. It will be comprised of 63 holes, or 20,230 meters.
At close of day Friday, shares of Fission were selling for $1.01 each.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.