Fission Uranium Corp. announced the results of an updated independent resource estimate for the Triple R deposit.
Fission Uranium Corp. (TSX:FCU) announced the results of an updated independent resource estimate for the Triple R deposit, which now includes the R1515W, R840W, R00E, R780E and R1620E zones at its Patterson Lake South (PLS) property in Canada’s Athabasca Basin region.
Highlights are as follows:
- The updated resource represents a 95% increase in pounds U3O8 classified as Inferred and an 8% increase in pounds U3O8 classified as Indicated as compared to the previous Mineral Resource dated July 28, 2015. The increase in resource classified as Indicated is primarily due to infill drilling on the R780E zone, while the increase in resource classified as Inferred is primarily due to the discovery and delineation of the R1620E, R840W, and R1515W zones. This significant increase to the overall resource, has been achieved with prudent spending during the last three years of low uranium prices.
- 87,760,000 pounds U3O8 Indicated Mineral Resource based on 2,186,000 tonnes at an average grade of 1.82% U3O8, including:
- R780E high-grade zone of 48,246,000 pounds U3O8 based on 119,000 tonnes at a grade of 18.39% U3O8
- 52,850,000 pounds U3O8 Inferred Mineral Resource based on 1,331,000 tonnes at an average grade of 1.80% U3O8, including:
- R780E high-grade zone of 14,710,000 pounds U3O8 based on 32,000 tonnes at a grade of 20.85% U3O8
- Value Added in Conjunction with Minimal Expenditures: Fission has successfully added significantly to the overall resource, while at the same time being mindful of shareholder value and uranium sector market conditions, including low uranium prices, by being prudent in spending during the last three years
- Deposit contained entirely in Basement LithologyContinued, Strong Growth Potential: The Patterson Lake Corridor mineralized trend is open along strike and at depth. The current winter 2018 program is, in part, focusing on further growth of the R1515W zone.
Ross McElroy, president, COO, and chief geologist for Fission, commented:
Our high-grade, near-surface, basement lithology-hosted deposit, in the world’s premier high-grade uranium district, now has an Indicated Resource estimate of 87,760,000 pounds U3O8, plus 52,850,000 pounds U3O8 in the Inferred category. We are also very pleased with the increased gold mineralization, which has the potential to enhance the economics of the deposit. With the deposit open in multiple directions, there is superb potential for continued growth. This is particularly the case for the R1515W zone, which is a high-priority focus in our current winter exploration program. Overall, this new resource estimate is a strong milestone as we continue towards pre-feasibility.