Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended September 30, 2021. The Company's quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.govedgar.shtml, on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars. Read More >>
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CanAlaska-Denison JV Intersects Two New Uranium Occurrences Within 5 km Long "CR3" Structural Corridor, West of Gryphon and Phoenix
High priority follow-up targets defined around unconformity offsets and alteration
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce joint venture drilling by ("JV") partner Denison Mines Corp. ("Denison") has intersected uranium mineralization in drillholes MS-21-02 and MS-21-06 at the Moon Lake South JV project. MS-21-02 intersected 0.14% eU3O8 over 0.2 metres above the unconformity and MS-21-06 intersected 0.12% eU3O8 over 0.2 metres below the unconformity. Denison operates the JV project, while CanAlaska, which maintains a 25% ownership in the project, is funding the Company's share of the 2021 exploration program.
To view an enhanced version of this map, please visit:
The 2021 drilling program was focused on a 5-kilometre long conductive corridor known as the CR-3 conductor (Figure 2). This mineralized corridor is located approximately two kilometres west of the K-trend, host to the Gryphon Deposit on Denison's adjacent Wheeler River property. The 2021 drilling program consisted of 2,353 metres in four drillholes that successfully reached the target depth.
In 2016, as part of the project option from CanAlaska, Denison drilled one diamond drillhole (MS-16-01) near the southern boundary of the Moon Lake South project. The drillhole identified the first new zone of mineralization on the CR3 corridor, with an intersection of fractured and friable sandstone with uranium mineralization immediately at the unconformity (0.1% U3O8 over 0.5 metres).
To view an enhanced version of this map, please visit:
The first drillhole of the 2021 program, MS-21-02, tested a further target on the CR3 conductor approximately 4 kilometres north of mineralized drillhole MS-16-01. This new drillhole intersected grey sooty pyrite alteration in the lower sandstone column associated with a new zone of fracture-controlled uranium mineralization grading 0.14% eU3O8 over 0.2 metres immediately above the unconformity from 488.5 - 488.7 metres. Below the unconformity, two graphitic packages were intersected with several re-activated fault zones characterized by clay gouge, brecciation, and broken core. Drillhole MS-21-02 was drilled at an azimuth of 302˚ with a dip of -79.4˚.
Drillhole MS-21-04, collared at the same location as MS-21-02 at an azimuth of 302˚ with a dip of -70.5˚, tested 70 metres northwest on section of MS-21-02 and intersected the up-dip projection of the basement faults from MS-21-02 in the lower sandstone column. The faults are characterized by desilicification and localized weak sooty pyrite in the sandstone, and bleaching, clay gouge, and localized clay replacement in the basement. There are 10 metres of unconformity elevation offset between the drillholes. The sandstone offset is interpreted to be related to reverse movement along the graphitic faults in the basement. The main structure causing this unconformity offset is a high-priority target for follow-up.
The last drillhole of the program, MS-21-06 tested the conductor approximately 1.2 kilometres north of mineralized drillhole MS-16-01 and 2.7 kilometres south of mineralized drillhole MS-21-02. The new hole intersected basement-hosted uranium mineralization grading 0.12% eU3O8 over 0.2 metres from 550.6 - 550.8 metres. MS-21-06 was drilled at an azimuth of 302˚ with a dip of -75˚. The basement of MS-21-06 consists of an 18-metre wide graphitic pelite that contains a 3 metre wide altered fault zone, followed by granite with a narrow grey quartz-rich pegmatite that hosts the uranium mineralization. The ideal target on this fence, where the graphitic basement with the altered fault zone contacts the unconformity, remains untested.
Drillhole MS-21-03, drilled at an azimuth of 302˚ with a dip of -74˚, is located 900 metres along strike to the northeast of mineralized drillhole MS-21-02. MS-21-03 intersected a 25-metre wide graphitic package 20 metres below the unconformity that contains a fault zone with one metre of associated clay gouge. The ideal unconformity target lies approximately 50 metres northwest and has yet to be tested on this fence.
With the intersection of uranium mineralization in both MS-21-02 and MS-21-06, the 2021 drilling program has now confirmed uranium mineralization in three separate zones over a strike length of 4-kilometres along the CR-3 conductor. Assay results for the 2021 drilling program are pending.
CanAlaska CEO, Cory Belyk, comments, "This is an incredible result for the new Moon Lake South JV and CanAlaska shareholders. The first drilling program under the new JV with Denison has located the main structure and intersected more uranium mineralization. Multiple uranium showings have now been discovered on this project, and the Company looks forward to the next phase of exploration to further build upon this success."
Use of Radiometric Equivalent Grades
During active exploration programs, following the completion of a drillhole, the hole is radiometrically logged using a calibrated downhole total gamma probe. Preliminary radiometric equivalent uranium grades ("eU3O8") are then calculated using the downhole radiometric results from the calibrated gamma probe. A 0.1% eU3O8 cut-off is used for compositing and reporting the data. Equivalent uranium grades are subsequently reported as definitive assay grades following sampling and chemical analysis of the mineralized drill core. In the case where core recovery within a mineralized intersection is less than 80%, radiometric grades are considered to be more representative of the mineralized intersection and may be reported in the place of assay grades. For results from Moon Lake South, Denison has performed detailed QAQC and data verification, where possible, of all datasets. CanAlaska has performed additional QAQC and data verification of the drilling data, including review of the QAQC methods and review of downhole probe and equivalent uranium grade calculation.
The Company has recently terminated a Letter of Intent ("LOI") that was signed 3 September, 2021 with Terra Uranium Pty Ltd. for an option to earn 20% interest in CanAlaska's 100%-owned Waterbury South project near the Cigar Lake uranium mine. Negotiations under the LOIs on the Waterbury East and McTavish projects, also with Terra Uranium Pty Ltd., are still active and are anticipated to be concluded shortly.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.
On behalf of the Board of Directors
Peter Dasler, M.Sc., P.Geo.
CanAlaska Uranium Ltd.
Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Peter Dasler, President
Tel: +1.604.688.3211 x 138
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106217
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Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is pleased to announce that its Board of Directors has approved the adoption of an Indigenous Peoples Policy (the "IPP"). The IPP reflects Denison's recognition of the important role of Canadian business in the process of reconciliation with Indigenous peoples in Canada and outlines the Company's commitment to take action towards advancing reconciliation. View PDF version .
Denison operates in various locations across Canada , on lands that are in the traditional territory of Indigenous peoples, including its exploration and evaluation operations in Saskatchewan , which are in regions covered by Treaty 6, Treaty 8 and Treaty 10 encompassing the traditional lands of the Cree, Dakota, Déne, Lakota, Nakota, Saulteaux, and within the homeland of the Métis. As such, Denison's relations with Indigenous People are unique and varied. Denison's flagship Wheeler River Uranium Project is located within the boundaries of Treaty 10, in the traditional territory of English River First Nation, and in the homeland of the Métis.
David Cates , President & CEO of Denison, commented: " I believe Industry has an important role to play in acknowledging, and building awareness of, the history of Indigenous people in Canada and the critical importance of pursuing the objectives of reconciliation. As such, the adoption of an Indigenous Peoples Policy is a notable step in our Company's journey to bring reconciliation to the forefront of what we do and how we do it. This policy is supported by our Board of Directors, on behalf of Denison shareholders, and is welcome amongst all levels of staff within the organization – from the executive team to operational personnel. We are pleased to formalize our Company's approach to Indigenous relations and commit to the development of a continuously evolving Reconciliation Action Plan."
The IPP was developed based on Denison's experiences with, as well as feedback and guidance received from, Indigenous communities with whom the Company is actively engaged. This approach was designed to ensure the IPP appropriately captures a mutual vision for reconciliation. A copy of the IPP (available in English, French, Cree and Déne languages), and other core corporate policies, are available on the Corporate Governance page of Denison's website ( www.denisonmines.com ).
Overview of Denison's IPP
Denison's IPP reflects the Company's belief that reconciliation is advanced through collaboration with Indigenous peoples and communities to build long-lasting, respectful, trusting and mutually beneficial relationships while aspiring to avoid adverse impacts of Denison's activities and operations.
The IPP identifies 5 key areas of action that will support the ongoing development of a continuously evolving Reconciliation Action Plan ("RAP"): Engagement; Empowerment; Environment; Employment; and Education. Through the RAP, Denison is striving to interweave the principles of reconciliation throughout all areas of the company's operations.
In expressing the Company's intentions in the IPP, Denison carefully considered the standards and principles articulated by The United Nations Declaration on the Rights of Indigenous Peoples and Call to Action 92 (Business and Reconciliation) from Canada's Truth and Reconciliation Commission (the "TRC").
About Reconciliation in Canada
The TRC was established in 2008 and was mandated to reveal to Canadians the complex truth about the history and the ongoing legacy of residential schools in a manner that fully documents the individual and collective harms against Indigenous peoples, and to guide and inspire a process of truth and healing, leading toward reconciliation within Indigenous families, and between Indigenous peoples and non-Indigenous communities, churches, governments, and Canadians generally.
As the TRC summarizes in its reports from 2015, the residential school system was "part of a coherent policy to eliminate Aboriginal people as distinct peoples and to assimilate them into the Canadian mainstream against their will." Operating over a period of almost 130 years, from 1870 to 1997, the Government of Canada estimates that over 150,000 First Nation, Métis, and Inuit students passed through the system.
Reconciliation is described by the TRC as "an ongoing individual and collective process of establishing and maintaining respectful relationships… amongst First Nations, Inuit and Métis former Indian Residential School students, their families, communities, religious entities, former school employees, government and the people of Canada ." Amongst many other things, the TRC notes that "a critical part of this process involves repairing damaged trust by making apologies, providing individual and collective reparations, and following through with concrete actions that demonstrate real societal change".
In support of the reconciliation process, the TRC issued 94 Calls to Action – including, but not limited to, those related to child welfare, education, language and culture, health, justice, the rights of Indigenous peoples, missing children and burial information, commemoration, media, sport, and business.
More information about Canada's Truth and Reconciliation Commission can be obtained from the Government of Canada's website ( https://www.rcaanc-cirnac.gc.ca/eng/1450124405592/1529106060525 ) and the website for the National Centre for Truth and Reconciliation ( https://nctr.ca/ ).
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada . The Company has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan . Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake joint venture, which includes several uranium deposits and the McClean Lake uranium mill that is contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest Main and Midwest A deposits, and a 66.90% interest in the Tthe Heldeth Túé ("THT," formerly J Zone) and Huskie deposits on the Waterbury Lake property. Each of Midwest Main, Midwest A, THT and Huskie are located within 20 kilometres of the McClean Lake mill.
Through its 50% ownership of JCU, Denison holds additional interests in various uranium project joint ventures in Canada , including the Millennium project (JCU 30.099%), the Kiggavik project (JCU 33.8123%) and Christie Lake (JCU 34.4508%).
Denison is also engaged in mine decommissioning and environmental services through its Closed Mines group, which manages Denison's Elliot Lake reclamation projects and provides post-closure mine care and maintenance services to a variety of industry and government clients.
Follow Denison on Twitter @DenisonMinesCo
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this news release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation concerning the business, operations and financial performance and condition of Denison.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur', 'be achieved' or 'has the potential to'. In particular, this news release contains forward-looking information pertaining to the IPP and Denison's intentions and expectations with respect thereto; and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 26, 2021 under the heading 'Risk Factors'. These factors are not, and should not be construed as being exhaustive.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.
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Vancouver, Canada, December 2, 2021 CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) ("CanAlaska" or the "Company") is pleased to announce joint venture drilling by ("JV") partner Denison Mines Corp. ("Denison") has intersected uranium mineralization in drillholes MS-21-02 and MS-21-06 at the Moon Lake South JV project. MS-21-02 intersected 0.14% eU3O8 over 0.2 metres above the unconformity and MS-21-06 intersected 0.12% eU3O8 over 0.2 metres below the unconformity. Denison operates the JV project, while CanAlaska, which maintains a 25% ownership in the project, is funding the Company's share of the 2021 exploration program. Read More >>
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GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or the "Company"), announces that, pursuant to its Share Purchase Option Plan, it has granted incentive stock options to the Company's Head of IR and Corporate Communications to purchase up to an aggregate of 500,000 Class A common shares in the capital stock of GoviEx.
The stock options are exercisable at a price of $0.39 per share and will vest 25% on the date of grant and thereafter, 25% on each anniversary of the date of grant until fully vested. The options expire on December 1, 2026.
About GoviEx Uranium
GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its multi-element Falea Project in Mali.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106259
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Uranium is an important metal in the energy sector because it provides fuel for nuclear power generation, which supplies 10 percent of global energy needs.
Over the past decade, the uranium price has struggled to recover from the 2011 Fukushima nuclear disaster, when a massive earthquake and subsequent tsunami severely damaged several Japanese nuclear reactors.
As a result, the demand for new nuclear reactors fell drastically as public fears over radioactivity risks understandably rose. This lack of demand growth coupled with excess supply have weighed heavily on both the uranium spot price and uranium contract prices over the last decade.
In turn, low prices have hamstrung uranium exploration and mine production in recent years. Many major companies have placed their operations on care and maintenance until uranium prices move above US$50 to US$60 per pound — the key level at which uranium production becomes economically viable.
For nearly a decade, the uranium price hadn't moved above that important level, leaving many investors disappointed. But in September 2021, uranium market watchers started to see some light at the end of the tunnel as supply cuts from major producers like Kazakhstan's Kazatomprom (LSE:KAP) and Canada's Cameco (TSX:CCO,NYSE:CCJ), alongside the emergence of the Sprott Physical Uranium Trust (TSX:U.UN), set the stage for uranium prices to reach US$50.80, albeit briefly.
As with many of the world's most critical commodities markets, the global COVID-19 crisis has derailed uranium production. A key indicator that rising uranium prices would soon be on the horizon came in late August 2020, when Kazatomprom announced that it had started buying uranium on the spot market to fulfill contracts after the coronavirus pandemic upended the global market. Analysts with a bullish sentiment for yellowcake began to call for a potential uranium market rebound at that time.
If the minimum price for a return to good times in the uranium sector is US$50 to US$60, what was the highest price for uranium? Read on for the answer to that question, as well as a look at what factors have shaped historical prices. We'll also consider what all this means for the uranium price now and in the future.
Highest price for uranium: How is uranium traded?
Before discovering the highest price for uranium, it's worth looking at how this commodity is traded. To truly understand how prices are set, investors need to know how yellowcake is bought and sold.
While it is possible to trade uranium futures on the NYMEX or through CME Group (NASDAQ:CME), investors can't take actual possession of the metal as they can with precious metals. The obvious reason is that uranium is highly radioactive; therefore, international laws exist that regulate all aspects of the uranium supply chain, from how it is mined and refined to how it is transported and stored, as well as how it changes hands in the marketplace.
Unlike other commodities such as gold and silver, physical uranium does not trade on the open market. Buyers are often utilities companies that purchase enriched uranium for use as nuclear fuel through privately negotiated contracts with sellers. Uranium contracts often range between two and 10 years and are either set at a long-term fixed price or use the current uranium spot price as a base price, with economic corrections to be made at later dates based on an agreed-upon formula.
A one time uranium delivery can be bought based on the spot price at the time of purchase, but this only occurs in about 15 percent of uranium deals. Uranium spot market buying is often conducted by producers looking to fulfil contracts in the face of output shortfalls, as Kazatomprom did in August 2020.
Highest price for uranium: Supply and demand
Like other commodities, the uranium spot price is mostly influenced by supply and demand dynamics. Analysts bullish on the metal believe we've seen the bottom of the uranium market cycle and that price increases are supported by attractive supply and demand fundamentals.
About 10 percent of the world's energy needs are met by nuclear energy generated by the current number of 445 reactors. With 50 nuclear reactors in various stages of construction worldwide, the nuclear energy sector is one of the biggest drivers of demand for uranium.
China alone is constructing 16 new reactors, and three new reactors are under construction in Russia with another 11 planned; India has seven nuclear reactors under construction.
On the supply side, years of ultra-low uranium prices have meant fewer companies are searching out new uranium resources to bring to market, while major producers have shuttered mines and mothballed expansion projects.
Examples of shuttered projects include Cameco's closure of the Saskatchewan-based McArthur River mine in 2018 and the uranium giant's temporary closure at Cigar Lake in response to the COVID-19 pandemic.
These operations are considered the world's top two uranium-producing mines. Both are located in Canada, once ranked as the world's second largest uranium-producing country after Kazakhstan. However, uranium production cuts have dropped Canada down to fourth place behind Australia and Namibia. Uzbekistan rounds out the top five of the world's largest uranium producers.
Responsible for more than 40 percent of global uranium production, Kazakhstan began cutting its annual production levels in 2018 and plans to continue "flexing down" its uranium output through 2022.
Highest price for uranium: Historical price action
Uranium price chart, 2012 to 2021.
What was the highest price for uranium? The uranium price peaked at US$136.22 in early June 2007, an impressive increase after it started the year at US$72.
The top price ever for uranium is a far cry from where it was at the dawn of the 21st century, when it was trading at a low of US$7. The price began its upward trend in 2003 on increasing global energy demands and the role of nuclear energy in meeting those demands, especially in China and India.
Part of what caused the massive uranium price uptick came from the supply side — Cameco's massive Cigar Lake mine in Saskatchewan flooded in 2006, delaying the start of production for several years. Being one of the largest undeveloped uranium deposits in the world, the unexpected delay took a serious toll on the market and contributed to the exponential growth in prices in 2007.
However, the high price levels seen in 2007 didn't last. The 2008 economic crisis sent prices for uranium crashing, alongside levels for other commodities. By early 2009, prices had fallen below the key US$50 level and slid further in 2010 to the US$40 range. Signs of a global economic recovery and the coinciding rising demand for energy metals in 2011 was very price positive for uranium.
Still, the low price environment over the years prior significantly sidelined uranium exploration and development, heightening supply-side concerns that were also supportive of higher uranium prices. As a result, prior to Fukushima uranium prices were shooting up past the US$70 level.
After the Fukushima fallout, the U3O8 spot price was on a slow slide to lows not seen since the start of the century, bottoming at US$18 in November 2017. For the next three years, the price of uranium struggled to break US$25.
As mentioned, in 2020, the uranium spot price began moving higher, increasing more than 30 percent in the first half of the year. By September 2021, prices had hit a nine year high of US$50.80. As of late November, uranium prices were still teasing another break above the US$50 level, trading at around US$48.
Will the uranium price rebound even higher? That question is still to be answered, although Rick Rule, formerly of Sprott (TSX:SII,NYSE:SII) and now with Rule Investment Media, had some advice for uranium market watchers when the Investing News Network (INN) spoke with him in January 2020.
"I would encourage speculators who can afford the risk and are patient to participate, because the universe of good uranium issuers is very small," he said. "And when the market returns, which it will, the upside could be absolutely dramatic. But if you're impatient it's the wrong game."
In a mid-2021 INN interview, Rule reiterated his bullish support for uranium upside, emphasizing that almost everything is in place for a strong uranium market. The last remaining catalyst is Japanese reactor restarts.
Highest price for uranium: Investor takeaway
We've answered the question, "What was the highest price for uranium?" But it remains to be seen if uranium will continue its rebound. The main factors to watch continue to be growth in the number of nuclear reactors online and under construction, as well as decreasing mine supply.
For more information on entering the uranium market, click here to read our overview of stocks, exchange-traded funds and uranium futures.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
TSX SYMBOL: FCU
OTCQX SYMBOL: FCUUF
FRANKFURT SYMBOL: 2FU
Fission Uranium Corp. (" Fission " or " the Company ") is pleased to announce the Saskatchewan Ministry of Environment ("MOE") has formally accepted the recently submitted Project Description ("Technical Proposal") for the PLS uranium project (the "Project") in Saskatchewan, Canada . With this acceptance, Fission has now commenced the Environmental Assessment ("EA") as per the requirements of The Saskatchewan Environmental Assessment Act. Fission has requested approval under Section 15 of the Act and is looking for a determination from the Saskatchewan Minister of Environment that the Project is a Development. The result of this is that Fission will be required to produce an environmental impact assessment (EIA) for the Project. In support of this, Fission has also submitted a draft Terms of Reference that will be finalized by the province in consultation with other stakeholders. The final Terms of Reference will guide Fission's EA development.
While the proposed project does not formally trigger an Impact Assessment (IA) under the Canada Impact Assessment Act, 2019, there will be close coordination required between the province and the Canadian Nuclear Safety Commission (CNSC), Canada's life cycle nuclear regulator, to ensure that the EA includes components that will support the environmental aspects of CNSC licensing. Fission is currently working with CNSC to explore the most appropriate time for submission of an Initial License Application.
Ross McElroy , President and CEO for Fission, commented, " Fission is very pleased to be commencing the EA process, and we will be working closely with all rights holders and stakeholders as well as the government regulatory bodies as we advance towards this important milestone for our PLS project. As a result of nearly ten years of detailed environmental data collection and analysis, initial engineering studies, together with respectful, honest engagement with our local communities, the Company starts the EA in a strong position as it advances towards the next phase of development."
The 100% owned PLS Project is a proposed uranium mining and milling operation that will be owned and operated by Fission Uranium. The project is located in Treaty 8 Territory and Homeland of the Métis in the southwestern Athabasca Uranium Basin region of northwestern Saskatchewan, Canada . The project is situated approximately 157 km north of the town of La Loche , and 640 km by air northwest of Saskatoon . The mineral resource base for the Project is the Triple R Deposit, Canada's premiere, large, shallow-depth, high-grade basement-hosted uranium deposit.
Fission has been engaging with local rights-holder and stakeholder communities since exploration began at PLS in 2011. Engaging openly and honestly, building strong relationships, and working collaboratively with the local communities is important to Fission, and the Project would not be where it is today without community input. Since 2011, community feedback has inspired Fission to adopt a robust approach to environmental studies, monitoring, and stewardship informed by western science and Indigenous knowledge. Community feedback also prompted Fission to adjust the project approach by selecting an underground-only mining plan in place of a hybrid approach, which would have impacted Patterson Lake , and choosing not to realign the highway.
Through strategic community investments, Fission aims to help communities reach their goals by supporting local educational, cultural, and health initiatives, and by prioritizing the hiring of local community members and suppliers. During the EA process and future phases of development, Fission looks forward to continuing to work closely and transparently with local rights-holders and stakeholders.
The Project as proposed will include underground and surface facilities to support the mining and processing of uranium ore from the Triple R Deposit. The primary components included in the Project scope for the EA, are:
- Underground mine development utilizing both ramp and shaft access;
- On-site surface processing plant to produce yellowcake;
- Surface facilities to support the short and long-term storage of ore and waste rock;
- Surface Tailings Management Facility (TMF) to store all processing tailings;
- Water management and effluent treatment facilities; and
- Site support infrastructure including accommodation facilities for personnel, an airstrip for transporting personnel, maintenance shops, warehouse, and offices.
PLS Mineralized Trend & Triple R Deposit Summary
Uranium mineralization of the Triple R deposit at PLS occurs within the Patterson Lake Conductive Corridor and has been traced by core drilling over ~3.18 km of east-west strike length in five separated mineralized "zones" which collectively make up the Triple R deposit. From west to east, these zones are: R1515W, R840W, R00E, R780E and R1620E. Through successful exploration programs completed to date, Triple R has evolved into a large, near surface, basement hosted, structurally controlled high-grade uranium deposit. The discovery hole was announced on November 05, 2012 with drill hole PLS12-022, from what is now referred to as the R00E zone.
The R1515W, R840W and R00E zones make up the western region of the Triple R deposit and are located on land, where overburden thickness is generally between 55 m to 100 m . R1515W is the western-most of the zones and is drill defined to ~90 m in strike-length, ~68 m across strike and ~220 m vertical and where mineralization remains open in several directions. R840W is located ~515 m to the east along strike of R1515W and has a drill defined strike length of ~430 m. R00E is located ~485 m to the east along strike of R840W and is drill defined to ~115 m in strike length. The R780E zone and R1620E zones make up the eastern region of the Triple R deposit. Both zones are located beneath Patterson Lake where water depth is generally less than six metres and overburden thickness is generally about 50 m . R780E is located ~225 m to the east of R00E and has a drill defined strike length of ~945 m. R1620E is located ~210 m along strike to the east of R780E, and is drill defined to ~185 m in strike length.
The Company completed and filed a prefeasibility "PFS" study on November 07, 2019 titled "Pre-Feasibility Study on the Patterson Lake South Property Using Underground Mining Methods, Northern Saskatchewan, Canada ". The report summarizes the Pre-Feasibility Study ("UG PFS"), which outlines an underground-only mining scenario for PLS which to date has only considered the R00E and R780E zones. Further work, including additional drilling may provide sufficient data for future inclusion of the R1515W, R840W and R1620E zones into the Feasibility Study mine plan.
Mineralization along the Patterson Lake Corridor trend remains prospective along strike in both the western and eastern directions. Basement rocks within the mineralized trend are identified primarily as mafic volcanic rocks with varying degrees of alteration. Mineralization is both located within and associated with mafic volcanic intrusives with varying degrees of silicification, metasomatic mineral assemblages and hydrothermal graphite. The graphitic sequences are associated with the PL-3B basement Electro-Magnetic (EM) conductor.
Patterson Lake South Property
The 31,039 hectare PLS project is 100% owned and operated by Fission Uranium Corp. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine and passes the nearby Nexgen Arrow deposit located 3km to the east and UEX-Areva Shea Creek discoveries located 50km to the north.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy , P.Geol., President and CEO for Fission Uranium Corp., a qualified person.
About Fission Uranium Corp.
Fission Uranium Corp. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property - host to the class-leading Triple R uranium deposit - and is headquartered in Kelowna , British Columbia. Fission's common shares are listed on the TSX Exchange under the symbol "FCU" and trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF."
ON BEHALF OF THE BOARD
Ross McElroy , President and CEO
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: risks related to the Offering, risks related to Fission's limited business history, risks related to the nature of mineral exploration and development, discrepancies between actual and estimated mineral resources, risks related to uranium market price volatility, risks related to the market value of the common shares of Fission, risks related to market conditions, risks related to the novel coronavirus (COVID-19) pandemic, including disruptions to the Company's business and operational plans, risks related to the global economic uncertainty as a result of the novel coronavirus (COVID-19) pandemic and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com . The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
SOURCE Fission Uranium Corp.
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