Salman Partners comments on Fission Uranium CorporationAccording to Salman Partners:
Uranium Exploration
Fission Uranium’s Triple R deposits have room to grow
Background:
Fission Uranium Corp. (FCU – TSX) owns 100% of the PLS Project in the Athabasca Basin of Saskatchewan. PLS hosts the Triple R uranium deposits.
Fission's consultants estimate Indicated Mineral Resources for Triple R at 2,011,000 tonnes with an average grade of 1.83% U3O8, and Inferred Mineral Resources at 785,000 tonnes with an average grade of 1.57% U3O8. The total amount of uranium contained in each Resource totals 81 million pounds and 27 million pounds, respectively. The mineralization is contained entirely within basement rocks (unlike some Athabasca deposits that are hosted by overlying sandstones and present a challenge to be mined).
Event:
Yesterday, Fission announced assays from 10 holes drilled during the summer of 2015. All of the 10 holes were mineralized, with five holes reporting high-grade intersections. "Of key importance," said Fission, "the shallow R600W zone, for which a resource estimate has not yet been determined ... has once again returned very strong, high-grade intervals" The best of these intervals was 5.0m grading 11.1% U3O8.
Of additional importance, hole PLS15-416 ... [opened up] a new high-grade area".
The best intersection from PLS15-416 was of 6.0 m grading 9.02%.
Mineralization remains open along strike both to the west and to the east of the known mineralization.
Implications:
Fission's results suggest that the company has not yet finished delineating the Triple R deposit, and that investors can expect further, significant growth in the Resources outlined at Triple R.