PR Newswire FinancialNewsMedia.com News Commentary - Over this past year, uranium mining operations have increased, and they are projected to rise in the coming years in response to rising worldwide demand. The uranium ore mining market consists of sales of uranium ores and concentrates by entities (organizations, sole traders, and partnerships) that mine and beneficiate uranium-radium-vanadium ores. According to a recent report via ReportLinker, the global uranium ore mining market is expected to grow from $8.94 billion in 2021 to $9.82 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The uranium ore mining market is expected to grow to $11.54 billion in 2026 at a compound annual growth rate (CAGR) of 4.1%. The report said: "The main types of uranium ore mining are granite-type uranium deposits, volcanic-type uranium deposits, sandstone-type uranium deposits, and carbonate-siliceous-pelitic rock-type uranium deposits. Carbonate-siliceous-pelitic rock-type uranium deposits are an important mineralization phenomenon outside the Red Bed. Both not only have the same source, same time, and same area but also have the relationships of cause and effect. The mining type includes underground mining, and surface mining. Active companies in the markets today include: BASIN URANIUM CORP. (OTCPK: BURCF) (CSE: NCLR), Rio Tinto Group (NYSE: RIO), BHP Group Limited (NYSE: BHP), Cameco Corporation (NYSE: CCJ) (TSX: CCO), Fission Uranium Corp. (OTCQX: FCUUF) (TSX: FCU).
Fission Uranium Corp. (OTCQX: FCUUF) (TSX: FCU) recently announced the results of an updated independent resource estimate for the Triple R deposit, which includes the R1515W, R840W, R00E, R780E and R1620E zones at its 100% owned, Patterson Lake South (PLS) property in Canada's Athabasca Basin region. Total Indicated tonnes have increased by ~21.3% (~472,000 tonnes) compared to the previous Mineral Resource (dated September 19, 2019), with an associated increase of approximately 12.3% in contained U3O8 and a minor decrease in grade from 2.10% U3O8 to 1.94% U3O8. The new, larger resource is primarily due to the successful infill drilling programs on the R780E and R840W zones from 2019 to 2021 and will be fundamental to the Feasibility Study (FS), including life of mine (LOM) calculations and processing schedule.
Ross McElroy, President and CEO for Fission, commented, "Fission's resource growth program has been a resounding success. The increased resource estimate of the Triple R deposit at PLS will play an important role in the calculations used for the feasibility study, the results of which are expected by year end. It's important to note that much of the growth has come from the R840W zone, the majority of which is now classified as Indicated, which will allow for inclusion in the new FS mine plan. In terms of further growth, the deposit remains open in multiple directions, and we do of course have another two mineralized zones along trend which are still classified as primarily Inferred resources."