Fission may possess one of the best indicated and inferred, highest-grade, and largest near-surface uranium deposits in the world.
Pardon the pun, but the uranium mining sector is very hot. But the best place for mining it is very cold, climatically speaking, as in Canada's renowned Athabasca Basin in Northern Saskatchewan.
Fission Uranium Corp. (FCU) (
TSX.FCU,
OTCMKTS: FCUUF,
Forum) hosts the longest mineralized trend in the district and its Triple R is the only existing major, high-grade deposit in the region found at shallow depth.
The company is currently developing the Triple R uranium deposit – part of the multiple award-winning Patterson Lake South (PLS) project. Fission Uranium Corp owns a 100% interest in its Triple R deposit – located on the southwestern edge of Canada's Athabasca Basin. Saskatchewan is ranked in the top 10 ranked jurisdictions in the world for mining investment 2019, according to the Fraser Institute and ranked at #1 in 2020 by the Mining Journal.
The company has already released results of a pre-feasibility study outlining an underground-only plan with potential economics that will rate it as one of the lowest cost uranium operations in the world. With over 80% of the company's landholding unexplored, management's goal is to grow shareholder value through further advancement of the Triple R deposit and continued exploration at the highly prospective PLS project.
Uranium can take many chemical forms, but in nature it is generally found as an oxide (in combination with oxygen). Triuranium octoxide (
U3O8) – a yellow powdery substance – is the most stable form of uranium oxide and is the form most commonly found in nature.
It is now globally recognized by climate scientists, politicians, and environmentalists that nuclear power is not only a part of the clean, green energy solution, but is its most reliable and vital component.
In the News
On June 10th, the Company commenced its much-anticipated Feasibility Study (FS) for the PLS Uranium Project. The feasibility work will kick-off with Phase 1 which will be comprised of extensive data collection using drilling and other fieldwork. The FS follows the results of the Company's Pre-Feasibility Study detailing an underground-only mining scenario, which has outlined the potential for PLS to be one of the lowest operating cost uranium mines in the world.
According to the company, Phase 1 will commence during June 2021 with completion expected by Q2, 2022. Concurrent with Phase 1 field work, a 25-hole core drill program targeting the R840W Zone, will commence by mid-June. The R840W drill program will aim to upgrade the majority of the R840W resource to Indicated category, which then would have the potential to be included in the resource model used for the FS (see below).
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Fission Uranium’s CEO, Ross McElroy, commented on the company’s latest FS:
“The commencement of a Feasibility Study is a major milestone for Fission, and also for the emerging uranium district and its local communities in the Western Athabasca Basin of Saskatchewan, Canada. We have several important advantages heading into the Feasibility stage, including a Pre-Feasibility Study showcasing exceptional potential economics and minimal environmental footprint, extensive environmental data from years of baseline studies, and an unparalleled technical team."
Fission Uranium continues its strategic initiative also as a developer, raising the bar much higher than a pure exploration play. The company raised nearly $60 million in private equity in last nine months, including a recent
$34.5 million bought deal offering. Fission has also entered into an industry-leading
engagement and capacity agreement with the Clearwater River Dene Nation. Of note, Fission is currently advancing towards the Feasibility and Environmental Assessment phases of its PLS Project.
Major Indicated and Inferred Resources
- Indicated Mineral Resource 102,360,000 lbs. U3O8 based on 216,000 tonnes at an average grade of 2.10% U3O8
- Inferred Mineral Resource 32,810,000 lbs. U3O8 based on 1,221,000 tonnes at an average grade of 1.22% U3O8
- Mineral Resources are reported at a cut-off grade of 0.25%.
2021 Drill Program: Untapped Potential
- A large portion (approximately 80%) of the property has yet to be explored.
- Winter / Summer: 43-hole drill program on R780E and R840W zones to expand resource and convert inferred to indicated.
- Summer / Fall: decline holes, test pits, and hole freezing to prove concept of decline for mine plan
- On-going: permitting / social impact, including engineering, stakeholder, and rights-holder agreements.
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In Closing
The uranium market is worth over USD$3 billion per year and Fission Uranium is developing Canada’s largest near-surface, high-grade uranium project and the company says the PLS Project is the right project at the right time for development.
In less than 12 months, FCU has continued to provide strong shareholder value, demonstrating a plus-300% return since late June 2020.
(12 month TSX.FCU stock chart June 2020 – June 2021. Click image to link to chart)
The bottom line on Fission Uranium and the company’s long-term, long-play investment potential from veteran metals & mining investment guru Rick Rule:
“I’m notoriously early (into mining investments) and I like uranium. I own Fission Uranium (and Nexgen) stock. Given where they are in the far western part of the Athabasca Basin, how far they are from infrastructure, they would normally be challenged. Except that the fact that the deposits are high grade...The Fission Deposit is a very good deposit; a borderline Tier One deposit. My suspicion is the quality of those deposits is so extraordinary that even if they don’t get built in the next cycle, they get taken over in the next cycle.”
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For more information, visit fissionuranium.com
FULL DISCLOSURE: This is a paid article of Stockhouse Publishing.