- Fission Uranium Corp. (FCU) has increased the results for a resource estimate for the Triple R deposit on the Patterson Lake South (PLS) property
- Total indicated tonnes have increased by 472,000 tonnes
- The resource has an associated increase of approximately 12.30 per cent in contained uranium oxide and a minor decrease in grade to 1.94 per cent
- Results will go towards a feasibility study expected to be done by the fourth quarter
- Fission Uranium Corp. (FCU) is down 2.35 per cent and is trading at $0.83 per share as of 2:08 p.m. ET
Fission Uranium (FCU) has increased the results for a resource estimate for the Triple R deposit on the Patterson Lake South (PLS) property.
The company stated its total indicated tonnes have increased by 472,000 tonnes, with an associated increase of approximately 12.30 per cent in contained uranium oxide and a minor decrease in grade to 1.94 per cent.
The increase is due to the company’s successful infill drilling programs on the R780E and R840W zones from 2019 to 2021. The results are considered fundamental to the upcoming project feasibility study, which is on track to be done by the company’s fourth quarter.
Ross McElroy, President and CEO of Fission, commented,
“Fission’s resource growth program has been a resounding success… 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 [feasibilty study] mine plan.”
The deposit remains open in multiple directions, and Fission Uranium has two more mineralized zones along trend, which are currently classified as primarily Inferred resources.
The Triple R deposit’s mineralization occurs within the Patterson Lake conductive corridor.
Through previous successful exploration programs, Triple R has evolved into a large, near-surface, basement-hosted, structurally controlled high-grade uranium deposit.
Mineralization along the 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.
Fission Uranium Corp. (FCU) is down 2.35 per cent and is trading at $0.83 per share as of 2:08 p.m. ET.