Fission Uranium (FCU.T) announced the assay results from their winter 2021 resource expansion drill program at their PLS Project. The assays confirmed high-grade mineralization on multiple lines between line 900E and line 1125E.

The results are from Fission’s Triple R deposit, which is located in the Athabasca Basin, in Saskatchewan, an area famous for its uranium mines. Fission reported that all 20 holes returned wide intercepts in multiple stacked intervals in each hole, with 15 holes hitting high-grade intervals. The drilling of the 20 holes totaled 7,147.8m and was sufficiently spaced out to qualify for ‘indicated’ status. Fission plans on using these drill results as part of an upcoming feasibility study.

The biggest highlights from the assay results were:

PLS21-602 (line 915E)

  • 69.5m of total composite uranium mineralization with key intercepts including:
    • 14.5m at 6.11% U3O8, including:
      • 4.5m at 18.63% U3O

PLS21-600 (line 900E)

  • 62.5m of total composite uranium mineralization with key intercepts including:
    • 11.5m at 4.62% U3O8, including:
      • 5.0m at 9.27% U3O

PLS21-597 (line 900E)

  • 70.0m of total composite uranium mineralization with key Intercepts including:
    • 16.0m at 1.12% U3O8, including:
      • 1.0m at 7.53% U3O8

PLS21-607 (line 1065E)

  • 40.0m of total composite uranium mineralization with key Intercepts including:
    • 17.0m at 2.97% U3O8, including:
      • 2.5m at 14.67% U3O8

“These successful, robust drill results are a strong validation of our growth strategy for the deposit. Specifically, they have the potential to expand the size and quality of the resource from the R780E zone to be used in our upcoming feasibility study,” stated Ross McElroy, President and CEO of Fission.

What makes Fission’s PLS Project interesting is not just the grades of the uranium found, but also the depth: the deposit is much shallower than is typical. Substantial high-grade mineralization starts just 50m from the surface at the Triple R deposit, making it the shallowest deposit in the Athabasca Basin.

Fission’s Pre-Feasibility Study showed that the PLS Project could be one of the cheapest uranium projects in the world. A combination of low-cost and high-grade is never a bad thing. Add the project’s access to infrastructure, such as its accessibility by the all-weather Highway 955 and its location in the mining-friendly province of Saskatchewan, and you see there’s a lot to like about Fission’s Triple R deposit.

Following the news, FCU shares are up 2 cents and are currently trading at $0.56.

Written By:

Piers Eaton

Canadian, English, and American writer, interested in human behavior. Can usually be found on reading or on a walk. Passable musician and decent snowboarder.

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Athabasca Basin
Fission Uranium
PLS Project
Triple R
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