Posted in | Uranium

Progress of Triple R Deposit Towards Pre-Feasibility Study

FISSION URANIUM CORP. ("Fission" or "the Company") is pleased to make an announcement that preparations have started for a $9.4M winter work program at its award-winning PLS project in Canada's Athabasca Basin. The 31 hole program will concentrate on two key goals: growth of the newly-discovered, high-grade R1515W zone and accelerating progress towards the pre-feasibility study "PFS", which is a great milestone for potential eventual production at PLS.

Fission has retained Roscoe Postle Associated Inc. "RPA" in order to serve as the lead consultant for the accomplishment of a PFS and to author a NI 43-101 Technical Report for supporting the disclosure of the PFS. RPA will directly perform the mine development plan and offer overall project management services in order to oversee and then coordinate inputs from all technical contributors to the PFS. RPA will be supported by a number of highly-regarded engineering and consulting firms with appropriate specialization and experience in metallurgical, geotechnical, environmental aspects of large scale uranium mining operations conducted in northern Saskatchewan, many of which have a prolonged working relationship with Fission and the PLS project.

Growing the High-Grade, Near-Surface, Land-based R1515W Zone: Eight holes (2,720 m) will concentrate on additional expansion of the newly-discovered, high-grade, shallow and land-based R1515W zone.

  • The land-based R1515W is the westernmost zone on the 3.18 km trend outlined by Fission as the Company pushes west from the Triple R deposit, towards the huge, high-grade boulder field.
  • Drill results on the R1515W zone have been extremely promising to date, and include results such as hole PLS17-564 (line 1545W), based at 1.4km west of the Triple R Deposit, which intersected 128.0 m of total composite mineralization, including intervals such as 7.0 m @ 6.90% U3O8 in 14.50 m @ 3.39% U3O8 and 7.0 m @ 6.36% U3O8 in 10.50 m @ 4.35% U3O8.
  • The R1515W displays a few important geological characteristics similar to the R780E zone, such as multiple stacked lenses, which can be a component of extensive, high-grade mineralization

Quickening Progress Towards Pre-Feasibility Study: 23 holes (3,840 m) will continue to enhance the resource development of the Triple R deposit to PFS level.

  • Upgrade resource classification for vital high-grade, high-impact areas of the R780E zone from inferred to indicated category (6 holes in 1,980 m). The Triple R deposit as presently estimated, has 75% of its resource classified as indicated, while 25% of the resource is classified as inferred. It is anticipated that upgrading main areas of the resource from inferred to indicated will lead to a positive impact on the PFS.
  • Geotechnical drilling and analysis of bedrock (3 holes in 700 m)
  • Geotechnical drilling of overburden (12 holes in 920 m)
  • Re-drill hydrogeological holes needed for long-term ground-water analysis (2 holes in 240 m)
  • Complete the Phase 2 metallurgical study already in progress
  • Continuation of data collection and analysis of the Baseline Environmental Study
  • Continuation of engagement with First Nations, community and government

Ross McElroy, President, COO, and Chief Geologist for Fission, commented:

"With the PFS planned to be completed by the end of 2018, our programs are designed to advance the Triple R deposit towards that point. The uniquely near-surface, high-grade mineralization at PLS allows us to pursue multiple goals simultaneously. We will also be targeting further growth of R1515W - the exciting land-based zone, over 1.4km west of the Triple R, which has several similar characteristics to the R780E zone, and has delivered the widest intervals of mineralization outside of our deposit."

PLS Mineralized Trend and Triple R Deposit Summary

Uranium mineralization at PLS takes place within the Patterson Lake Conductive Corridor and has been discovered by core drilling approximately 3.18 km of east-west strike length in five separated mineralized "zones". From west to east, these zones include: R1515W, R840W, R00E, R1620E and R780E. Thus far only the R780E and R00E have been included in the Triple R deposit resource estimate, where-as the R1620E and R840W zones and the latest addition of the R1515W zone, fall outside of the present resource estimate window.

The discovery hole of what is presently referred to as the Triple R uranium deposit was announced on November 05, 2012 with drill hole PLS12-022, from what is assumed to be part of the R00E zone. Through successful exploration programs completed to date, it has developed into a large, near surface, basement hosted, structurally controlled high-grade uranium deposit.

The Triple R deposit comprises of of the R00E zone on the western side and the much bigger R780E zone further on strike to the east. Within the deposit, the R780E and R00E zones have an overall combined strike length validated by a resource estimate of almost 1.05 km with the R00E measuring almost 105 m in strike length and the R780E zones measuring approximately 945 m in strike length. A 225 m gap divides the R00E zone to the west and the R780E zones to the east, via sporadic narrow, weakly mineralized intervals from drill holes within this gap highlight the potential for further significant mineralization in this area. The R780E zone is based beneath Patterson Lake which is almost six meters deep in the area of the deposit. The whole Triple R deposit is covered by almost 50 m to 60 m of overburden.

Mineralization continues to be open along strike in both the eastern and western directions. Basement rocks inside the mineralized trend are identified mainly as mafic volcanic rocks with changing degrees of alteration. Mineralization is both located within and associated with mafic volcanic intrusives with changing degrees of silicification, hydrothermal graphite and metasomatic mineral assemblages. The graphitic sequences are linked with the PL-3B basement Electro-Magnetic (EM) Conductor. The R840W zone, based 495 m west along strike of the Triple R deposit, currently comprises of a defined strike length of 465 m and is still open. The recent discovery of the high-grade R1515W zone located a further 510 m to the west of the R840W zone, presently has a defined strike length of 71 m and an across-strike lateral width of up to 64 m with vertical extension up to 171 m. Mineralization is open. The R1515W and R840W zones have considerably upgraded the prospectivity for further growth on land to the west of the Triple R deposit inside the Patterson Lake Corridor. The newly discovered high-grade mineralization in the R1620E zone, located 210 m to the east along strike similarly has majorly upgraded the prospectivity for further growth of the PLS resource to the east of the Triple R deposit.

Patterson Lake South Property

The 31,039 hectare PLS project is 100% operated and owned by Fission Uranium Corp. PLS can be accessed by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine and passes via the nearby UEX-Areva Shea Creek discoveries based 50 km to the north, presently under active exploration and development.

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