Fission applies for uranium mining license

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Fission Uranium Corp. [FCU-TSX; FCUUF-OTCQX; 2FU-FSE] has submitted an application for a license to construct a uranium mine and mill facility at its Patterson Lake South property in Saskatchewan, which hosts the high-grade Triple R uranium deposit.

Additionally, Fission said it has commenced the Front End Engineering Design and continues to advance the PLS Project on schedule, including the completion of geotechnical drilling, hydrogeological holes, test pits as well as downhole Vertical Seismic Profiling geophysical surveys.

“Our development path to production is progressing on schedule, and at the same time, the fundamentals for uranium continue to strengthen in line with the global reactor construction boom,’’ said Fission President and CEO Ross McElroy.

The 31,039-hectare PLS project is 100%-owned and operated by Fission. The project is accessible by road with primary access from all-weather Highway 955, which runs north of the former Cluff Lake mine and passes the NexGen Energy Ltd. [NXE-TSX, NYSE] Arrow deposit located 3.0 kilometres to the east and UEX Corp. Areva Shea Creek discoveries located 50 kilometres to the north.

Fission recently published the results of a feasibility study outlining the potential for Triple R to become one of the lowest cost uranium mines in the world.

Highlights of the study include a construction timeline of three years with an estimated initial capital cost of $1.15 billion. The study also envisages an increased time line of 10 years with a life of mine production of 90.9 million pounces of U3O8 at an average unit operating cost of $13.02 a pound (US$10 a pound).

The study is based on an indicated resource of 2.7 million tonnes of 1.94% U308 and 0.61 g/t gold or 114.9 million pounds of uranium and 52,700 ounces of gold in five zones.

While the feasibility study only considers indicated resources from the R780E, R840W and R00E zones, the mine plan has been deliberately designed to easily accommodate additional material from the R1515W and R1620E zones based on the potential future conversion of inferred resources to indicated resources.

Access to the deposit is envisaged via a decline from land, thus eliminating the need for a system of dykes and slurry walls, dewatering and overburden removal, resulting a reduction of 90% of total mine-related earth movement.

An application for a license to construct has been submitted to the Canadian Nuclear Safety Commission (CNSC) as per the requirements of the Nuclear Safety and Control Act. The Environmental Assessment of the project is continuing on schedule with community engagement, baseline assessment reporting and data compilation.

On April 26, 2023, Fission shares closed at 59 cents and currently trade in a 52-week range of $1.00 and 54 cents.

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