Fission Uranium Corp. [FCU-TSX; FCUUF-OTCQX; 2FU-FSE] on Tuesday released scintillometer results from the summer 2021 resource upgrade drill program at its 100%-owned Patterson Lake South (PLS) property in Saskatchewan.
The property hosts the high-grade Triple R uranium deposit, which has the potential to become one of the lowest cost uranium mining operations in the world, Fission has said.
On Tuesday the company said resource expansion drilling on the R840W Zone returned high grade mineralization in 19 holes of the 25 drilled. “We hit mineralization with all 25 holes, testing over 353 metres of strike length of the R840W zone, the majority of which intersected considerable high-grade intervals,’’ said Fission President and CEO Ross McElroy.
“As we await confirmation with assay results, we believe this represents a strong validation of our growth strategy as we continue to develop the project,’’ he said.
Fission shares advanced on the news, rising 4.5% or $0.025 to 57 cents on volume of 538,930. The shares are trading in a 52-week range of 69 cents and 23 cents.
The announcement comes after Fission recently launched a feasibility study at the PLS property. In September, 2019, the company released the results of a pre-feasibility study (PFS) for an underground-only mining scenario at Patterson Lake South.
However, the study only considered the ROOE and R780E zones. The company has said further work, including additional drilling may provide sufficient data for further inclusion of the R1515W, R840W and R1620E zones into the feasibility study mine plan.
In keeping with that goal, the company launched a 25-hole core drill program in mid-June targeting the R840W zone which is located on land about 500 metres west of Patterson Lake.
The hope is that R840W can be included in the resource model for the feasibility study.
On Tuesday, the company said the goal of summer resource drilling is to upgrade the majority of the R840W zone by decreasing the spacing between drill hole mineralized intercepts. The resource upgrade drilling was conducted in conjunction with the continuing phase one of the feasibility work at PLS.
McElroy has said 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.
The 31,039-hectare Patterson Lake Project is accessible by road with the 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. [UEX-TSX, UEXCF-OTC]-Areva Shea Creek discoveries located 50 kilometres to the north.