FISSION URANIUM CORP. is pleased to announce the results of an independent resource estimate for the R00E and R780E zones at its 100-per-cent-owned Patterson Lake South (PLS) property in Northern Saskatchewan. This highly-significant, high-grade uranium deposit has been named the ‘Triple R’ deposit.
The Triple R deposit is estimated to contain:
- 79,610,000 lbs U3O8 indicated mineral resource based on 2,291,000 tonnes at an average grade of 1.58% U3O8, including: High-grade zone of 44,297,000 lbs U3O8 based on 110,000 tonnes at a grade of 18.21% U3O8
- 25,884,000 lbs U3O8 inferred mineral resource based on 901,000 tonnes at an average grade of 1.30% U3O8, including: High-grade zone of 13,860,000 lbs U3O8 based on 24,000 tonnes at a grade of 26.35% U3O8
The current indicated and inferred mineral resources are stated using a cut-off grade of 0.1 per cent U3O8.
Ongoing ‘Triple R’ Resource Growth and Exploration in 2015: Fission is planning to complete large winter and summer drilling programs in 2015, including a $10M, 63 hole (20,230 metre) winter program expected to begin on January 15th.
Largest Undeveloped Resource in Athabasca Region
This resource estimate places Fission’s Triple R deposit in an elite group of world-class, high-grade uranium deposits of the Athabasca Basin region that includes the McArthur River and Cigar Lake mines. The Triple R deposit now ranks third in size behind the McArthur River and Cigar Lake deposits respectively, which are both currently producing mines and as such represents the largest undeveloped resource in the Athabasca Basin region.
Includes Important Gold Resource
Gold mineralization is associated with the uranium mineralization in the Triple R deposit and is reported as part of the mineral resource:
- 38,000 ounces Au Indicated Mineral Resource based on 2,291,000 tonnes of mineralization at an average grade of 0.51 g/t Au
- 16,000 ounces Au Inferred Mineral Resource based on 901,000 tonnes of mineralization at an average grade of 0.56 g/t Au
- Strong Confidence in Resource: Approximately 75 per cent of the mineral resource has been classified as an Indicated resource, demonstrating the high level of confidence in the data analyzed and the continuity of the mineralization.
- High-Grade Zone: The R780E zone contains a high-grade domain consisting of an indicated mineral resource of 44,297,000 pounds U3O8 based on 110,000 tonnes at a grade of 18.21 per cent U3O8 and an inferred mineral resource of 13,860,000 pounds U3O8 based on 24,000 tonnes at a grade of 26.35 per cent U3O8.
- Shallow: Majority of deposit defined from approximately 60m to 250m depth, exceptionally shallow measured against comparable large deposits in Athabasca Basin region.
- Deposit contained entirely in Basement Lithology
- Strong Growth Potential: Mineralization open in multiple directions and future drilling, including upcoming winter 2015 program, will in part focus on deposit growth.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented: “With an independent mineral resource estimate comprised of 79,610,000 pounds U3O8 indicated plus 25,884,000 pounds U3O8 inferred, this is a world-class, high-grade deposit of impressive size and shallow depth in the world’s premier high-grade uranium district. The additional gold mineralization associated with the uranium resource presents an exceptional opportunity. The entire deposit is located in basement rock, which is a preferred host rock for development of economic uranium deposits in the Athabasca Basin region. What’s more, the potential for continued growth is excellent and we plan to resume drilling later this month. All in all, these phenomenal results represent an incredible milestone for the team, the company and our shareholders.”
Geology and Mineralization
Uranium mineralization at PLS has been traced by core drilling over 2.24 kilometre of east-west strike length in four separate mineralized “zones”. From west to east, these zones are; R600W, R00E, R780E, and R1620E.
The discovery hole of what is now the Triple R uranium deposit was announced on November 05, 2012, with drill hole PLS12-022, from what is now considered part of the R00E zone. Through successful exploration programs completed to date, it has evolved into a large, shallow, basement hosted, structurally controlled high-grade uranium deposit. The Triple R deposit consists of the R00E zone on the western side and the much larger R780E zone further on strike to the east. The R00E and R780E zones have an overall strike length of approximately 1.2 kilometres with the R00E measuring approximately 125 metres in strike length and the R780E zones measuring approximately 900 metres in strike length. A 225 metre gap separates the R00E zone to the west and the R780E zones to the east, though sporadic narrow, weakly mineralized intervals from drill holes within this gap suggest the potential for further significant mineralization in this area. The R780E zones are located beneath Patterson Lake which is approximately six metres deep in the area of the deposit. The entire Triple R deposit is covered by approximately 50 metres of overburden.
Mineralization remains open along strike both to the western and eastern extents. Mineralization is both located within and associated with a metasedimentary lithologic corridor, bounded to the south by the PL-3B basement Electro-Magnetic (EM) Conductor.
About Fission Uranium Corp.
Fission Uranium Corp. is a Canadian-based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Exchange under the symbol “FCU” and trade on the OTCQX marketplace in the U.S. under the symbol “FCUUF.”