The Prospectors and Developers Convention (PDAC), held last week in Toronto, is the largest annual mining conference, with over 23,000 attendees this year.

The event is typically when small mining companies rush to put out news releases to try and get attention.

This year, the fourth consecutive year of declining share prices and financing activity for the mining sector, very few companies actually had good news to talk about.

One exception was Fission Uranium (FCU.TO), the highest market cap Canadian uranium explorer, worth roughly C$470 million at press time.

The company has found a large and very rich uranium deposit under Patterson Lake in Northern Saskatchewan. In a little over 2 years since the original discovery, Fission has proved up over 100 million pounds of indicated and inferred uranium at Patterson Lake.

One of the challenges with the deposit, is its underwater location. This development challenge is not insurmountable, Fission executives say.

The company decided to drill some exploration holes on land 500 meters to the South West of Patterson Lake, where they’d drilled a couple of holes in 2013 with low mineralization.

The recent drilling has found 65 meters of radioactive mineralization on land, with a roughly 9 meter “off-scale” section, which typically corresponds with high-grade uranium. Further drilling is needed but the new on-land discovery opens up the potential for an easier to build mining operation.

Economic geologist Brent Cook has been a Fission investor for several years and rewarded for it. His average cost base in Fission shares is roughly $0.35 while the shares trade for $1.28 at press time.

Mr. Cook joined CEO.ca’s Carter Smith at the PDAC in Toronto last Monday to meet Fission President and COO Ross McElroy and discuss what the new discovery could mean.

“It looks remarkably similar to the main Triple R Zone,” Mr. McElroy commented to Mr. Cook.” What does that mean? We either have a new lens just starting up and developing or maybe it’s continuous to the Triple R. We have very few drill holes in here,” he said.

We were fortunate to film the conversation between these two experienced geologists. Watch and learn something about uranium exploration, geology and value creation.

“We think this is not a problem either,” McElroy said of the Triple R deposit’s underwater location. Of the new discovery, he said, “We think this is even less [of a problem].”

Mr. Cook said finding mineralization on land is “kind of important” and could change Fission’s econoics. “This is a stock I’m certainly going to hang on to,” he said.

Investors seriously considering the junior mining sector, Brent Cook’s Exploration Insights newsletter is worth a test-drive at $140 per month (published every Sunday).  Brent is usually among the first to write considered research on the latest discoveries, and his portfolio is considered the go-to short list of junior miners. Plus he’s one of the most honest and experienced men in the business, and he writes in a way that non-technical readers can digest quickly yet learn something and have a leg up on the market. Subscribe to Brent’s letter now before the market turns!