Fission Uranium (FCU-T) found another high-grade uranium zone on its PLS property in the Athabasca Basin, Saskatchewan.
Earlier this morning Fission noted a significant hit about 300 metres east of its main resources in the R780E zone with up to eight metres counting over 10,000 cps radioactivity in a broader 56-metre intercept starting 66 metres downhole. The drilling comes as part of a 12,000-metre winter drilling program.
The new zone – R1620E – could easily have been missed.
Fission noted a previous hole 20 metres away hit anomalous uranium and elevated boron, but no high-grade mineralization. But Fission interpreted the earlier intercept as pointing to potential for better mineralization to the south.
Which it has now found.
The latest hit, along with others expanding mineralization outside resource boundaries, suggest Fission is set to grow resources at PLS. Indeed, the extent of the high grade mineralization east of the Triple R deposit opens up the door for yet more nearby exploration and resource expansion.
Triple R resources are already significant. At last count they stood 81 million pounds at 1.83% U3O8, indicated, with added inferred resources, mainly centered on the R780E zone.
These resources are the foundation of a recent preliminary economic assessment outlining a $1.1 billion mine-build with open-pit and underground operations that yielded a 34% post-tax IRR assuming $65/lb uranium.
Later this year Fission plans to update resources adding new drilling at R780E along with expanding mineralization at R600W, just west of the main deposit. It’s not unrealistic to think the resource update may also bring in resources to the east, if R1620E grows with additional drilling.
Just after market open, Fission traded up $0.02 to $0.65.
Fission Uranium (FCU-T)
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