Fission Uranium Corp (TSE code: FCU.TO) is one of the most successful exploration companies in the uranium ore industry. The Company has a large uranium ore project - PLS Project and the Triple R ore deposit, which is in urgent need of further development.
On January 27, 2016, CGN Mining Company Limited invested CAD 82.23 million to join 19.99% equity interests of Fission Uranium, and obtained 20% of sales rights of the off-take quantity of products for natural uranium and 15% of additional exclusive sales options.
Currently, the ore body found in the PLS Project is in east west direction, and from west to east there are R1515W, R840W, R00E, R780E and R1620E respectively, with the length of about 3.17km, it forms the longest high grade uranium ore metallogenic belt that has been found in Saskatchewan, Canada. And it is also one of the largest high grade uranium ore projects to be developed in the world. The current exploration result indicates that the PLS Project still has a high potential for resource growth in the future.
Schematic Diagram of Distribution of Triple R Uranium Ore
Fission completed its winter exploration in June 2018. In this winter exploration, 36 wells were drilled and 6947m of exploration workload was completed. In addition, the exploration achievements include:
(A) Make parts of inferred resources of R780 section transformed into controlled resources, making preparation for the pre-feasibility study report;
(B) Expand the ore body scale of 1515W section;
(C) Collect samples of engineering geological condition of the mining area
At present, Fission has already carried out summer exploration. The total cost is estimated to be CAD 6.4 million, and a total of 147 wells (3425m) will be bored. The company aims to further upgrade the resource level of key mineralization area R780E, and it strives to complete the pre-feasibility study report before the end of the year.
Resources of the Project of PLS
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|
|
Controlled resources |
Inferred resources |
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|
Project |
Grade |
Uranium (tons) |
Grade |
Uranium (tons) |
|
1 |
PLS project |
1.54 |
33,757 |
1.53 |
20,329 |