Fission Uranium (TSX: FCU; OTC: FCUUF) has drilled one of the best holes to date at its Patterson Lake South (PLS) project in Saskatchewan’s Athabasca basin. Hole PLS21-MET-004, drilled in the Triple R deposit, intersected 34 metres averaging 19.12% uranium oxide, including 26 metres at 24.59% of the radioactive metal.
The total composite grade x thickness value is 650.7, as calculated by Fission.
“These assays are a reminder of the incredible strength of mineralization we have here at PLS,” said Fission president and CEO Ross McElroy, “with numbers that place the Triple R in an elite group of deposits worldwide,” he commented in a news release Tuesday.
Canaccord Genuity Capital Markets mining analyst Katie Lachapelle notes the hole’s high grade was well above the current resource grade of about 1.8% uranium oxide. “[It] represents one of the best holes drilled at Triple R to date and one of the best holes drilled in the Athabasca Basin in recent years,” she said in a note to clients.
The company has received all the assays that will be included in the upcoming feasibility study, due to be completed late this year or early next. Six of the seven recently completed holes cut high uranium grades.
Fission Uranium’s Patterson Lake South (PLS) project in Saskatchewan’s Athabasca basin. Credit: Fission Uranium
Elsewhere in the Triple R deposit, hole PLS21-MET-003 returned 47.5 metres, grading 2.55% uranium oxide (from 99 to 146.5 metres), including 9 metres at 11.77%.
Hole PLS21-MET-002 returned 65.5 metres grading 1.21 uranium oxide (from 106 to 171.5 metres), including 4 metres at 4.6%.
The company has traced uranium mineralization in the Triple R deposit at PLS by core drilling over about 3.2 km in six separate zones along an east-west strike length. The work has confirmed that Triple R is a large, near-surface, basement, hosted, structurally controlled high-grade uranium deposit.
The updated resource estimate for the Triple R deposit included 2.7 million indicated tonnes grading 1.94% uranium oxide and 0.61 grams gold per tonne for 114.9 million lb. of uranium and 52,700 oz. of gold. The inferred resource is 635,000 tonnes grading 1.10% uranium oxide and 0.44 grams gold per tonne for 15.4 million lb. uranium and 9,000 oz. gold.
The Patterson Lake South property covers 31,039 ha along the southwest rim of the Athabasca basin. Fission is the 100%-owner.
Despite gaining 2.8% to close at 74¢ per share on Tuesday, the stock is down 34% over the past 12 months, giving it a market cap of $504.3 million.
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