ir@fissionuranium.com
www.fissionuranium.com
TSX SYMBOL: FCU
OTCQX SYMBOL:
FCUUF
FRANKFURT SYMBOL: 2FU
New resource estimate will be instrumental
in updating life of mine and other economics in
the Feasibility Study
KELOWNA,
BC, Sept. 12, 2022 /CNW/ - FISSION
URANIUM CORP. ("Fission" or "the Company") is
pleased to announce the results of an updated independent resource
estimate for the Triple R deposit, which includes the R1515W,
R840W, R00E, R780E and R1620E zones at its 100% owned, Patterson
Lake South (PLS) property in Canada's Athabasca Basin region. Total Indicated
tonnes have increased by ~21.3% (~472,000
tonnes) compared to the previous Mineral Resource (dated
September 19, 2019), with an
associated increase of approximately 12.3% in contained
U3O8 and a minor decrease in grade from 2.10%
U3O8 to 1.94% U3O8. The
new, larger resource is primarily due to the successful infill
drilling programs on the R780E and R840W zones from 2019 to 2021
and will be fundamental to the Feasibility Study (FS), including
life of mine (LOM) calculations and processing schedule.
Ross McElroy,
President and CEO for Fission, commented, "Fission's resource
growth program has been a resounding success. The increased
resource estimate of the Triple R deposit at PLS will play an
important role in the calculations used for the feasibility study,
the results of which are expected by year end. It's important to
note that much of the growth has come from the R840W zone, the
majority of which is now classified as Indicated, which will allow
for inclusion in the new FS mine plan. In terms of further growth,
the deposit remains open in multiple directions, and we do of
course have another two mineralized zones along trend which are
still classified as primarily Inferred resources."
Summary of Triple R Mineral
Resources by Zone – May 17,
2022
Classification
|
Zone
|
Tonnes
|
Grade
(%U3O8)
|
Grade (Au
g/t)
|
Contained
Metal
|
U3O8 (lb)
|
Gold
(oz)
|
Indicated
|
|
|
|
|
|
|
|
R780E_HG
|
162,000
|
16.91
|
2.73
|
60,400,000
|
14,200
|
|
R780E_MZ
|
1,578,000
|
0.79
|
0.48
|
27,500,000
|
24,100
|
|
R780E_OTHER
|
429,000
|
0.95
|
0.62
|
9,000,000
|
8,600
|
|
R000E
|
98,000
|
1.50
|
0.15
|
3,200,000
|
500
|
|
R1620E
|
42,000
|
1.98
|
0.19
|
1,900,000
|
300
|
|
R840W
|
303,000
|
1.35
|
0.36
|
9,000,000
|
3,600
|
|
R840W_HG
|
9,000
|
11.32
|
2.38
|
2,200,000
|
700
|
|
R1515W
|
67,000
|
1.15
|
0.38
|
1,700,000
|
800
|
Indicated
Total
|
|
2,688,000
|
1.94
|
0.61
|
114,900,000
|
52,700
|
|
|
|
|
|
|
|
Inferred
|
|
|
|
|
|
|
|
R780E_HG
|
400
|
11.8
|
5.73
|
100,000
|
100
|
|
R780E_MZ
|
16,000
|
0.33
|
0.29
|
100,000
|
200
|
|
R780E_OTHER
|
254,000
|
0.60
|
0.46
|
3,400,000
|
3,800
|
|
R000E
|
9,000
|
3.83
|
0.79
|
700,000
|
200
|
|
R1620E
|
59,000
|
3.55
|
0.48
|
4,600,000
|
900
|
|
R840W
|
63,000
|
1.10
|
0.37
|
1,500,000
|
700
|
|
R1515W
|
234,000
|
0.96
|
0.42
|
5,000,000
|
3,100
|
Inferred
Total
|
|
635,000
|
1.10
|
0.44
|
15,400,000
|
9,000
|
|
|
Notes:
|
|
1.
|
CIM (2014) definitions
were followed for Mineral Resources.
|
|
1.
|
Mineral Resources are
reported at a cut-off grade of 0.25%
U3O8.
|
|
2.
|
The cut-off grades are
based on price of US$50/lb U3O8 and an
exchange rate of US$0.75/C$1.00.
|
|
3.
|
A minimum mining width
of 1.0 m was used.
|
|
4.
|
Mineral Resources are
inclusive of Mineral Reserves.
|
|
5.
|
Numbers may not add due
to rounding.
|
|
Resource Estimation
Methodology
The updated Mineral Resource estimate was completed by SLR
Consulting (Canada) Ltd. "SLR" – a
recognized independent consulting firm with significant resource
estimation experience in high-grade Athabasca uranium deposits. Of the total
838 drill holes drilled on the PLS Property, 696 drill holes
totaling 213,969 m of drilling were
used in the Mineral Resource estimate. The wireframe models
representing the mineralized zones are intersected in 436 of 686
drill holes.
As part of advanced stage studies for the Triple R deposit,
Fission Uranium resumed infill drilling programs at R780E and R840W
with the intention of upgrading certain high priority areas from
Inferred Mineral Resources to Indicated Mineral Resources. Of the
175 drill holes completed since the 2019 estimate, 46 infill
exploration and three geotechnical drill holes, totalling
14,304 m, targeted the high grade
(HG) and main low grade (LG) domains in the R780E and R840W zones
(24 drill holes totalling 8,180 m and
25 drill holes totalling 6,124 m,
respectively) with the objective to upgrade Inferred Mineral
Resources to the Indicated classification, and improve the
geotechnical understanding of the zones.
SLR interpreted and constructed low grade wireframe models using
a nominal COG of 0.05% U3O8 and a minimum
core length of one metre. SLR considers the selection of 0.05%
U3O8 to be appropriate for construction of
mineralized wireframe outlines, as this value reflects the lowest
COG that is expected to be applied for reporting of the Mineral
Resources in an underground operating scenario and is consistent
with other known deposits in the Athabasca Basin.
Sample intervals with assay results less than the nominated
cut-off grade were included within the mineralized wireframes if
the core length was less than two metres or allowed for modelling
of grade continuity. Wireframes of the High Grade (HG) domain were
created using a grade intercept limit equal to or greater than one
metre with a minimum grade of 5% U3O8,
although lower grades were incorporated in places to maintain
continuity and to meet a minimum thickness of one metre.
SLR built the wireframe models using 3D polylines on east
looking vertical sections spaced 15 m
apart. Infill polylines were added to accommodate for irregular
geometries. Polylines were "snapped" to assay intervals along
the drill hole traces such that the sectional interpretations
"wobbled" in 3D space. Polylines were joined together in 3D using
tie lines and the continuity was checked using a longitudinal
section and level plans. Extension distance for the mineralized
wireframes was half-way to the next hole, or approximately
25 m vertically and horizontally past
the last drill intercept.
Grade interpolations for U3O8 and gold
were carried out using ID3 in a single pass with a minimum of two
to a maximum of seven composites per block estimate. The
search ellipse orientation varied slightly by domain. Hard
boundaries were used to limit the use of composites between
domains. Most search ellipse dimensions were 50 m by 50 m by
10 m for a 5:5:1 anisotropic
ratio.
To reduce the influence of high grade composites, grades greater
than a designated threshold level for some domains were restricted
to a search ellipse dimension of 25 m
by 25 m by 5
m (high yield restriction). The threshold grade levels were
chosen from the basic statistics and from visual inspection of the
apparent continuity of very high grades within each domain, which
indicated the need to limit their influence to approximately half
the distance of the main search. Estimated block model grades are
based on chemical assays only.
Block densities were estimated from the density measurements
using inverse distance cubed (ID3) and a similar search strategy as
used for uranium grade. Hard boundaries were used between
domains. The Triple R resource database includes 17,509 density
measurements of which 15,920 were used in the resource
estimation.
At a COG of 0.25% U3O8 for Mineral
Resources potentially mineable by underground methods, Indicated
Mineral Resources total 2.69 Mt at an average grade of 1.94%
U3O8 for a total of 114.9 Mlb
U3O8. Inferred Mineral Resources total 0.64
Mt at an average grade of 1.10% U3O8 for a
total of 15.4 Mlb U3O8. Estimated grades are based on
chemical assays only. Gold grades were also estimated and average
0.61 g/t for the Indicated Mineral Resources and 0.44 g/t for the
Inferred Mineral Resources. Mineral Resources are inclusive of
Mineral Reserves.
The zones are those areas traditionally referred to by Fission
Uranium in press releases and on its website and are generally
defined by differences in location with respect to local grid
easting. The R780E_HG domain consists of several lenses within the
R780E_MZ and, when combined, the two zones account for
approximately 68% of the total resources at Triple R.
Previously reported Inferred mineralization totaling 1.24 Mlb
U3O8 (<1.0% of total resource) contained
within the Halo domain (901) have been excluded from the
current May 17, 2022, Mineral Resources estimate as this zone
does not meet CIM (2014) definition criteria for Reasonable
Prospects for Eventual Economic Extraction (RPEEE) based on an
underground mining only scenario.
PLS Mineralized Trend & Triple
R Deposit Summary
Uranium mineralization of the Triple R deposit at PLS occurs
within the Patterson Lake Conductive Corridor and has been traced
by core drilling over ~3.18 km of east-west strike length in five
separated mineralized "zones" which collectively make up the Triple
R deposit. From west to east, these zones are: R1515W, R840W, R00E,
R780E and R1620E. Through successful exploration programs completed
to date, Triple R has evolved into a large, near surface, basement
hosted, structurally controlled high-grade uranium deposit.
The discovery hole was announced on November
05, 2012 with drill hole PLS12-022, from what is now
referred to as the R00E zone.
The R1515W, R840W and R00E zones make up the western region of
the Triple R deposit and are located on land, where overburden
thickness is generally between 55 m
to 100 m. R1515W is the
western-most of the zones and is drill defined to ~90 m in
strike-length, ~68 m across strike and ~220 m vertical and where
mineralization remains open in several directions. R840W is
located ~515 m to the east along strike of R1515W and has a drill
defined strike length of ~430 m. R00E is located ~485 m to
the east along strike of R840W and is drill defined to ~115 m in
strike length. The R780E zone and R1620E zones make up the
eastern region of the Triple R deposit. Both zones are
located beneath Patterson Lake where
water depth is generally less than six metres and overburden
thickness is generally about 50
m. R780E is located ~225 m to the east of R00E and has
a drill defined strike length of ~945 m. R1620E is located
~210 m along strike to the east of R780E, and is drill defined to
~185 m in strike length.
The Company completed and filed a prefeasibility study ("PFS")
on November 07, 2019 titled
"Pre-Feasibility Study on the Patterson Lake South Property Using
Underground Mining Methods, Northern
Saskatchewan, Canada". The report summarizes the
Pre-Feasibility Study ("UG PFS"), which outlines an
underground-only mining scenario for PLS which to date has only
considered the R00E and R780E zones.
Mineralization along the Patterson Lake Corridor trend remains
prospective along strike in both the western and eastern
directions. Basement rocks within the mineralized trend are
identified primarily as mafic volcanic rocks with varying degrees
of alteration. Mineralization is both located within and
associated with mafic volcanic intrusives with varying degrees of
silicification, metasomatic mineral assemblages and hydrothermal
graphite. The graphitic sequences are associated with the PL-3B
basement Electro-Magnetic (EM) conductor.
Patterson Lake South
Property
The 31,039 hectare PLS project is 100% owned and operated by
Fission Uranium Corp. PLS is accessible by road with primary access
from all-weather Highway 955, which runs north to the former
Cluff Lake mine.
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed on behalf of the company by
Ross McElroy, P.Geol., President and
CEO for Fission Uranium Corp., a qualified person.
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 - host to the class-leading
Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. Fission's
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."
ON BEHALF OF THE BOARD
"Ross
McElroy"
______________________________
Ross McElroy, President and
CEO
Cautionary Statement:
Certain information contained in this press release constitutes
"forward-looking information", within the meaning of Canadian
legislation. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur", "be
achieved" or "has the potential to". Forward looking statements
contained in this press release may include statements which
involve known and unknown risks and uncertainties which may not
prove to be accurate. Actual results and outcomes may differ
materially from what is expressed or forecasted in these
forward-looking statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Among those factors which could cause actual results
to differ materially are the following: risks related to the
Offering, risks related to Fission's limited business history,
risks related to the nature of mineral exploration and development,
discrepancies between actual and estimated mineral resources, risks
related to uranium market price volatility, risks related to the
market value of the common shares of Fission, risks related to
market conditions, risks related to the novel coronavirus
(COVID-19) pandemic, including disruptions to the Company's
business and operational plans, risks related to the global
economic uncertainty as a result of the novel coronavirus
(COVID-19) pandemic and other risk factors listed from time to time
in our reports filed with Canadian securities regulators on SEDAR
at www.sedar.com. The forward-looking statements included in this
press release are made as of the date of this press release and the
Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable securities legislation.
SOURCE Fission Uranium Corp.