URANIUM: Fission to prepare PEA for underground only option at PLS

The location of the Triple R deposit on the rim of the Athabasca Basin. (Image: Fission Uranium)

SASKATCHEWAN - Fission Uranium of Kelowna, B.C., is looking at an underground only option for mining its Patterson Lake South property on the southwest edge of the Athabasca Basin. Potential benefits of such a plan include low operating costs, lower capex and reduced construction time - all of which add up to improved economics.

Roscoe Postle Associations has begun an underground pre-feasibility study on the Triple R deposit. The report is due by the end of September 2019. An earlier PFS that combined open pit and underground production had an operating cost of US$6.77 per lb. and pre-tax internal rate of return of 29%.

The near surface, high grade Triple R deposit contains an indicated resource of 87.8 million lb. of uranium oxide in 2.2 million tonnes averaging 1.82%. Within this there is a high grade zone of 48.2 million lb. in 119,000 tonnes averaging 18.39%. The inferred resource is 1.3 million tonnes grading 1.80% uranium oxide with a high grade zone containing 14.7 million lb. in 32,000 tonnes grading 20.85%.

More information about the geology of the Patterson Lake Corridor is available at www.FissionUranium.com.