Patterson Lake South, Northern Saskatchewan
Photo by: Fission Uranium
TORONTO (miningweekly.com) – Athabasca basin explorer Fission Uranium's shares were trading up to about 23% higher on the TSX on Monday morning, after spurring investor interest by publishing an independent resource estimate for the ‘Triple R’ deposit at its Patterson Lake South property, in Northern Saskatchewan.
The Kelowna, British Columbia-based explorer reported 79.61-million pounds of uranium in the compliant indicated mineral category, based on 2.29-million tonnes, grading 1.58% uranium, including a high-grade zone of 44.3-million pounds of uranium based on 110 000 t at a grade of 18.21% uranium.
The deposit also held 25.9-million pounds of uranium in the inferred category, based on 901 000 t, grading 1.3% uranium, which also included 13.86-million pounds of uranium based on 24 000 t, grading 26.35% uranium.
Fission pointed out that the deposit was the third largest in the world’s most significant uranium producing region, behind Cameco’s McArthur River and Cigar Lake deposits, which were both currently producing mines. The Triple R was now the largest undeveloped resource in the Athabasca basin region.
The indicated and inferred resources were determined using a cutoff grade of 0.1% uranium.
The deposit had also been found to contain gold. The resource estimate reported 38 000 oz at a grade of 0.51 g/t classified in the indicated resource category and 16 000 oz, grading 0.56 g/t, classified in the inferred category. Fission’s president, COO and chief geologist Ross McElroy commented that the additional gold mineralisation associated with the uranium resource presented an “exceptional opportunity”.
The majority of the deposit was defined at a shallow-for-the-Athabasca-region 60 m to 250 m from surface, despite being covered by a lake.
Fission said it planned to start a $10-million, 63-hole winter exploration campaign this week, as well as to continue with a summer drilling programme to test for mineralisation in multiple open directions.
"The entire deposit is located in basement rock, which is a preferred host rock for development of economic uranium deposits in the Athabasca basin region. What's more, the potential for continued growth is excellent and we plan to resume drilling later this month. All in all, these phenomenal results represent an incredible milestone for the team, the company and our shareholders,” McElroy said.
Fission’s TSX-listed stock on Monday spiked to C$1.14 apiece, before tapering off to about C$1.15 a share around noon.