ir@fissionuranium.com
www.fissionuranium.com
TSX SYMBOL: FCU
OTCQX SYMBOL:
FCUUF
FRANKFURT SYMBOL: 2FU
Design work underway to integrate R1515W
zone into the PLS mine plan
KELOWNA,
BC, Aug. 28, 2024 /CNW/ - FISSION URANIUM
CORP. ("Fission" or "the Company") is
pleased to announce it has completed the Front End Engineering
Design ("FEED") at its PLS high-grade uranium project in
Saskatchewan, Canada. The
completion of this crucial development phase includes all
geotechnical drilling required for the tailings management facility
("TMF") and underground mine access, including the decline and
ventilation shafts. The Company is now transitioning fully into the
Detailed Design phase. Additionally, Fission is pleased to announce
it has responded to all information requests received from the
Ministry ("SK-ENV") regarding its initial draft EIS and has
officially submitted an updated draft that includes all feedback
received. The EIS permitting process, including a ministerial
decision, is expected to conclude in Q4, 2024.
News Highlights
- Completion of FEED development phase at PLS. During this
process, mine design has been optimized and updated to include the
latest innovations in uranium processing and mine development
techniques
- Completion of all geotechnical drilling, including 87 sonic
drill holes, required to commence Detailed Design
- Commencement of design to include R1515W zone in the PLS mine
plan
- Full transition into Detailed Design
- Submission of all required responses and fully updated draft
EIS to SK-ENV
Ross McElroy, President and CEO for
Fission, commented, "Fission's expert engineering team
continues to make excellent progress at PLS. The completion of the
FEED further derisks the project and is a critical step on the
pathway to production. Completion of FEED brings the
engineering to the level required to support the CNSC application
to prepare site and construct a mine or mill. We are
now fully transitioning into Detailed Design. In addition, pending
assays, the success of this year's resource upgrade drilling at the
R1515W zone should allow us to integrate this important high-grade
zone into our overall mine plan, which aims to increase mine
reserves. I am also delighted to confirm that Fission has submitted
a revised draft EIS to the Province, and a Ministerial Decision is
expected in Q4 of this year."
Technical Details
Completion of FEED. Fission has updated the
processing plant design and underground mine design, including
ventilation shafts and tunnel design through the overburden. From
the Feasibility Study, the mine design has now been optimized and
updated to take into account the latest innovations in uranium
processing and mine development techniques. Completion of FEED and
updates engineering to the level required to support the CNSC
application to prepare site and construct a mine or mill, expected
to occur in Q4, 2024.
Geotechnical and 1515W Resource drilling (87 sonic holes and
21 diamond drill holes for a total of 9,605m). Sonic drilling was conducted to
gather geotechnical and hydrogeological data to complete Detailed
Design at the TMF and the ventilation shafts and decline areas,
specifically in the overburden. At the 1515W, the highly successful
resource infill program will enable Fission to update the current
Inferred Resource to Indicated Resource. Fission is currently
investigating Vertical Cutter Mining and its potential application
for mining the R1515W zone. With completion of FEED, Fission is
transitioning fully to the next phase of engineering, Detailed
Design. Of note, the Company is in the process of selecting a lead
engineering consultant to head up this important engineering design
stage. The Detailed Design phase will build upon FEED design and
constructability decisions including tunnel development through
overburden using Tunnel Boring technology, ventilation shaft
development through overburden using Diaphragm wall technology, and
mineral processing using state of the art automation and design
concepts.
Environmental Assessment. Fission submitted a revised
draft EIS and responses to SK-ENV on July 31, 2024,
incorporating feedback from the CNSC, Saskatchewan Ministries, and
local rightsholders including CRDN, BRDN, BNDN, and MN-S. SX-ENV
has informed Fission that the publishing of the Final EIS for
public comment and the subsequent Ministerial decision is expected
to occur in Q4, 2024.
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 ~3.18km 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 55m to
100 m. R1515W is the westernmost of
the zones and is drill defined to ~90m in strike length, ~68m
across strike and ~220m vertical and where mineralization remains
open in several directions. R840W is located ~515m to the east
along the strike of R1515W and has a drill-defined strike length of
~430m. R00E is located ~485m to the east along strike of R840W and
is drill defined to ~115m in strike length. The R780E 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 50m. R780E is located ~225m to the east of R00E
and has a drill-defined strike length of ~945m. R1620E is located
~210m along strike to the east of R780E and is drill defined to
~185m in strike length.
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 intrusive rocks with varying degrees
of alteration. Mineralization is both located within and associated
with mafic 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.
Qualified Persons
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.Geo., President and
CEO for Fission Uranium Corp., a qualified person.
About Fission Uranium Corp.
Fission Uranium Corp. is an award-winning Canadian uranium
project developer and 100% owner of the Patterson Lake South
uranium property – a proposed high-grade uranium mine and mill in
Canada's Athabasca Basin region. 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"
and on the Frankfurt Stock Exchange under the symbol 2FU.
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 regarding
the future operating or financial performance of the Company 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: market conditions and other
risk factors listed from time to time in our reports filed with
Canadian securities regulators on SEDAR+ at www.sedarplus.ca.
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.