SASKATCHEWAN – Fission Uranium Corp. of Kelowna, BC, has made the eagerly awaited maiden resource estimate for its Patterson Lake South uranium project in the Athabasca Basin. The deposit contains more than 100 million lb of U3O8 – 79.6 million lb indicated and 25.9 million lb inferred.
What Fission is calling the Triple R deposit contains 2.29 million indicated tonnes at an average grade of 1.48% U3O8, including a high grade zone of 110,000 tonnes at 18.21% or 44.30 million lb of uranium oxide. The inferred resource includes 901,000 tonnes at 1.30% U3O8, including 24,000 tonnes at a grade of 26.35% U3O8. A cut-off grade of 0.1% U3O8 was used.
Fission says that PLS is the largest undeveloped resource in the Athabasca Basin. The Triple R deposit is also the third largest, behind McArthur River and Cigar Lake, in the basin.
The deposit contains recoverable amounts of gold. There are 38,000 oz in the indicated resource based on an average grade of 0.51 g/t Au, and there are 16,000 oz in the inferred resource based on a grade of 0.56 g/t Au.
Fission has strong confidence in its resource estimate for several reasons: the high grade zone, the shallow depth, and strong growth potential at PLS. The 2015 winter drilling program will focus on growing the deposit that is open in several directions.
Click here to see the summary table of resources and other details. Or visit FissionUranium.com.