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FISSION URANIUM progress of Triple R Deposit

Mining News - Published on Fri, 19 Jan 2018

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FISSION URANIUM CORP make an announcement that preparations have started for a USD 9.4 million winter work program at its award-winning PLS project in Canada's Athabasca Basin. The 31 hole program will concentrate on two key goals: growth of the newly-discovered, high-grade R1515W zone and accelerating progress towards the pre-feasibility study "PFS", which is a great milestone for potential eventual production at PLS.

Fission has retained Roscoe Postle Associated Inc. "RPA" in order to serve as the lead consultant for the accomplishment of a PFS and to author a NI 43-101 Technical Report for supporting the disclosure of the PFS. RPA will directly perform the mine development plan and offer overall project management services in order to oversee and then coordinate inputs from all technical contributors to the PFS. RPA will be supported by a number of highly-regarded engineering and consulting firms with appropriate specialization and experience in metallurgical, geotechnical, environmental aspects of large scale uranium mining operations conducted in northern Saskatchewan, many of which have a prolonged working relationship with Fission and the PLS project.

Growing the High-Grade, Near-Surface, Land-based R1515W Zone: Eight holes (2,720 m) will concentrate on additional expansion of the newly-discovered, high-grade, shallow and land-based R1515W zone.

1. The land-based R1515W is the westernmost zone on the 3.18 km trend outlined by Fission as the Company pushes west from the Triple R deposit, towards the huge, high-grade boulder field.

2. Drill results on the R1515W zone have been extremely promising to date, and include results such as hole PLS17-564 (line 1545W), based at 1.4km west of the Triple R Deposit, which intersected 128.0 m of total composite mineralization, including intervals such as 7.0 m @ 6.90% U3O8 in 14.50 m @ 3.39% U3O8 and 7.0 m @ 6.36% U3O8 in 10.50 m @ 4.35% U3O8.

3. The R1515W displays a few important geological characteristics similar to the R780E zone, such as multiple stacked lenses, which can be a component of extensive, high-grade mineralization

Quickening Progress Towards Pre-Feasibility Study: 23 holes (3,840 m) will continue to enhance the resource development of the Triple R deposit to PFS level.

1. Upgrade resource classification for vital high-grade, high-impact areas of the R780E zone from inferred to indicated category (6 holes in 1,980 m). The Triple R deposit as presently estimated, has 75% of its resource classified as indicated, while 25% of the resource is classified as inferred. It is anticipated that upgrading main areas of the resource from inferred to indicated will lead to a positive impact on the PFS.
2. Geotechnical drilling and analysis of bedrock (3 holes in 700 m)
3. Geotechnical drilling of overburden (12 holes in 920 m)
4. Re-drill hydrogeological holes needed for long-term ground-water analysis (2 holes in 240 m)
5. Complete the Phase 2 metallurgical study already in progress
6. Continuation of data collection and analysis of the Baseline Environmental Study
7. Continuation of engagement with First Nations, community and government

Ross McElroy President, COO, and Chief Geologist for Fission, commented that "With the PFS planned to be completed by the end of 2018, our programs are designed to advance the Triple R deposit towards that point. The uniquely near-surface, high-grade mineralization at PLS allows us to pursue multiple goals simultaneously. We will also be targeting further growth of R1515W the exciting land-based zone, over 1.4km west of the Triple R, which has several similar characteristics to the R780E zone, and has delivered the widest intervals of mineralization outside of our deposit."

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Posted By : Rabi Wangkhem on Fri, 19 Jan 2018
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