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Fission Uranium ups indicated, inferred resources at Triple R deposit

Fission Uranium Corp. on Feb. 20 reported an updated resource estimate for the Triple R deposit, part of the Patterson Lake South uranium property in Canada's Athabasca Basin.

The deposit now hosts indicated resources of 87.8 million pounds of U3O8 based on 2.2 million tonnes at an average grade of 1.82% U3O8 as well as an inferred resource of 52.9 million pounds of U3O8 within 1.3 million tonnes at an average grade of 1.80% U3O8.

The estimate was defined using a preliminary open pit design at a cutoff grade of 0.15% U3O8 and 0.3% for resources outside the pit that are potentially amenable to underground extraction.

The deposit includes the R1515W, R840W, R00E, R780E and R1620E zones, of which three are being evaluated for underground mining potential at this time.

In terms of the U3O8 pounds contained, the update represents an 8% increase in the indicated resource and a 95% increase in the inferred resource relative to the July 2015 estimate.

The company also reported an increase in gold resources at the Triple R deposit, outlining 39,200 ounces of gold in the indicated category and 24,000 ounces in the inferred category.

According to the company, the growth in indicated resources was primarily due to infill drilling on the R780E zone, while the increase in inferred resource was due to the discovery and delineation of the R1620E, R840W and R1515W zones.

The company plans to continue growing Triple R resource and is targeting the R1515W zone in the current winter program.

In addition, the winter drilling program will focus on obtaining geotechnical data gathering and infill drilling in the R780E zone as part of the updated pre-feasibility study work.